Home Building and Contents

Key data

Policy

Underwriter

Youi

Independent complaints organisation

Insurance & Savings Ombudsman

Sum insured or full replacement?

Sum insured only

Excesses

Standard excess - house

$500

Standard excess - contents

$500

Main cover - house

Personal liability - house policy

Up to $20 million

Temporary accommodation

Up to 12% of sum insured plus $2500 for pets

Recreational features

Yes ("permanently attached fixtures"); swimming pools/spas not covered for accidental damage

Retaining walls

Yes, except where design and construction did not meet engineering criteria

Additional cover - house

Blocked water or sewage pipes

Hidden gradual damage caused by internal water pipe, waste pipe or cylinder

Up to $7500 if caused by escaping water

Keys and locks

Up to $500 (after excess)

Landscaping

Post-event inflation protection

Reduced excess for glass or sanitary fixtures

Main cover - contents

Personal liability - contents policy

Up to $20 million

Temporary accommodation for homeowners following loss

For a unit title or company share, up to 12% of sum insured and $2500 for pets

Temporary accommodation for tenants following loss

Up to 30 days, but only in cases of emergency evacuation; doesn't include pets

Removal, return and storage of contents following loss

Specific items

Bicycles

Replacement value up to $15,000 per item; covered away from home if accidental loss or damage cover is selected

Books

Replacement value

Cameras and accessories

Replacement value up to $15,000 per item; covered away from home if accidental loss or damage cover is selected

Carpets and floor coverings - unfixed

Replacement value

Clothing and footwear

Replacement value up to $15,000 per item; covered away from home if accidental loss or damage cover is selected

Collections (eg stamps)

Up to $15,000 per collection; covered away from home if accidental loss or damage cover is selected

Computers and computer software

Replacement value up to $15,000 per item; covered away from home if accidental loss or damage cover is selected

Credit card cover

Jewellery and watches

Must specify replacement value for either individual items or lump-sum; covered away from home if accidental loss or damage cover is selected

Mobile phones

Replacement value up to $15,000 (excludes software and applications); covered away from home if accidental loss or damage cover is selected

Money

Motor vehicle parts and accessories

Sporting equipment

Replacement value up to $15,000 per item; covered away from home if accidental loss or damage cover is selected

Works of art

Replacement value up to $15,000 per item; covered away from home if accidental loss or damage cover is selected

Additional cover - contents

Hidden gradual damage caused by water pipe, waste pipe or cylinder

Up to $7500 if caused by escaping water

Home office and professional equipment

Up to $1000 per item ($5000 total) for "business items" (optional extra)

Keys and locks

Up to $500 (after excess)

Moving contents to a new address

Up to 20% of sum insured for defined events while moving to a new address; cover at new address, for up to 14 days from the day you start your move

Member reviews

"left the telephone interview with no confidence they knew what they were doing."

02 Feb 2015, George S.

Pros:

Contents and vehicle premiums were slightly cheaper but that's where it ended.

Cons:

I went on and asked for a quote on my house, I'm currently paying $1,700pa. After many questions (which took a long time) they came back with a quote of $28,000!!. Assuming that was a mistake I asked them to recalculate which they did and confirmed the quote. When asked why the difference they said it was because I lived in Napier!! The fellow said I was talking to Australia so asked if he was getting Napier mixed up with Christchurch. They were going to get back to me about on this but that was several months ago and I've not heard from them.

Recommend it?

No, this product has too many drawbacks.

"Disappointed"

31 Jan 2015, Daphne K.

Pros:

The price was fairly competitive but not the cheapest.

Cons:

When getting quotes for two houses & contents & two cars, it took two hrs initially on the phone. Once all questions were answered, I was asked for my account details. I reiterated that I was still in the stages of getting quotes and had not made up my mind regarding which company I would go with. The agent assured me it was purely to make things simpler if I decided to go with Youi. I made it quite clear that no funds were to be taken until I had approved. There was no followup call and I had taken a policy with AA and they still took funds from my account. they rectified when I made contact

Recommend it?

No, this product has too many drawbacks.

"Is reinsurance by themselves satisfactory"

30 Jan 2015, Eleanor L.

Pros:

The Consumer premiums calculator shows a considerable saving on other company premiums, and the quote they have given us shows a significant saving

Cons:

This seems to be an Australian company started by a south African company. They told me they reinsure themselves, they don't have any external reinsurance - eg. with Lloyds or Swiss Re. I can't find their total asset backing. Presumably a huge catastrophe could expose them and their customers. Us New Zealanders think of the Christchurch Earthquake. I see their AM Best resting is a bit lower at B++ than many insurers, perhaps reflecting this. I would appreciate Consumer's comment on this.

Note from Youi: Youi advises it purchases external reinsurance, and does its own underwriting in-house.

Recommend it?

Maybe, it depends on what you're after.

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