The NZPIF has researched the property insurance market and found that some policies are not targeted for rental property and cost over 40% more than others.
Our research has found what we believe to be 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 it to our members.
The product includes the regular cover expected of a policy, however it also includes $25,000 malicious damage cover, $20,000 cover for landlords contents, $20,000 loss of rent cover and $2m landlords liability cover.
We have been testing out the product and our systems by making it available to PIA committee members around the country. Reports back show savings of between $100 to $250 per property per year on existing policy costs.
You can check out the policy from links on either the NZPIF or your local PIA website home page. It is well worth getting a quote to see if you can make savings and get better cover.
Some existing products are on a month by month basis and changing over is extremely easy. However even if your existing policy is an annual one, it is usually straightforward to cancel it and start with your new cover.
The link from the NZPIF or PIA website provides two options for obtaining the new policy. You can either do it all online or you can choose to go through a personal broker if you prefer.
There are some criteria that your property must meet in order to get the product online. If any of your properties don't meet this 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.
On another matter, the new NZPIF Executive 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 investor 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 Cliffs negotiation skills in obtainign 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 PIA's. Brian has enormous experience in property management from 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 look forward to a prosperous new year.
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