There’s a lot to think about on a lifestyle block. Whatever stage of the lifestyle block journey you are at you need to know there are some key differences on your property that you need insurance for, that your standard home, car and contents insurance might not cover.
Here's our advice on uncovering what you need to cover on your lifestyle block. Don't worry if you don't have all the answers, we can help you work through what you need. Just call us on 0800 366 466
Is it a domestic or farm building?
Knowing the difference between the two will determine if you’re covered under our home or farm buildings policies. We work this out by what you use the building for. So, if it’s used as a garage for your personal car and is close to your house, then it would be for domestic use only. If it’s used to store tools, farm vehicles and/or ride-on lawn mowers, used partly as a workshop or stores animal feed and hay then it would be considered a farm building.
The make-up of buildings and the block
Having the accurate square meterage of your buildings and block helps us work out the value your property is insured for and means if you have to make a claim your insurance covers your assets fully. You may not need to get the tape measure out yourself. Have a look at building or architectural plans, online property valuation sites, ask a professional builder or your local council website as they may include the area and current value of your property.
We find that some clients forget to mention their fencing which means it’s not always covered when you need to make a claim (for example, if there is a storm, or stock break through the fence). Depending on where your fencing is located will also determine if we cover it through your FMG Home policy or if you need extra cover for Lifestyle Block fencing.
Bores, culverts, and old sheds
It’s easy to forget about an old shed out the back of a lifestyle block that you might think isn’t worth insuring, but if you include it as an unspecified building this can cover you for the removal of the materials if it's damaged beyond use. Same goes for things like bores or culverts which tend to be out of sight, therefore out of mind. These items are regularly forgotten and should be included in your quote as they will need to be covered under an additional benefit to your FMG Farm Buildings policy.
When starting out on a lifestyle block, costs can increase quickly. The mortgage can also be hefty, so what’s the backup plan if something goes wrong? It’s worth spending time now to work out what decisions need to be made if you or your family become injured, ill or were to die. Would you want to stay on the lifestyle block or move closer to town? How will the bills get paid? Our Life & Health Advisers across the country can help you with these big questions. Find out more.