House and Contents Insurance
Due to the large number of banks and insurance companies in New Zealand which offer house and contents insurance, it helps to do some comparison shopping to find the cover you need at a price you can afford. Most house insurance policies will cover all of the structures on your property, including the house, a detached garage, tool or garden sheds, fences, and even swimming pools. Contents insurance cover is more or less self explanatory.
Policies will have accidental damage cover for both structures and contents. Damaged due to normal wear and tear is, however, almost always excluded. It’s possible to take out lower cost policies, called defined risk policies, which cover only specific risks, such as fire or theft. Not all companies issue defined risk policies.
Should your home be destroyed or irreparably damaged, the amount you would receive will depend upon the option you chose when taking out the policy. The most expensive option is an open ended replacement cover under which your house would be replaced no matter what the cost. Less expensive options would be those that cover the house up to a specified dollar value. As a general rule of thumb, the less expensive the premium, the greater the risk to the homeowner, but the final decision is up to the homeowner.
House and content insurance cover is definitely not one-size-fits-all. It usually requires thought before settling on the amount of cover desired. Once that is established it becomes a matter of making comparisons to find the best price for the amount and type of cover desired. We can help you in making those decisions, and will be happy to provide you with free quotes to assist in your comparison shopping. Just click on our “Get a Quote” button and you’re on your way.