AMI Advanced Contents Insurance Change Summary PDF

Contents Plus Insurance Change Summary On your side  Important changes This change summary applies if you have an AMI Advanced Contents Insurance policy that started before 15 August 2024. When your policy renews, it will renew on the new AMI Home Plus and Contents Plus Insurance policy wording A...

Contents Plus Insurance Change Summary On your side  Important changes This change summary applies if you have an AMI Advanced Contents Insurance policy that started before 15 August 2024. When your policy renews, it will renew on the new AMI Home Plus and Contents Plus Insurance policy wording AMI1713/1. This document does not form part of your insurance contract. It provides an overview of the most important changes to your policy, which include a number of new and updated benefits as well as new and updated terms and conditions. These changes will take effect from your next policy renewal date on or after 26 October 2024. What do you need to do? 1. Check Part 1 of this document and decide whether you need to take any action. 2. See Part 2 of this document for a summary of your new policy. 3. R  ead your new policy wording at ami.co.nz/policy-documents, select the ‘Home Plus and Contents Plus Insurance’ policy wording and refer to the relevant sections. You can customise your cover online through your My AMI account. If you have any questions about your cover, please contact us on 0800 100 200 or go to ami.co.nz/contact and we will be happy to help. AMI Insurance is a business division of IAG New Zealand Limited. The availability of insurance cover is subject to your application being approved. Terms, conditions and exclusions apply. Page 1 of 9  Contents Plus Insurance Part 1: You may need to take action What you need to know What you need to do Change to your contents cover Review the list of contents covered for repair or present Most contents are now covered for replacement value. This means if we accept a claim for contents that value in your new policy wording. If an item of contents are lost, stolen or damaged beyond repair, we will pay the replacement cost of these items up to your is not on the list, then that item is covered for repair or Contents Sum Insured. replacement. It is important to ensure your Contents Sum Insured is enough to cover all of your and your family’s Check your Contents Sum Insured amount in your belongings and the things in your home. One way to do this is by getting an estimate using the Policy Schedule. You can also use the Contents Contents calculator. calculator to get an estimate. If you need to increase this amount or make any changes, you can do this online in your My AMI account, or contact us. Higher limit for works of art Review the policy limits for certain types of contents The policy limit for paintings, pictures, ornaments or works of art, including sculptures, photographic in your new policy wording. If you have any ‘specified prints or figurines, is increased from $2,000 to $10,000 per item. item’ listed in your previous Policy Schedule, the item will not appear in your new Policy Schedule if the value Certain other policy limits have also changed. is less than or equal to the new policy limit. Items are automatically covered up to the new policy limits Cover for personal transportation devices without needing to be on the ‘specified item’ list. Motorised personal transportation devices that meet the ‘motor vehicle’ definition in the Land Transport Act 1998 are now only covered if they are listed in your Policy Schedule as ‘specified items’. These If you have a personal transportation device, check if devices include any: the item now needs to be specified as it may not be covered automatically. electric scooters with a maximum power output of over 300 watts (lower-powered electric scooters are covered automatically and do not need to be specified) If you have a bicycle or e-bike, check the value and add motorised skateboards, e-roller skates or e-unicycles. it to your ‘specified item’ list if it is over $3,000. Let us know straight away if you need to make any New limit for bicycles changes to the value of any ‘specified items’, or if you Unless your bicycle or e-bike is listed as a ‘specified item’ in your Policy Schedule, the most we will want to add or remove items. You may need to provide pay is $3,000 per item. us an up-to-date insurance valuation to increase the value of your ‘specified item’ or to add a new item. Page 2 of 9  Contents Plus Insurance What you need to know What you need to do Changes to specified jewellery and watches Check the ‘specified items’ listed in your new Policy Previously, individual values for your specified jewellery and watches did not show in your Policy Schedule. Schedule. Your new Policy Schedule will now show a value for each ‘specified item’, based on Let us know straight away if you need to make any information you gave us previously. This value is the most we will pay for loss or damage to the item. changes to the value of any ‘specified items’, or if you The ‘specified item’ list in your new Policy Schedule will not show items that had a value of $3,000 or want to add or remove items. You can also contact us less, as these items are automatically covered up to $3,000. for more information. You may need to provide us an up-to-date insurance valuation to increase the value of your specified jewellery and watches, or to add a new item. New option – Excess-free spectacles, dentures and hearing aids Customise your cover by purchasing any optional This new optional benefit provides excess-free cover for spectacles, dentures or hearing aids. benefits online in your My AMI account, or contact us. If you want to purchase ‘Worldwide cover for jewellery New automatic benefit – Contents with you or your family on overseas trips and watches’, contact us. This new automatic benefit covers your and your family’s contents that you take with you while travelling See the summary of these and another option in ‘Part 2: in Australia or the South Pacific Islands. Summary of your new policy’ below and refer to your This benefit also provides an option to select ‘Worldwide cover for jewellery and watches’ for any item of new policy wording for details. jewellery or watch you choose to specify and includes broader cover. For ‘Matching floor coverings’, contact us if you want Removed option – Matching carpet cover to add this optional benefit to your existing Home Plus Insurance policy or to purchase the Home Plus This previous option that covered the replacement of identical carpets and curtains that were not in the Insurance policy, or for more information about the room where the loss or damage happened is no longer available in your Contents Plus Insurance policy. cover. However, a similar option is available for owner-occupiers under the ‘Matching floor coverings’ optional benefit in Home Plus Insurance. Page 3 of 9  Contents Plus Insurance What you need to know What you need to do Cover for contents Contact us if you want to purchase the Landlord’s Your Contents Plus Insurance policy is not designed for contents that you, as a landlord, provide for your Contents Insurance policy or for more information tenants to use, such as furniture, electrical appliances and other household goods. about the cover. Cover for landlord’s contents at your residential rental property is available under the Landlord’s Contents Insurance policy. Changes to discounts Go to ami.co.nz/upfront-price for more information There may be changes to the discounts available to you. about these changes. Page 4 of 9  Contents Plus Insurance Part 2: Summary of your new policy We have summarised the cover available under the Contents Plus Insurance policy below. However this is a summary only. Make sure to read your new policy wording. It is important that you understand the full details of what you are covered for, as well as the exclusions, conditions and limitations that apply. This summary does not form part of your insurance contract. Automatic cover and benefits These are automatically included in your Contents Plus Insurance policy. Sudden and accidental loss or damage Covered Legal liability Higher limit of $2,000,000. This limit now includes defence costs. Extends to general average or salvage charges if contents are being carried by ship and covered under the ‘Contents in transit when you are moving house’ automatic benefit. Your excess now applies. Contents in storage Covered in a bank or vault. Covered for specified perils in other storage facility with our prior approval. Contents in transit when you are moving Covered up to your Contents Sum Insured for specified perils, including storm or flood. For all other loss or house damage, $10,000 per event. Extends to contents in a storage facility for up to 14 days. Contents with you or your family on $5,000 per trip of up to 3 weeks. Includes contents of your family travelling with you or your partner. overseas trips Contact us if you want to purchase ‘Worldwide cover for jewellery and watches’. This covers any item of jewellery or watch you specify and includes broader cover that also extends to your family travelling alone. Cover when replacing a whiteware appliance Covered with a more energy-efficient model Electronic data and programs Covered Fatal injury $10,000 per event Food spoilage $1,000 per event Hidden gradual damage $3,000 per year Page 5 of 9  Contents Plus Insurance Home office equipment $10,000 per event for items at home, $1,500 per event for items temporarily away from home Identity theft $2,500 per event Moving to a new home Covered One incident – one excess If one incident results in a claim under more than one benefit or sub-section of a benefit, we deduct only the highest applicable excess. This also applies if one incident results in more than one claim under your boat, car, caravan, contents, home, landlord’s, motorcycle, motorhome, residential contract works or trailer policy, at the same address. Removal of unrepairable items Covered Replacement of keys and locks No excess if your claim is only for keys that are lost, stolen or duplicated without your permission. If your claim is for keys that are damaged, your excess applies. Stress payment $2,000 following a total loss Students living away from home Covered up to your Contents Sum Insured if the student is living in accommodation run by the school or institution. If the student is not living in such accommodation, $5,000 per event. Your home must be your main residence. Temporary accommodation $30,000 per event. Extends to compulsory evacuation due to impending damage. Your excess now applies. Optional benefits These are available to purchase under your Contents Plus Insurance policy. Excess-free spectacles, dentures and No excess if your claim is only for spectacles, dentures or hearing aids. If you do not purchase this benefit your hearing aids excess applies on any claim for these items. Lifestyle block contents and tools of trade $5,000 per event for certain lifestyle block items at the property address Page 6 of 9  Contents Plus Insurance Other important things to know Section What is new Your excess now applies if: you make a claim after a burglary where your home has a monitored burglar alarm via a security company and the alarm was activated at the time of the burglary you make a claim for damage to contents attached to surge protectors caused by a power surge or fluctuation in the electricity supply. Important information about your policy What we mean by ‘you’ or ‘your’ now includes your partner Part one – cover for contents Updated clauses: What we mean by ‘contents’ Contents covered for repair or present value The most we pay for certain types of contents. Exclusions – what we do not cover New exclusions: Communicable disease Computer systems Criminal acts Fines and damages Sanctions Weapons. Updated exclusions: Cause of loss – no cover for loss or damage connected to any: - structural additions or structural alterations at your property, unless you notified us of the work beforehand and we agreed to cover this - water in any form (including hail and snow) entering your home because you or another person acting on your authority has removed any roofing material, exterior cladding, window or door - slugs or snails and the like. However, this only applies to contents directly affected, it does not apply to resultant loss or damage to other contents. Page 7 of 9  Contents Plus Insurance Section What is new Remotely piloted aircraft and kitesurfing equipment – excludes cover where the use of such equipment breaches the Civil Aviation Authority rules. Types of loss: - excludes undamaged parts of a pair or set, however this does not apply if the loss or damage to one item prevents the entire set from functioning - excludes loss or damage to fuses, protective devices, or lighting or heating elements caused by electricity - now only excludes the accidental burn out of any mechanical, electrical or electronic equipment, or its parts, over 15 years old where the burn out is caused by an external force. Liability – no cover for liability connected to: - any contract or agreement, unless you would have been liable even without the contract or agreement - the ownership or use of any trailer, caravan, or aerial recreational item such as a hang glider, parachute, paraglider or parasail - asbestos. Gradual damage – also excludes loss or damage caused by mould. Intentional or reckless acts – also excludes loss or damage connected to any reckless act or failure to act. However, this does not apply to loss or damage from fire or explosion that is not intentionally caused by you or your partner. Terrorism – now only excludes terrorism involving biological, electromagnetic, chemical, radioactive or nuclear pollution, contamination or explosion. Conditions of your cover If your contents are a total loss, your Contents Plus Insurance policy will be automatically cancelled from the end of the day of the loss. If you pay the premium by instalments, we deduct any premium you owe us up to the end of the period of insurance before we settle a total loss claim. This is because we agreed the premium at the start of the period of insurance, and you must pay the premium in full, whether you pay in one lump sum or by instalments. Page 8 of 9  Contents Plus Insurance Section What is new Definitions New definitions: closest equivalent item hidden gradual damage natural hazard fire motor vehicle partner. Updated definitions: natural hazard (replaces the ‘natural disaster’ definition) present value (replaces the ‘market value’ definition). There are other new and updated definitions – refer to your new policy wording for details. Page 9 of 9  Thanks for insuring with AMI. Call us on 0800 100 200 or visit ami.co.nz © Copyright IAG New Zealand Limited 2024. AMI and the AMI logo are registered trademarks of IAG New Zealand Limited. AMI1717/1 08/24