By Richard Godman
Manager Technical Underwriting, Consumer Insurance
19 October, 2016
Is traditional insurance fit for diverse family arrangements?
Make sure your kids are covered -
What lives where - add it up
To understand how your kids' belongings are covered, it's important to think about where their items normally reside.
For example, you probably have beds and clothes for your kids at your home, even if they don't live with you full time. Make sure that you've included the value of those items in your contents calculation when you take out a policy.
Items in transit
If you have primary custody, but your children also spend time living with another parent or maybe a grandparent, i'ts important to have contents insurance in place that covers their belongings while they're out of the home. Some cheaper insurance policies will only cover contents while it's in your home, so make sure to check your policy carefully.
Talk it through
High ticket items like laptops and phones that kids take with them from place to place are more likely to be an insurance issues, and if you do need to make a claim you'll usually need to pay an excess.
It may help to discuss insurance arrangements with your children's other parent or guardians when you make expensive purchases for your children. Make sure it's clear whose insurance will cover the item if it is lost or damaged, bearing in mind where your child - and the item - normally reside. If in doubt, talk it through with your insurer, broker or adviser.
Keep your receipts
If you need to make a claim, you may need to give details of the item or proof of purchase. It’s a good idea to keep receipts or serial numbers and photos – even if you’re not making the claim, the other parent may need them.
Check expensive items are listed separately on your policy
If issues do arise, it’s always a good idea to talk to your insurance company about it.
The information in this article has been compiled from various sources and is intended to be factual information only. Full details of policy terms and conditions are available from Vero Insurance New Zealand Limited or your financial adviser. For advice on product suitability, please contact your financial adviser. While we take reasonable steps to ensure that the information contained in this article is accurate and up-to-date, it is subject to change without notice. Vero Insurance New Zealand and its related companies does/do not accept any responsibility or liability in connection with your use of or reliance on this article.