Some cover runs out, ours keeps rebuilding
With MAS Full Area Replacement, if your home is damaged or destroyed by a covered event, we’ll cover the full, reasonable cost to repair or rebuild it to the same size and standard as it was before - whether it’s your own house, holiday home, rental, lifestyle property or even your new build.
Why choose Full Area Replacement?
Unlike an agreed value or sum insured policy, where the amount of cover is agreed at the time the policy is created, a MAS Full Area Replacement policy means the estimated cost to rebuild isn’t capped in the event of a total loss. Although underwriting criteria will still apply, you can be confident your home will be fully replaced to the same square meterage and condition as it was before the loss.
Full Area Replacement
With Full Area Replacement, we agree to rebuild the home to the same size and standard that it was before the loss, subject to underwriting criteria. You’re covered for the reasonable costs of a full rebuild to the square meterage set out in your policy schedule. Plus, unlike some policies that cap natural disaster cover at the sum insured, ours provides full area replacement based on the square meterage in your schedule.
Agreed Value
Sum Insured is an agreed value policy. It provides a maximum dollar amount, proposed by the homeowner and agreed by the insurer, based on the estimated cost to rebuild or repair the home if it's damaged or destroyed. it puts the onus on the homeowner to undertake the research required to make sure the insured value will cover replacement costs - something that can be very difficult to get right.
Cover that keeps pace
- Full Area Replacement
- Standard Inclusions
Full Area Replacement
Unlike some policies with capped disaster cover, ours includes natural hazards like fire, flood, and earthquake, so you're protected when it matters most.
As construction costs rise over time, you don’t need to constantly review or adjust your cover. Your home stays fully protected without the hassle of annual updates or valuations.
MAS is a mutual company, which means we’re owned by our Members. As a mutual, our insurance policies are created with our Members' best interests at heart.
Standard Inclusions
If you are injured, and, as a consequence, die as the result of a sudden accidental event caused by accidental loss to your property covered by this policy, we will pay $20,000 to your estate.
If your main residence is uninhabitable, we will pay up to $50,000 for the additional and reasonable costs for alternative accommodation while the property is being assessed and/or repaired.
We'll allow you to claim under the Alternative accommodation benefit when you are denied access to your house due to safety concerns or an emergency.
Claims solely for accidental breakage of glass in windows, doors or screens of your house will not have an excess applied and your No Claims Bonus will not be affected.
In certain circumstances we'll provide up to $5,000 for hidden rot, hidden mildew or hidden gradual deterioration caused by water leaking from an internal source.
We'll provide cover for damage caused by a fire or explosion intentionally caused by any tenant, guest of a tenant or your guest.
If we've accepted a claim, you'll also be entitled for up to $5,000 to replant or repair damaged lawns, flowers, trees, hedges or shrubs or to pay for other reasonable landscaping costs.
If you're building a new structure we'll provide up to $20,000 to cover the new structure being built and any building materials that will be incorporated.
If we've accepted a claim, you'll also be entitled for up to $2,000 for the reasonable costs incurred for the removal of a fallen or partially fallen tree on your property.
We will cover the reasonable cost of replacing locks and keys (including electronic access cards and transponders and remote door openers) if they have been lost, damaged, stolen or duplicated. No excess needs to be paid for your first claim under this benefit. First claim will not affect your No Claims Bonus. Most we will pay for any one event is $2,000.
Your premium includes a levy which is paid to the Natural Hazards Commission under NHCover. NHCover provides cover for damage after a natural hazard, up to limits set by them, We provide natural hazards cover for your property not covered by NHCover and for damage in excess of NHCover limits.
We'll pay up to $10,000 for reasonable costs incurred to protect a Member's property from loss, or following a loss, to minimise damage and prevent further loss. We will also pay the reasonable costs incurred to replenish your fire fighting equipment after it has been used to protect your house.
The maximum we will pay for loss or damage to all retaining walls at the property arising from a single event is $100,000, unless a different amount is specified in your policy schedule. This limit includes all costs associated with repairing or rebuilding the retaining walls.
If we determine that the damage to your house is uneconomic to repair, we will contribute up to $20,000 toward rebuilding it using sustainable products provided you were living in the house at the time of the loss and the sustainable products are approved by us.
You are covered for legal liability in New Zealand during the policy term for accidental damage to other people’s property or accidental bodily injury to others, arising from your ownership of the property or its grounds.
Cover that keeps pace
Full Area Replacement
Unlike some policies with capped disaster cover, ours includes natural hazards like fire, flood, and earthquake, so you're protected when it matters most.
As construction costs rise over time, you don’t need to constantly review or adjust your cover. Your home stays fully protected without the hassle of annual updates or valuations.
MAS is a mutual company, which means we’re owned by our Members. As a mutual, our insurance policies are created with our Members' best interests at heart.
Standard Inclusions
If you are injured, and, as a consequence, die as the result of a sudden accidental event caused by accidental loss to your property covered by this policy, we will pay $20,000 to your estate.
If your main residence is uninhabitable, we will pay up to $50,000 for the additional and reasonable costs for alternative accommodation while the property is being assessed and/or repaired.
We'll allow you to claim under the Alternative accommodation benefit when you are denied access to your house due to safety concerns or an emergency.
Claims solely for accidental breakage of glass in windows, doors or screens of your house will not have an excess applied and your No Claims Bonus will not be affected.
In certain circumstances we'll provide up to $5,000 for hidden rot, hidden mildew or hidden gradual deterioration caused by water leaking from an internal source.
We'll provide cover for damage caused by a fire or explosion intentionally caused by any tenant, guest of a tenant or your guest.
If we've accepted a claim, you'll also be entitled for up to $5,000 to replant or repair damaged lawns, flowers, trees, hedges or shrubs or to pay for other reasonable landscaping costs.
If you're building a new structure we'll provide up to $20,000 to cover the new structure being built and any building materials that will be incorporated.
If we've accepted a claim, you'll also be entitled for up to $2,000 for the reasonable costs incurred for the removal of a fallen or partially fallen tree on your property.
We will cover the reasonable cost of replacing locks and keys (including electronic access cards and transponders and remote door openers) if they have been lost, damaged, stolen or duplicated. No excess needs to be paid for your first claim under this benefit. First claim will not affect your No Claims Bonus. Most we will pay for any one event is $2,000.
Your premium includes a levy which is paid to the Natural Hazards Commission under NHCover. NHCover provides cover for damage after a natural hazard, up to limits set by them, We provide natural hazards cover for your property not covered by NHCover and for damage in excess of NHCover limits.
We'll pay up to $10,000 for reasonable costs incurred to protect a Member's property from loss, or following a loss, to minimise damage and prevent further loss. We will also pay the reasonable costs incurred to replenish your fire fighting equipment after it has been used to protect your house.
The maximum we will pay for loss or damage to all retaining walls at the property arising from a single event is $100,000, unless a different amount is specified in your policy schedule. This limit includes all costs associated with repairing or rebuilding the retaining walls.
If we determine that the damage to your house is uneconomic to repair, we will contribute up to $20,000 toward rebuilding it using sustainable products provided you were living in the house at the time of the loss and the sustainable products are approved by us.
You are covered for legal liability in New Zealand during the policy term for accidental damage to other people’s property or accidental bodily injury to others, arising from your ownership of the property or its grounds.
People’s Choice 9 years in a row
We have been voted Consumer People's Choice by our Members 9 years in a row for house, car and contents insurance.
This webpage is intended as an information guide only and does not form part of the policy document or any contract with MAS. This webpage does not consider your specific financial situation, needs or goals. You can find out more about financial advice at MAS here. Normal underwriting criteria apply for all insurance products. Special conditions and/or excesses may apply to the situations that meets your specific needs. Underwriting criteria and policy terms and conditions apply.