How does initio compare to my current insurance provider?
This is a question we’re asked all the time.
To make it easy, we’ve built custom policy comparison tools so you can do a side-by-side comparison to other popular New Zealand insurance companies.
If your insurance company isn’t included or there’s something you want us to add, let us know.
Key takeaways
- Initio offers side-by-side comparison tools to help you compare cover with other New Zealand insurance providers.
- Comparing insurance should involve more than just the premium. It’s important to compare the cover, limits and policy conditions.
- House insurance benefits such as alternative accommodation, hidden gradual damage and glass cover can vary between providers.
- Landlord insurance should be compared on features such as loss of rent, tenant damage, landlord contents and meth contamination cover.
- Policy conditions and benefit limits can differ significantly, even when two policies appear similar.
- Don’t compare insurance on price alone. Make sure you also compare the cover, policy limits and exclusions.
- Use the comparison tool to understand the differences before deciding which policy best suits your needs.
There is no single ‘best’ insurance policy. The right policy depends on the level of cover that’s important to you.
Compare house insurance
What makes good house cover?
Policy benefit limits will be different between insurers. You should look out for benefits like Alternative Accommodation and Hidden Gradual Damage and see if they are enough for you.
Conditions between policies also vary, but are less obvious. For example, different conditions will apply to unoccupied houses.
Extra benefits like no-excess glass cover can add value to your policy. These are often optional benefits, so you should check they are included when comparing price and cover.
Price versus cover
Choosing the cheapest premium is not always the best option.
A bare-minimum policy may save you money now, but you might be disappointed by the cover when you need to make claim.
You should compare how much cover you are getting, with the premium you are paying.
Understanding your house insurance policy will ensure you are getting the right cover at the best price.
Compare landlord insurance
Landlord protection
A landlord insurance policy will typically have additional cover that a standard house insurance policy does not include. These are often called a Landlords Extension or Landlords Protection.
This provides cover for loss of rent, accidental and intentional damage by tenants, meth contamination and landlord contents cover.
These are designed to minimise the risks of renting your property. For example if your property is smashed up by the tenants there is malicious damage cover. If your house is flood damaged and can no longer be rented there is further loss of rent cover.
The level of loss of rent, meth contamination and malicious damage cover is very important to consider when comparing landlord insurance policies.
The house itself
You should also consider the level of cover provided by a policy for the physical house itself.
Almost all policies will fully cover the big risks like natural disasters, floods and fires. The difference of a more comprehensive policy will be in the additional extensions on top of the basic cover.
Extension limits vary between policies. You should check that they are adequate for your requirements. Common extensions include Hidden Gradual Damage, Keys & Locks, Retaining Walls, and Pipe Blockage.
Comparing conditions of policies are also important. For example, you might need cover for pet damage at your rental.
What should I compare?
- Cover limits
- Excesses
- Automatic benefits
- Exclusions
- Policy conditions
- Premium
Frequently asked questions:
Why shouldn’t I compare insurance based on price alone?
A lower premium doesn’t always mean better value. Compare the policy benefits, cover limits, exclusions and conditions to understand what you’re getting for your money.
Does initio compare policies from other insurance providers?
Yes. Our comparison tools allow you to compare key policy features with a range of popular New Zealand insurance providers.
Which policy features are most important to compare?
For house insurance, compare benefits like alternative accommodation, hidden gradual damage, glass cover and policy conditions. For landlord insurance, compare loss of rent, tenant damage, landlord contents and other landlord-specific benefits.
The comparison focuses on policy cover and benefits. Premiums will vary depending on your property, location and personal circumstances.
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