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House policy benefits

Here's a rundown of the benefits that are included or can be purchased to personalise your policy. 

This is a summary only. See if this policy is right for you by viewing our policy wording which includes our benefits, terms and conditions.

 
Standard Benefits
Demand surge protection

When a large scale event causes widespread damage to properties, building costs may rise due to a shortage of labour and materials.

This benefit essentially covers you for this unforeseen increase in the cost to rebuild your home.

If this benefit applies the amount paid is the lower of the actual rebuild cost or the sum insured, plus an additional 10%.

Gradual damage

This benefit applies if your house suffers accidental physical damage through gradual deterioration, such as mildew, mould or rot as a result of a leaky:

  • permanent and hidden internal water supply pipe
  • permanent and hidden internal waste disposal pipe, or
  • internal water supply tank

The most we will pay under this benefit is $2,500 to repair the resulting damage excluding the cost to locate and repair the leak, providing the leak first occurred during the time that your house was insured with us.

House under minor alteration

This benefit applies if your house suffers sudden and accidental physical loss or sudden and accidental physical damage from an event relating to your house being under minor alteration.

This includes accidental loss of building materials for the minor alteration that are on the same property.

Illegal substances decontamination

This benefit only applies to properties recorded as being tenanted during the period of insurance.

We will pay up to $25,000 for the decontamination of the house from chemical contamination.

We will pay up to the sum insured for damage from fire or explosion from the production, storage, distribution or use of any 'controlled drug' as defined by the Misuse of Drugs Act 1975.

You must make a formal complaint about the above activity to the police before this benefit applies.

Cover under this benefit will cease after we pay for the claim, until the house is decontaminated by approved contractors.

Inflation protection

Your sum insured may be increased at the renewal of the policy based on changes in building costs and the appropriate parts of the Consumer Price Index.

Your premium at renewal will be calculated on the revised sum insured.

Keys and locks

This benefit only applies to properties recorded as being residential or holiday homes during the period of insurance.

This benefit protects you if your keys or locks for your home are stolen or you think they may have been illegally duplicated.

We will pay up to $1,000 free of excess, per event, to replace locks, keys or remote door openers, or change combinations.

Loss of rent

This benefit only applies to properties recorded as being tenanted during the period of insurance.

We will pay up to $20,000 or six months rent (whichever is less) for your property being made uninhabitable as a result of damage for which a claim is accepted under this policy or which is covered by EQCover.

No loss of rent will be paid after repairs have been completed or your claim has been paid.

Mechanical or electrical burnout

This benefit applies if your house suffers sudden and accidental physical loss or damage as a result of burnout due to mechanical or electrical breakdown.

We will pay to repair the resulting physical loss or damage caused by the burnout.

Natural disaster damage

This benefit applies if your house is damaged by a natural disaster.

This benefit covers amounts above the EQCover cap. There is no cover for amounts below the cap if the claim is not accepted by EQCover.

The most we will pay is the difference between the EQC cap and the maximum sum insured, less any excesses that apply.

An excess of $5,000 applies for accepted claims due to natural disaster damage to driveways, pools or fences.

No claims bonus

If you have not made any claims within the last year, you will receive a no claims bonus.

If you make a claim, your no claims bonus will be reduced at renewal following the claim.

If you make no claims in the following year, your no claims bonus will be increased.

One event - one excess

This benefit only applies to properties recorded as being residential or holiday homes during the period of insurance.

If one claim event affects more than one policy you hold with us, we will only deduct one excess, which will be the highest excess applicable.

Property security after loss

This benefit applies if your house suffers unforeseen physical loss or damage which is covered under your policy.

We will pay up to $2,000 to temporarily secure it to prevent further loss or damage, while it is unoccupied.

 

There are several optional benefits you can add to your policy to make it customised for your needs. These add-on's do increase your premiums however they cover you for a variety of circumstances that are outside the cover of a standard policy and may be essential for correct cover.

Optional benefits

 

Recreational and special features

 

If you have a swimming or spa pool that you want covered or perhaps a tennis court or even solar panels, this optional benefit covers the repairs or replacement in the case of sudden and accidental physical damage.

Retaining walls

 

This optional benefit covers you for up to $25,000 for any retaining walls that are on your property but are not a part of your house eg. essential for the building or positioning of your house (as these are not covered as part of your main house cover). Retaining walls that are a part of your house are covered in your house sum insured.

 

Glass excess buyout

 

Purchasing this optional benefit means that you do not have to pay the excess on a glass claim if the claim is to repair or replace broken glass in your house. Also we will not decrease your no claims bonus if you claim and have this optional benefit. 

 

Full replacement cost for fire

 

In the event of damage by fire, your house will be covered for ‘full replacement’ (except for fires following natural disasters and if your house is covered for present day value). This means that we will pay the reasonable amount to repair the damage or replace your house to a similar standard even if the cost is higher than the sum insured you chose.

 

Temporary accommodation expenses

 

Purchasing this optional benefit covers you for up to $25,000 for temporary accommodation in the event that your house is deemed uninhabitable. To check out the article we have on this benefit, click here

If your house is tenanted, there are some more optional benefits available to you. Check out your policy wording for more details. 

 

Still unsure? Fire up a live chat or contact us, we are here to help.

 
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