Have a rental property? Awesome! But with great power comes great responsibility.
Landlord insurance is here to give you peace of mind by covering the risks that come with being a landlord. It’s not just house insurance with a fancy name – it’s got some extras tailored just for you. At initio, we’re here to help you understand what landlord insurance in New Zealand is all about.
Quick reference: Knowing the difference between Landlord & House insurance | Understanding Landlord vs Home & paying guest insurance | What insurance add-ons can you get? | How easy is the claims process? | Do they have happy customers?
Other considerations: Compare your options | Partnerships with trusted organisations
In a nutshell, landlord* insurance is like house insurance, but with a couple of key differences:
If you’re moving out and renting your home or buying an investment rental property, it’s essential to switch to or buy landlord insurance.
*for homes that are rented to a tenant on a standard long-term residential lease (tenancy agreements over 90 days)
Landlord insurance is typically for properties used solely as long term residential rentals. But if you’re living in your home while renting part of it out, you’ll need more tailored coverage. At initio, we offer flexible policies for these situations. Here’s a quick guide:
Your Own Home, Also Rented: For scenarios where you either have a boarder or flatmate living with you (as in they rent a bedroom and you share living areas), or you sometimes rent your whole home for short term lets (under 90 days) whilst you are away. You’ll likely need insurance that covers both personal and rental use. Learn more about cover for these scenarios on our ‘home and paying guests’ product page.
Two Dwellings on the Same Title: If you have two units (like a house and granny flat) on the same property and title, where one is self-contained, check our product page to see if you need separate cover or just one policy.
Not all landlord policies are built the same – and not all insurance providers actually provide landlord specific cover. So it’s important to shop around and compare cover options. In light of this, we’ve created this insurance comparison tool to help make it easy.
Initio’s specialised landlord insurance offers a wide range of protection, including cover for loss of rent, tenant damage or theft, and meth contamination clean-up. It also includes landlord contents cover, full replacement for the house (up to your nominated sum insured), legal liability protection, and coverage for blocked pipes and gradual water damage. Plus, there’s excess-free cover for replacing keys when they are lost, damaged or stolen, and rent protection if tenants are evicted or leave unexpectedly.
It’s worth noting that the initio landlord policy includes all of the above without the need for extra costly add-ons.
For many landlords, managing a rental property can significantly impact their finances, especially when unexpected repairs or issues arise. That’s why it’s crucial to choose an insurance provider with a quick and straightforward claims process. Some providers make it easy with online claims, while others might require more documentation and time. Before committing, ensure you understand how long any prospective insurer typically takes to pay claims, how easy it is to lodge one, and what the process involves. A smooth, hassle-free experience ensures your insurance is there when you need it most.
If you’re after a hassle-free claims process, initio stands out. In fact, we were recognised with the 2024 Canstar Innovation Excellence Award for setting new standards in claims convenience and efficiency. This award highlights our commitment to making the process as seamless as possible, so you can rest assured that your insurance will be there when you need it most.
Articles of interest:
Checking online reviews can offer valuable insights into an insurance provider’s reputation and customer satisfaction. Positive reviews often indicate that the provider delivers on their promises, offers good customer service, and handles claims efficiently. Look for patterns in the feedback – are customers consistently praising the ease of filing claims, or are there recurring complaints about hidden fees and poor communication? By reading through these reviews, you can gauge how well the provider meets the expectations of its clients, helping you make a more informed decision.
Here are some examples of places where people can check reviews of a business:
Google | Facebook | Consumer NZ | Canstar | MoneyHub | NZ Compare
Picking the right landlord insurance can feel like a game of eeny, meeny, miney, moe. That’s why initio offers an easy-to-use comparison tool. It allows you to compare different policies, their coverage, and pricing to ensure you find the best protection for your rental property. Think of it as online dating for insurance – helping you swipe right on the perfect policy. With initio, you can effortlessly find your ideal match, ensuring your investment is covered exactly how you need it to be.
And if you’re still not sure, please give us a call or send us an email, our friendly team are always here to help.
Look for insurance providers that partner with reputable organisations. These partnerships often bring exclusive benefits, tailored policies, and additional resources to help landlords make informed decisions. A trusted partner-backed provider adds an extra layer of confidence that they understand your needs as a landlord.
For more detailed information about initio’s landlord insurance product, refer to our Initio Landlord Insurance Guide.