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| Thread ID: 135181 | 2013-10-04 21:19:00 | The new house insurance conundrum | beetle (243) | PC World Chat |
| Post ID | Timestamp | Content | User | ||
| 1355101 | 2013-10-05 04:32:00 | I read somewhere that insurers are dropping cover for fencing, paths and maybe driveways? So insuring only the house itself. Might not be all insurance companies but it would pay to read the policy thoroughly. They are pretty good at very quietly changing things.Ah OK. My house hasn't come up for renewal yet so I will keep that in mind. | Jen (38) | ||
| 1355102 | 2013-10-05 04:46:00 | OK according to the calculator and the quoted possible figure from the insurance company, its about $150 thous out........ the calculator says more than the insurance company......:( oh dear. |
beetle (243) | ||
| 1355103 | 2013-10-05 07:42:00 | Every house is slightly different and people's situations also differ. PCTek makes a good suggestion of doing the online calculation then adding 20%. Better to have too much cover than not enough. Still, not everybody will want or need to replace their house in identical condition. Our family home is an old house with french polished beech paneling (ie. drafty with darned all insulation :D) but there is no way we'd expect to reconstruct it. So we settled on a sum sufficient to rebuild a smaller modern home which is realistically what would happen. The main thing is to understand how much cover you buy and what that will provide for a rebuild. Maybe the current house has an inefficient design or you'd happily build smaller anyway. |
Winston001 (3612) | ||
| 1355104 | 2013-10-05 18:44:00 | I read somewhere that insurers are dropping cover for fencing, paths and maybe driveways? . need2know.org.nz Mine asked about fences and so on in the questions....However see here: www.stuff.co.nz They get around it with the excess...depends on who your insurer is and where you live and what the disaster may be.... |
pctek (84) | ||
| 1355105 | 2013-10-05 20:09:00 | Just been through this, so don't mind mentioning what I did.Have an architect friend who worked it out this way.Bear in mind that our house is on the flat near a city in Hawkes Bay,and that I don't expect,like Winston,our old cottage with high ceilings,rimu, etc, to be replaced with the same thing. The house area is costed at $2,250.00 per square metre. Verandha,carport at $1200.00 per sq m. Demolition $6000.00.Fencing $65.00 per lineal metre.Garage $1500.00 per sq m. The drive is metal so not worried about that. Our premium price,same as last year from the insurer, is about $230,000 above what we worked out the replacement cost should be using above figures. I went and got a quote for the costing I came up with and it was $60.00 cheaper than the insurers premium.So I'm leaving it at their cost,which hopefully will see me through the next 5 years. |
Neil McC (178) | ||
| 1355106 | 2013-10-05 20:27:00 | Thanks for that Neil, may i ask what insurance company you are with? I do think i need to talk to a builder or valuer, my house is a ex state house, on sloping land, with multiple retaining walls, that has a sleep out and double garage ( sleep out attached to garage) in similar size to the house. fully fenced with double width concrete drive and parking area, and a large paved area. ( house 100sq m and shed with sleep out 65sq m with a verandah attached between house and shed / sleep out) and i have 2 bathrooms) so its not quite the normal what they state on the cordel page. so im a wee bit lost. and do not want to under insure. so its been helpful reading what people are saying. |
beetle (243) | ||
| 1355107 | 2013-10-05 20:32:00 | HI beetle,we're with AA Insurance,along with cars,etc. Does sound a little trickier in your case! My friend did mention that at the premium that AA are asking from us, for that price we could get gold taps, etc! But for a saving of $60 I decided to leave it as is. Not that I want gold taps! |
Neil McC (178) | ||
| 1355108 | 2013-10-05 20:42:00 | Yes its a bit difficult. i actually really like my house, and am slowly decorating and doing up as time and $$ permits and would hate for something to happen to it. we are very comfortable here, it would be nice to build the same again in a modern style, and have fences and drive etc as well, id hate to not be able to do that because i didnt check things out. Id be happy with the same house in more modern materials, insulated and nothing too fancy over the top is needed just a nice livable place. Im with BNZ - Premier Care. and yes cars, house, and contents. I will be doing some phone calls tomorow i guess:) |
beetle (243) | ||
| 1355109 | 2013-10-05 20:56:00 | Ah OK. My house hasn't come up for renewal yet so I will keep that in mind. Sorry, I got a bit muddled. Here (www.stuff.co.nz) is the article I read. Insurers are looking to put the excess up to $5000 on claims for damage caused by natural disasters, such as earthquakes, tsunamis or volcanos, but not tornadoes. Toward the bottom of the article it says "The excess applied to property insured under a home policy, but not under the EQC Act, such as fences, driveways and swimming pools." which I took to mean that fences, driveways, etc would not be covered which is incorrect. EQC don't pay for fences, driveways, etc so property owners would have to pay the first $5000 themselves and insurance the rest. Just read your insurance policy when it comes up for renewal as they will probably vary between companies. |
FoxyMX (5) | ||
| 1355110 | 2013-10-06 19:53:00 | One of the few times I am glad I rent.... | DeSade (984) | ||
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