What is house & contents insurance?
House insurance can protect you from financial risk if your house is damaged or destroyed, and can also cover your house’s contents if they are damaged, lost or stolen.
Who should consider it?
If your house and its contents were damaged or destroyed in a natural disaster or accident, or all your valuables were stolen, could you afford to replace them? This is where house and contents insurance can help. With two levels of cover available – Maxi and Flexi – you can control the level of cover you need.
Median house prices across New Zealand increased by 13.7% in March to a new record median price of $665,000, up from $585,000 in March 2019.
Real Estate Institute of New Zealand, 15 April 2020
Every home is different so you also have the ability to tailor your insurance to a Sum Insured value specified by you. As well as protecting your house, our Residential Home Policy also provides cover for items on the grounds, around your house including driveways and swimming pools. And if you work from home, your home office is covered too. House & contents insurance can even protect you against legal liability if someone is injured or killed on your property.
All the little things you own add a lot to your life and what makes a house a home is different for all of us. That’s why our Residential Contents Policy allows flexibility in the items you insure. Furniture, technology, jewellery, sports gear – even the valuables you carry on your person away from home can be covered by one contents policy. You can choose from two levels of cover to suit you, but either way you’ll receive some great benefits like personal liability cover and alternative accommodation. There are added benefits under the Maxi cover option, including; transit cover for your contents if you move house; and replacement value for most contents – which means for a total loss, we’ll replace your contents with a brand new item.
$609,379,099 was paid out in claims for domestic buildings and contents in 2019.
(Insurance Council of NZ, Annual Review, 2019)
1 in 4
Did you know one in four fires start in the kitchen?
(Fire and Emergency New Zealand)
The number of burglaries on residential property across NZ in the year to Jan 2020.
(New Zealand Police,‘Crime in NZ at a Glance’, 2020)
What can it cover?
The exact cover you can receive for your house and contents depends on the policy that you take out. But to give you an idea, here are some of the benefits a home and contents insurance policy may include:
|Covering your home for physical loss or damage during the period of insurance.||Cover under alternative accommodation
when you are denied access to your
home following an emergency in your
|Damage caused by natural disaster including earthquake landslip, volcanic eruption,
hydrothermal activity, tsunami and bush fire.
|Cover for the cost of replacing keys or
locks that give access to the house
following theft, loss or unauthorised
duplication of your keys.
|If your home is uninhabitable following a loss, the policy will pay reasonable cost for
|Cover for your garden to repair lawns,
trees, shrubs, hedges and plants following
a claim to your home.
|Cover for gradual deterioration caused by water leaking from an internal source.||If a tree causes damage to your home,
there is cover to remove the fallen tree.
|Liability cover for injury or loss of life to a third party, or loss of a third party’s property
on a building you occupy or own.
|Access to approved repairers but you are
also welcome to choose your own.
What usually isn't covered?
Each policy is different, but generally you won’t be covered:
- If your home is unoccupied for more than 60 continuous days.
- For rust, corrosion, gradual deterioration, depreciation or wear and tear.
- For damage caused by rats, mice or insects.
There are other exclusions which we can outline for you. In addition, there is a deductible (or excess), and limits of liability (or sum insured).
During the 2017 Edgecombe floods, Michael’s family home and all its contents were severely damaged by floodwaters. Fortunately, Michael had taken out home and contents insurance.
His insurance policy covered flood damage, so it covered the costs of repairing the damage that floodwaters had done to the walls and floors of his home. It also covered the cost of replacing his furniture and white goods. And, because he and his two children had to move out while his home was being repaired, his policy
took care of the costs of living in rental accommodation during this time.