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Wednesday, February 29, 2012

Vero insurance - changes to their temporary accommodation policy

In the February Canterbury Earthquake Stakeholder Update Vero have announced a change to the timing applying to their temporary accommodation benefits.

Those who are under the EQC cap can still receive their temporary accommodation allowance if their home is uninhabitable.

From the update:
Customers with contents insurance with Vero are entitled to a temporary accommodation allowance for a set period of time or up to a specified dollar amount. This is usually 12 months or $25,000 depending on the type of policy chosen.
To help affected Vero customers during these difficult times, we have decided to remove the 12-month time limitation that applies to the temporary accommodation benefit in their domestic policies.
Customers will also be able to use the benefit over different times and for split time periods provided the costs do not exceed the policy limit.
Some of our customers who have homes that are totally uninhabitable now are using the allowance but many others are living in significantly damaged homes and "saving" the benefit until they need to vacate their home for repairs or rebuilding.
In addition, Vero customers with a claim that is under the EQC cap will still be entitled to receive their temporary accommodation allowance under their contents policy if their home is uninhabitable as a result of the damage.
The Stakeholder Update doesn't seem to be online yet, but may be available here shortly.
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