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558 posts

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Topic # 138847 19-Jan-2014 08:19 Send private message

Does anyone know which house insurance companies still offer full replacement coverage?

We're trying to figure out how to handle the insurance changes. Online calculators don't take into account enough variables and according to an article default amounts are inaccurate plus we have decks and a double garage that default amounts don't take into account.

We did think of maybe asking a builder mate what a reasonable amount to buy a new, similar house might cost so that in case of disaster we'd have enough to do.

The whole thing is a pain.




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  Reply # 969554 19-Jan-2014 09:33 Send private message

FMG I believe. MAS also but only if you are a doctor or a dentist.

We stayed with NZI but I just told them I wanted cover for $1 million rebuild costs.








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  Reply # 969567 19-Jan-2014 10:09 Send private message

i know IAG doesnt

and I believe IAG covers: State, NZI, BNZ, ASB, AMI, Co-op Bank

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  Reply # 969573 19-Jan-2014 10:27 Send private message

Medical Assurance Society and no you dont need to be a dentist or doctor. I am a health professional and while I was in NZ they were really good to deal with. Over the last couple of years they have opened up to non health professionals esp. after the CHCH earthquakes when they saw how other insurance companies treated their customers. They exist to provide a service, not to make a profit

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  Reply # 969591 19-Jan-2014 10:51 Send private message

Geektastic:
We stayed with NZI but I just told them I wanted cover for $1 million rebuild costs.


[Just guessing here] Wouldn't they have a clause to prevent over-insurance? Otherwise it gives you a rather strong incentive to burn the place down. It would be grossly unfair to have such a clause when they have put the onus on you to value your property, but seems like the sort of thing an insurance company would have covered

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  Reply # 969594 19-Jan-2014 10:57 Send private message

nickb800:
Geektastic:
We stayed with NZI but I just told them I wanted cover for $1 million rebuild costs.


[Just guessing here] Wouldn't they have a clause to prevent over-insurance? Otherwise it gives you a rather strong incentive to burn the place down. It would be grossly unfair to have such a clause when they have put the onus on you to value your property, but seems like the sort of thing an insurance company would have covered


at the end of the day, the insurance company will accept pretty much whatever figure you want to insure your house for, (however anything above $1.5 million, they will start asking questions) but there is always the disclosure that at the time of the loss, they will only pay out what the loss adjusters deem the house would cost to rebuild.

so you insure the house for a million, pay the premiums for that amount, but if the house is only going to cost $700k or $800k to rebuild, that is what the insurance company will pay to rebuild your house, keeping that extra premium to themselves 

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  Reply # 969614 19-Jan-2014 13:01 Send private message

nickb800:
Geektastic:
We stayed with NZI but I just told them I wanted cover for $1 million rebuild costs.


[Just guessing here] Wouldn't they have a clause to prevent over-insurance? Otherwise it gives you a rather strong incentive to burn the place down. It would be grossly unfair to have such a clause when they have put the onus on you to value your property, but seems like the sort of thing an insurance company would have covered


Our house would easily be $850,000 + to rebuild including demolishion costs, site clearance, professional fees etc.

I had them quote for $850k and $1million. There was barely $200 a year between them on a $5000+ policy.








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  Reply # 969622 19-Jan-2014 13:25 Send private message

Geektastic: FMG I believe. MAS also but only if you are a doctor or a dentist.

We stayed with NZI but I just told them I wanted cover for $1 million rebuild costs.


I believe FMG will only do it for houses in rural areas.

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  Reply # 969637 19-Jan-2014 13:48 Send private message

mattwnz:
Geektastic: FMG I believe. MAS also but only if you are a doctor or a dentist.

We stayed with NZI but I just told them I wanted cover for $1 million rebuild costs.


I believe FMG will only do it for houses in rural areas.


That may be the case; if NZI don't sharpen their pencil more next year at renewal time, I will be calling FMG. We are certainly rural so that shouldn't be an issue.








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  Reply # 969788 20-Jan-2014 00:42 Send private message

mattwnz:
Geektastic: FMG I believe. MAS also but only if you are a doctor or a dentist.

We stayed with NZI but I just told them I wanted cover for $1 million rebuild costs.


I believe FMG will only do it for houses in rural areas.


Nope, I'm with FMG and live in Rolleston. My insurance was about $60 more than what AMI quoted me but with a reduction in excess from $400 to $250.



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  Reply # 969808 20-Jan-2014 05:43 Send private message

I guess I'll have to ring around and see what the full replacement companies prices are and compare to what the cost of increasing coverage with my current provider might be. I'd need to up ithe payout price by around 25 percent of their estimate I think to feel comfortably covered.

Edit: and thanks so much for the names of the insurers who still do full replacement which seem to be MAS and FMG.




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  Reply # 970452 21-Jan-2014 09:15 Send private message

mattwnz:
Geektastic: FMG I believe. MAS also but only if you are a doctor or a dentist.

We stayed with NZI but I just told them I wanted cover for $1 million rebuild costs.


I believe FMG will only do it for houses in rural areas.


No, FMG certainly provide replacement cover in urban centres - we're in Palmerston North and have replacement cover through them. I remember receiving a newsletter last year clearly stating they had no intentions to switch to agreed value policies - long may this continue. IIRC the argue their rural orientation means they don't have carriy the same risk profile as other insurers, eg wouldn't be so badly affected by earthquakes such as the Chch ones.

Re premiums - when we joined FMG it wasn't for their replacement cost house insurance (but is a key reason why we will continue to insure through them), but that their premiums were highly competitive - considerably cheaper than any other company I got quotes from.

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  Reply # 970491 21-Jan-2014 10:02 Send private message

Instead of working around the new system you could get a registered valuer to work out rebuild cost. My rebuild cost is more than the house value, due to things like clearing the site, and the online calculators were far too low. A valuer cost me around $875 for both market and replacement valuations, fairly expensive I know but you don't really have much choice.




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  Reply # 972406 22-Jan-2014 18:22 Send private message

darkasdes2: Medical Assurance Society and no you dont need to be a dentist or doctor. I am a health professional and while I was in NZ they were really good to deal with. Over the last couple of years they have opened up to non health professionals esp. after the CHCH earthquakes when they saw how other insurance companies treated their customers. They exist to provide a service, not to make a profit


It's a referral-based membership model, so new members need an existing member to refer them to the MAS
darkasdes2 - Are you a member now? Would you refer me?


Cheers :-)

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  Reply # 972422 22-Jan-2014 18:46 Send private message

I just took what my house cost to build in 2008, added cpi inflation, plus 100k for demolition. 100k is just a guess on my behalf but sounds reasonable to remove rubble.

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Ultimate Geek
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  Reply # 972426 22-Jan-2014 19:01

petercad:
darkasdes2: Medical Assurance Society and no you dont need to be a dentist or doctor. I am a health professional and while I was in NZ they were really good to deal with. Over the last couple of years they have opened up to non health professionals esp. after the CHCH earthquakes when they saw how other insurance companies treated their customers. They exist to provide a service, not to make a profit


It's a referral-based membership model, so new members need an existing member to refer them to the MAS
darkasdes2 - Are you a member now? Would you refer me?


Cheers :-)


No, you just have to be a professional.

"To apply for membership, you must be a professional working in New Zealand and must simultaneously apply for an insurance policy or loan with MAS."

Their definition of "professional" is fairly loose.

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