Now that you have decided to purchase a house for relocation, we want to ensure you are aware of the insurance cover you will need when you shift your house. Your newest asset needs to be protected before it leaves its original site, through to arriving at your section, being connected back up to the services and also allowing for any alterations that may be completed.
There are four basic steps for insurance cover for the duration of your house relocation process.
- Cover for your building before the relocation process. This covers the building for accidental loss or damage for the purchase price should damage occur.
- Transit Insurance. This covers the house from the time its lifted from its current piles, throughout the transit process and until its lowered onto the piles at your section. If your house is going via storage, then the transit cover will stop once the house has been transported to the storage place. You will then need to ensure the house is covered as per step 1.
- Contract works insurance. This insurance will take effect from the time the house is lowered onto its new piles; whilst its being connected to services and any other alterations are completed. This cover will expire when someone moves into the house or when code of compliance is issued. Contract works insurance will also cover the existing dwelling as well the renovations/repairs that take place.
- Domestic Dwelling insurance. Once the works are complete and someone moves in or code of compliance is issued, you will need to arrange normal house insurance on the property.
Frank Risk Management has arranged an exclusive insurance policy with NZI for Uplifting Homes customers, that provides cover for your relocatable house from the start to the finish and ready to move into. We are happy to supply a quote for either of the below insurances.
Summary of Insurances:
- Contract Works Insurance (including cover prior to re-location step 1)
Term: from date ownership is transferred, through to completion up to a maximum of 6 months (this period can be extended for an additional premium)
Existing Structure – up to $150,000
Contract works – up to $100,000
Includes Full Natural Disaster cover
- Asbestos exclusion
- Cracking and settlement exclusion
- Precipitation damage – Tarpaulins
- Cover starts 120 hours after arrival at the named contract site or until placed or temporary or permanent foundations (whichever is the sooner of the two)
- Existing structures basis of settlement: Indemnity value/Actual Value – NZI will consider full replacement value for dwellings less than 10 years old.
- Full cover provided for existing structure, excluding theft.
- Marine Transit Insurance
Term: cover commences when building is lifted from its original location on to the transporter and continues during the course of carriage to the destination and ceases as soon as the unloading of the building, whether to temporary or permanent foundations has occurred, or if not unloaded ceases 120 hours after arrival at the final destination.
Sums Insured: up to $200,000 any one conveyance
Destruction/disposal/removal extension: $30,000 any one event
- Basis of settlement, invoice value for client purchased homes
- Losses not covered by policy – marring, scratching, denting, chipping, grazing, racking or breakage to the building, unless caused by the collision or overturning of the carrying conveyance.