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Everyone has had that sinking feeling of getting down the road, car packed to the brim with kids, boogie boards and the overflowing chilly bin, only to second guess “did I turn that tap off?” or “did I see the oven light on from the corner of my eye?”
It’s never a great feeling, and unfortunately, we can’t be there as your insurance broker to yell out a little checklist as you lock your front door. So, we thought we’d go for the second-best option; a few prompts to park in your mind to sort before you blaze off into the sunset with a boogie board under your arm.
Hopefully, this one will stick in your mind and answer any of those little stress building questions, allowing you to sunbathe a little more relaxed this summer, knowing everything is as prepared and secure as possible.
Making sure everything is covered is the first and most basic step, checking this is still fit for purpose if it’s been a while since you’ve reviewed your policy details or you’ve had any changes.
This could mean getting cover for that fancy new mountain bike you’re about to go away with but haven’t added into your contents policy yet. Or a slightly bigger change of looking at cover for if you decide to help others with summer memories by Airbnbing your house out, for while you jet off elsewhere. Updating these sorts of things also make it a two-birds, one stone opportunity to recheck your sum insured, we want this to be as current as possible to ensure it is accurate, due to how quickly building costs are rising. If it hasn’t been checked in a while, you could find yourself with a gap as big as $50,000 or $100,000 between what you’ll get in the event of a full loss, versus what it will actually take to rebuild the house with today’s prices. This is due to inflation and the big increases we’ve seen in materials as a result of shipping, handling and production demand.
Using a calculator like the Cordell sum sure calculator can be the best way to double check this to give you peace of mind, only requiring basic details which you’ll know from being in the house, and only taking you 5 minutes to complete. Compare this to your current sum insured and see if there is much of a difference, making sure to compare the right number – brokers will use GST exclusive sum insureds, so you’ll need to compare the calculators subtotal figure, whereas AA, State, Tower etc all use GST Inclusive figures, so you’ll need to use the calculators’ total figure.
Doing this now is a great idea, and ties into our summer theme as claims go up over the holiday season.
The chance of a house fire goes up, while the chance of burglary which then causes damage to doors/windows etc, also significantly increases while people take advantage of unoccupied houses and new Christmas presents.
Fires from the outdoors, due to dryer conditions, BBQ’s, DIY, and overgrown vegetation all add to the equation as well (Protect your home from outdoor fires | FENZ). Keeping your garden well-maintained, entry points well secured, installing security lights and checking your fire alarms are the basics for reducing these risks. Turning your houses power off at the mains and shutting off your water toby also take electrical fires and burst pipes out of the mix, which aren’t great for keeping up the Christmas spirit.
Moving away from the house itself and more onto what is in it, or what you may take out of it. Your contents follow the same thesis of doing a check that your sum insured number is up to date, then it’s just a case of making sure any changes in your situation will be covered. Most policies have limits on how much will be covered outside the house, so if you’re taking any expensive items, or simply everything but the kitchen sink away with you, then seeing how these fit in your policy wording is a must do. Keeping your cover up to date and reflective of what you have in the house will make claims time a lot less stressful, you’ll know exactly what will be covered and for how much if the worst is to happen and the boys from Home Alone try their luck (Don’t become a crime statistic this summer | ADT Security NZ).
At Caveo, we can offer cover on just about anything so if you ‘ve got a slightly more niche situation or one that requires a few more questions being asked, like contents in a shared Bach, all your items being in your van that you’re driving round the country, a new jet ski or caravan, then simply reach out and we’ll be happy to help.
The last question we get that is synonymous with travel, especially now with so many cancellations, delays, and the high chance of sickness, is travel insurance. It’s become a tough market with all the exclusions insurers are now refusing to cover, but it’s now seen as more necessary then ever to get it sorted before you take off.
Small allowances for contents taken over seas is often included in house/contents policy wordings, generally these are limited to an amount like $10,000 and to only Australia or any islands in the pacific.
Travel insurance beyond this, and for yourself and your loved ones as opposed to your items, it will be best to consult a specialist in this area like Southern Cross, AMI, SCTI or any of the other big names. Getting cover that suits your individual circumstances, history, and travel plans so you know you’re protected even if the worst happens.
Summer is better spent relaxing then worrying about the what ifs, so these basic steps will hopefully be a starting point to get them sorted so you can recharge a little easier while enjoying the better weather!
Get in touch for a review of your current cover, options for adding in your latest items, cover for toys you’ll be hitting the road or the water on, or anything in between, and we’d love to help with getting you sorted.
Enjoy the build-up to the break, the better weather, and Mariah Carey!
Ben.
About Ben:
Hi, I'm Ben, a Broker Support for Caveo, our Fire & General insurance arm at Velocity Financial. My main job is helping Joshua find the best cover for your situation, whether you've got a large portfolio, getting that first home, or bought a car - we will guide you through the process of protecting it, making sure it, and you, are looked after. Whether you work best by reading over things, or talking over coffee, I love taking the time to chat and explain things, so that you can be reassured that you've got the right cover for everything life throws at us. When I'm not working, I'll either be found riding my Kawasaki, out in my kayak, running trails, or packing the car for my next roadie. My friends will say I love talking about these just as much as I like doing them, so I'm always ready for a good walking track recommendation if you've got a stunner.
Disclaimer: Before you make any decisions, discuss your situation with an adviser from Velocity Financial, and seek advice from professionals, such as a lawyer and accountant, to find the best solution for your unique situation.