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Insurance Uncovered

Are you paying too much for insurance? NZPIF executive officer Andrew King outlines a new option for NZPIA members.

By: Andrew King

1 December 2015

The NZPIF researched the property insurance market and found some policies are not targeted at rental property and cost over 40% more than others.

Our research has uncovered what we believe is the best value policy with features aimed at rental property ownership. We have entered into a business relationship with this provider and can now offer the policy to our members.

The product includes the regular cover expected of a policy. It also includes, however, $25,000 malicious damage cover, $20,000 cover for landlord’s contents, $20,000 loss of rent cover and $2 million landlord liability cover.

We have been testing out the product and our systems by making it available to PIA committee members around the country. The reports we have had back show savings of between $100 to $250 per property, per year, compared with existing policy costs.

The policy can be checked from links on either the NZPIF or your local PIA website home page. It is worth getting a quote to see if you can make savings from better cover.

Some existing products are on a month-by-month basis and changing over is extremely easy. The link from the NZPIF or PIA website provides two options for obtaining the new policy. You can either do it all online or if you prefer you can choose to go through a personal broker.

Your property must meet criteria in order to obtain the product online. If any of your properties don’t meet the criteria you can go to a personal broker who will advise you of what is available.

The savings can be substantial, so check it out.

Thank you

On another matter, the new NZPIF executive team met for the first time a few weeks ago to plan activities for the coming year. This was the first meeting for the newly elected members, Peter Lewis from Auckland, Pauline Beissel from Manawatu, Stephen East from Canterbury and Wendy Bowman from Otago. It was great to work with them and I'm looking forward to the coming year.

On behalf of the NZPIF and all Property Investors’ Associations and members, I would like to say a sincere thank you to those executive members who have stood down.

Cliff Seque was elected 10 years ago in 2005, the same year I joined the NZPIF. Members have benefited greatly from Cliff’s negotiation skills in obtaining discounts for us. The enormous savings we make at Bunnings are due to Cliff.

Brian Kerr and Lewis Donaldson have been NZPIF executive members for five years as well as working for their local PIAs. Brian has enormous experience in property management, with both regulatory and landlord experience that will be hard, if not impossible to replace. Lewis brings the energy and enthusiasm of youth and somehow combines this with years of hands on property experience.

All three are passionate about our industry, highly experienced and have contributed many hours to improving the investment property environment for the benefit of everyone. I hope they and their families enjoy the extra time they will get to spend together, but I'm going to miss working with them.

Unbelievable that the end of the year is upon us again. I hope you all have a wonderful break over Christmas and I look forward to a prosperous new year.

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