Home insurance updates
We’ve been busy making updates to our home insurance cover to help make things a little clearer for you.
See what's changed
This table is a guide and lists the main changes to the Home Insurance Product Disclosure Statement (PDS). The information in the table does not replace or vary our PDS so please read the entire PDS for details of features and benefits and to ensure that this product is right for you. You can also read our Contents Key Fact Sheet (KFS) or Buildings Key Fact Sheet (KFS) that set out some of the events covered and not covered by Youi buildings and contents insurance policies.
| PDS section | Buildings | Contents | Page # | Update type | Change in the PDS | PDS Effective Date |
|---|---|---|---|---|---|---|
| Important information | 3 - 14 | |||||
| Your responsibilities: 2. Notify us of any changes | 7 | Clarification | You must notify us as soon as practically possible if any of the specified changes listed under ‘Notify us of any changes’ occur. | 05 Jul 2023 | ||
| Your responsibilities: 10. Treat our people with respect | 9 | Clarification | If this requirement is not met, we can cancel any policy you have with us and, where relevant, we can remove you as an authorised person from any other Youi policy. | 05 Jul 2023 | ||
| What do these words mean? | 10 | Reduction | Business item/s: Definition updated to include instruments and tools you use for your ‘trade or profession’. This means such instruments and tools are not covered as regular ‘contents’, including under the optional cover Contents Accidental Loss or Damage; rather you must have the optional cover Business Items for them to be covered. | 05 Jul 2023 | ||
| 12 | Clarification | Jewellery: Definition updated to any wearable adornment containing a valuable material; and can be a smart device such as a smart watch. | 05 Jul 2023 | |||
| About your cover | 15 - 32 | |||||
| Storm | 16 | Reduction | No cover for retaining walls. | 10 Dec 2022 | ||
| 16 | Clarification | Water from the ground is an example of rising damp or seepage, which is not covered. | 05 Jul 2023 | |||
| 16 | Reduction | No cover for jetties and pontoons. | 05 Jul 2023 | |||
| Flood | 17 | Reduction | No cover for retaining walls. | 10 Dec 2022 | ||
| 17 | Clarification | Water from the ground is an example of rising damp or seepage, which is not covered. | 05 Jul 2023 | |||
| 17 | Reduction | No cover for jetties and pontoons. | 05 Jul 2023 | |||
| Escaping Water | 18 | Reduction | No cover for retaining walls. | 10 Dec 2022 | ||
| 17 | Clarification | If you have buildings cover with us, we will organise and pay the cost of using the most appropriate method to detect the source of the escaping water; this may be limited to non-invasive work, such as a thermal camera. | 05 Jul 2023 | |||
| 18 | Clarification | Water from the ground is an example of rising damp or seepage, which is not covered. | 05 Jul 2023 | |||
| Contents Outside | 24 | Benefit | Contents are covered when they are outside at the premises, or inside structures at the premises that are not fully enclosed or lockable. | 05 Jul 2023 | ||
| Buildings Accidental Damage | 27 | Reduction | No cover for retaining walls. | 10 Dec 2022 | ||
| 27 | Reduction | No cover for jetties and pontoons. | 05 Jul 2023 | |||
| Lessee/Tenant Default and Damage | 28 | Reduction | b. Theft or Damage by Tenant: intentional damage is covered, rather than any damage. | 05 Jul 2023 | ||
| General exclusions | 31 | Clarification | 38. Water from the ground is an example of rising damp or seepage. | 05 Jul 2023 |
| PDS section | Buildings | Contents | Page # | Update type | Change in the PDS | PDS Effective Date |
|---|---|---|---|---|---|---|
| Important information | 4 - 12 | |||||
| Cancelling your policy | 4 | Benefit | Cancellation fee reduced to $22, with clarity on when this will apply. | 05 Apr 2021 | ||
| What if I have a complaint? | 5 | Clarification | Updated details regarding our complaints process. | 04 Sep 2021 | ||
| Your duty of disclosure / When answering our questions | 6 | Clarification | The Duty of Disclosure has been replaced with the duty of an insured “to take reasonable care not to make a misrepresentation when answering our questions”. | 05 Apr 2021 | ||
| Your responsibilities | 6 - 8 | Clarification | Improved transparency with expanded section on the requirement to maintain a valid email address. | 05 Apr 2021 | ||
| 8 | Clarification | Responsibility to take "Take reasonable precautions" has been changed to a responsibility to "Take care of the insured property". | 05 Apr 2021 | |||
| What do these words mean? | 9 - 11 | |||||
| Business item/s | 9 | Clarification | Updated for clarification that business items do not mean your home office equipment. | 04 Sep 2021 | ||
| Home office equipment | 10 | Clarification | New definition included and clarification that your contents includes home office equipment. | 04 Sep 2021 | ||
| Storm surge | 11 | Clarification | New definition included. | 04 Sep 2021 | ||
| You / your / yours | 11 | Clarification | An updated definition to remove “any person acting for the policyholder or for a householder member”'. | 05 Apr 2021 | ||
| About your cover | 13 - 30 | |||||
| Fire | 13 | Benefit | Increased cover for soot or smoke. | 04 Sep 2021 | ||
| Earthquake | 14 | Reduction | Landslip only covered within 72 hours of earthquake. | 05 Apr 2021 | ||
| Escaping Water | 15 | Benefit | The $7,500 limit for slow leaks has been removed. | 05 Apr 2021 | ||
| Impact | 16 | Clarification | Updated to confirm what is and what is not covered. | 05 Apr 2021 | ||
| Animal Damage | 16 | Benefit | This is a new Insured Event, covered up to sum insured. | 05 Apr 2021 | ||
| Legal Liability | 18 | Clarification | Exclusion relating to renovations clarified with examples. | 05 Apr 2021 | ||
| Temporary Accommodation: Insured Events | 18 | Benefit | Increased pet accommodation limit to $3,000. | 05 Apr 2021 | ||
| 19 | Benefit | Up to 1 month for temporary accommodation cover for a policyholder who is renting. | 05 Apr 2021 | |||
| Storage of Undamaged Contents | 20 | Benefit | This is new Extra Cover for up to 10% of contents sum insured. | 05 Apr 2021 | ||
| Locks and Keys | 21 | Benefit | Increased locks cover limit to $1,000 and reduced excess of $100. | 05 Apr 2021 | ||
| Clean Up and Professional fees - Contents | 21 | Benefit | This is new Extra Cover for up to 20% of sum insured cover for removal of contents debris. | 05 Apr 2021 | ||
| Contents Outside | 22 | Benefit | Increased limit for contents outside to 10% of sum insured, up to $20,000. | 05 Apr 2021 | ||
| Cover While You Move | 22 | Benefit | Cover provided at any new permanent address. | 05 Apr 2021 | ||
| Food Spoilage | 23 | Benefit | Removed excess for food spoilage. | 05 Apr 2021 | ||
| Damage From Injury or Incident | 23 | Benefit | This is new Extra Cover for up to $10,000. | 05 Apr 2021 | ||
| Vehicle Spare Parts and Accessories | 23 | Benefit | This is a new Extra Cover for up to $500. | 05 Apr 2021 | ||
| Uninstalled Buildings Fixtures, Fittings and Materials | 24 | Benefit | This is a new Extra Cover for up to $1,000. | 05 Apr 2021 | ||
| Counselling Services | 24 | Benefit | Removed 6-month limit to commence counselling. | 05 Apr 2021 | ||
| Guests' Contents | 24 | Benefit | This is a new Extra Cover for up to $1,000. | 05 Apr 2021 | ||
| Lessee/Tenant Default and Damage | 26 | Reduction | Limit Rental Arrears cover to 2 weeks for periodic leases for absconding, default, or death of the tenant. | 05 Apr 2021 | ||
| Fixtures and Fittings Upgrade | - | Benefit | Previously an Optional Cover, now automatically included. Contents sum insured adjusted accordingly with renewals for existing customers who had the Optional Cover. | 05 Apr 2021 | ||
| General exclusions | 28 | Clarification | The exclusion relating to the buildings not being compliant with the building codes in place at time of construction has been updated for transparency. | 05 Apr 2021 | ||
| 28 | Clarification | Exclusions relating to poor or faulty design specifications, material, planning or workmanship, or a defect have been updated to improve transparency. | 05 Apr 2021 | |||
| - | Benefit | Removal of exclusion for occupancy by more than 3 unrelated people at the premises. | 05 Apr 2021 | |||
| 28 | Reduction | A new exclusion for professional, expert, legal, consulting or valuations costs incurred without our prior written consent. | 05 Apr 2021 | |||
| 28 | Reduction | A new exclusion for water-facing retaining walls and sea walls. | 05 Apr 2021 | |||
| 29 | Clarification | A new exclusion to clarify that we only cover 50% of dividing fences. | 04 Sep 2021 | |||
| 29 | Reduction | A new exclusion relating to tree works. | 04 Sep 2021 | |||
| Claiming | 30 - 35 | |||||
| Authorised persons on your claim | 30 | Clarification | Updated section describing (1) how to add an authorised person and (2) conflict of interest. | 05 Apr 2021 | ||
| How we settle your claim | 31 - 33 | Clarification | Updated section providing clarity on how we settle claims. | 05 Apr 2021 | ||
| 32 | Clarification | Clarity on which Extra Covers are paid in addition to or within policy limits. | 05 Apr 2021 | |||
| Matching materials | 33 - 34 | Clarification | An expanded section noting examples of when we will pay extra to create a uniform appearance for undamaged areas of the buildings or contents. | 05 Apr 2021 | ||
| Excess | 34 - 35 | Clarification | Clarification of how and when an excess applies. | 05 Apr 2021 | ||
| Unoccupied excess | 35 | Benefit | Where the premises are unoccupied for more than 60 days, an additional excess will be applied. This additional excess replaces the current exclusion for unoccupied premises. | 05 Apr 2021 | ||
| Actions of others | 35 | Benefit | New section describing circumstances where cover may not be limited by the actions of other people. | 05 Apr 2021 |