"Moving into the country from urban New Zealand exposes people to new risks, some of which may not be readily apparent and therefore are not covered by their insurer", says Farmers’ Mutual Group manager general insurance, Alister Martin.
The new Lifestyle general insurance policy is modular, enabling it to be specifically tailored to the needs of those living on smaller rural holdings. The core policy covers the dwellings on the property, contents, and private, farm and commercial vehicles. In addition to the core policy, cover can be provided for any farm buildings and livestock.
Prior to developing the Lifestyle, Farmers’ Mutual surveyed the needs of people living in the country on smaller holdings.
This established that there was a need for a product that covered all risks in a single comprehensive policy, that people only wanted to deal with one insurer and that they wanted the premium to be competitive.
The Ministry of Agriculture briefing paper to the incoming Minister of Agriculture, Jim Sutton, stated that there are some 100,000 lifestyle blocks throughout New Zealand.
This growth in the number of smaller rural holdings, might have been seen as an incursion into productive farmland five years ago, but is viewed more positively today.
People on smaller holdings, who are often professionals with a city income, are providing work for rural contractors and businesses. They make a valuable contribution to rural towns and, more often than not, their children are ensuring the survival of rural schools.
Farmers’ Mutual believes the new Lifestyle Cover general insurance policy to be the most comprehensive and best-priced product on the market.
"As a long-established specialist rural provider, Farmers’ Mutual best understands rural communities. This enables us to develop products, such as the Lifestyle Cover, that meet our customers’ needs and, because we understand the risks involved, to deliver such products at an extremely competitive price," Martin says.
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