Cash Settlements

In some circumstances, we may choose to make a cash settlement of your claim. For example, if the cause of the damage is covered by Toka Tu Ake EQC then the claim is generally always cash settled. There may also be reasons that you would prefer to have your claim cash settled. We will explain the basis for the amount we offer to cash settle your claim.

We use our own builders and other experts to carefully scope and cost the work that needs to be done. However, you are free to get your own quotes to estimate how much it would cost to repair or rebuild your property and provide them to us as part of the cash settlement process. If you can, you may wish to obtain more than one quote.

For information on the impact of Government and local Council land categorisations on claim settlements, see our "NZ Government Land categorisation" FAQs here.





Yes, if you want to use your own tradespeople, we can cash settle your claim. This may also include payment for any urgent repair work that was done initially to minimise the loss or damage. You will need to send through photos, the invoice for any urgent repair work and the detailed quote for the reinstatement work. Our team will then review the documentation and any other supporting information, and if the invoices and quotes are fair and reasonable, we may be able to settle your claim without needing to visit the property.

If you have questions about what is covered under the cash settlement, we may need to discuss these with you and your chosen building contractor to reach an agreement. You might want to consider obtaining independent legal or financial advice before accepting a cash settlement

Here are some things to think about when arranging for repairs to be completed on your home:

  • It’s important you choose suitably qualified tradespeople who you can trust to undertake the work required.
  • You will need to arrange and co-ordinate the builders and tradespeople and any issues with the quality, cost or timeliness of the repairs will need to be raised directly with them. We will not have any responsibility for repairs that you arrange after a cash settlement.
  • Check whether your Vero home insurance policy provides any cover for your repairs and whether you will need to consider additional insurance cover, such as contract works insurance. There may also be aspects of your usual insurance that may not cover certain losses whilst a repair is underway. Contact your Broker if you require advice about this.
  • We may require information about progress on completing the repairs prior to offering to renew your insurance policy.
  • Following a cash settlement, it is possible further damage not included within the settlement of a claim may be identified. Should this occur it’s important to contact us immediately and stop any repair work, so we are able to assess the additional damage. If we conclude that this damage is caused by the insured event and is covered under the policy, we will make an additional payment to complete these repairs.
  • Any delay in the repair of your property may bring about additional damage that could increase the cost of repair. These costs will be your responsibility.
  • Don’t forget to keep any invoices, receipts or records of the repairs you’ve completed. These can be helpful if you need them for guarantees and/or warrantees from the tradespeople you chose.
  • Until your home is repaired, the amount of cover available for future claims will be reduced by the amount you have been paid for your claim. This means that until the repairs are complete, there will be no cover for the damaged areas of your home that you have received a cash settlement payment for. Once your home is repaired or rebuilt, get in touch with your Broker to ensure you’re fully protected.






Disclaimer – The information on this page is of a general nature only, intended to provide guidance about how your claim may be managed. The steps which will be taken to manage your particular claim will depend upon your individual circumstances and your policy wording. Please refer to your policy wording for full details of your insurance cover. If in doubt about what you should do, speak to your Broker or contact Vero on 0800 800 134. 

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