Buying, selling, moving and renovating are all major life events, and it’s important you are covered by insurance every step of the way. Here’s how you can best manage insurance requirements so you aren’t caught short.
When purchasing a house
It’s best to contact insurance companies to arrange house insurance ahead of time as they may need extra information such as building reports, and if it’s an older home, details of re-piling, re-wiring and new plumbing.
If you can’t secure insurance before putting in an offer, then consider inserting a ‘subject to insurance’ clause into the sale and purchase agreement so you have time to confirm before it goes unconditional.
Take the time to understand the different types of insurance available to you – in New Zealand you can get total replacement, sum specified, and present day value policies. See the Insurance Council of New Zealand website for more information – www.icnz.org.nz.