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Tēnā koutou katoa!
Alice here again! After the very shaky wake-up call we got a few weeks ago, I was left lying in bed thinking of all of you, wondering how we can reinforce the importance of ensuring you are correctly covered in case of an earthquake. I was then slightly annoyed as I couldn’t get back to sleep due to thinking about work, but hey, that’s what makes Joshua and me so great – we CARE (probably too much). Anyway, I’m taking this opportunity to remind you of Bounce Parametric Insurance!
Parametric Insurance relies on sensors that measure the shake intensity and respond based on the size of the shake instead of the damage that the shake does. Bounce doesn’t need an assessor or an excess, and funds can be paid into your accounts within days.
We have an option for both Residential cover (up to $20,000) and Commercial cover (up to $2,000,000), with annual premiums being pretty affordable!
Your Bounce Parametric policy is triggered by the intensity of the shake. This is measured by trustworthy GeoNet sensors which measure the ground's movement through Peak Ground Velocity. These sensors are placed all over the country, and the payment amount is reflective of the sensor closest to your home. You receive:
Payment is organised with you via text. The average cost for premiums is around 2% of your sum insured per year (this varies between postcodes), and there’s no excess needed to recover your payout!
Using Sunday 6th October as an example of how big the quake must be to trigger a payout, peak movement was noted in Karori at 12cm per second. As I mentioned above, we need to hit 20cm for a partial payout and 30cm for a full payout.
Funds that you receive from Bounce can be used for anything that you may need to keep you or your family safe. It will be with you faster than your money from an insurer. You can use the Bounce funds to get you into a safe place or to relocate your family into a safe place. Or you can use it to buy yourself a sweet treat and do some retail therapy to calm the nerves should everything and everyone be okay.
Commercial building owners, how many of you have 5% of your sum insured set aside as a natural disaster excess? In Wellington, the Natural Disaster excess for big commercial buildings is anywhere between 1% and 10% of your sum insured (varies between insurers and is shown in your Schedule!). So when you’ve got a $10m building and a 10% deductible, your excess is $1m! Bounce Parametric is perfect for covering your natural disaster excess (as I mentioned above, the policy cap is $2m for commercial). And for you homeowners and rental portfolio-ers, the $5k per home for your natural disaster excess!
Most of you live in Wellington. Everyone keeps saying ‘it’s not a matter of if BUT WHEN! We have a big earthquake’ and honestly, it’s true. It’s inevitable, we are smack bang on top of a fault line. And we want to make sure you are looked after, should something like this happen while you are under our care here at Caveo, so please, get in contact with us so we can sort it out for you.
To end this yarn, I’d like to highlight that we are well and truly heading into the holiday season, and while this is my favourite time of the year, it can be very scary for others! This is a gentle reminder not to get yourselves too stressed coming up to Christmas. Some things to do to make it easier on yourself are:
Lastly, quality time is the best gift you can give someone.
Thanks for reading, Joshua wants you to give your dog a pet for him! Sing out if you’ve got any questions for us!
Noho ora mai,
Alice
Alice Kauri | General Insurance Adviser
Caveo - powered by Velocity Financial
38 Vivian Street, Te Aro, Wellington
M: 027 273 3392
The information shared in this post is meant to be general guide to support you on your journey. When making important decisions about your finances, we encourage you to seek independent financial advice first, tailored to your unique situation. As well as talking with a financial adviser, make sure you talk to your lawyer and accountant too – together they'll help you find the best solution for your specific situation. Our knowledgeable financial advisers are here to help. Check out our website for the details about our financial advisory services in our disclosures https://www.velocityfinancial.co.nz/disclosure-statement.