Jun 15, 2019
All in one rental property insurance for landlords. Insurance cover for the rental property itself and all the other landlord insurance risks including loss of rents, tenant damage, meth. Get an instant quote and start cover online.
Our landlord insurance provides protection for all the important events including fire, earthquake, flood as well as landlord risks such as loss of rent, damage by tenants, meth, landlords contents, landlords liability.
Initio is the selected insurance partner of the NZ Property Investors Federation, so we insure New Zealand’s leading landlords.
with features including instant certificate of insurance to your inbox and the ability to make changes to your cover in real-time with NZ’s only Live Policy Management. It also means that we can pay claims fast, make claims and view their progress directly from your personalised insurance dashboard.
Cover up to Sum Insured
Excess is your choice of
$400 / $650 / $1,150 / $2,000
Covered up to 52 weeks
Cover from $20,000 to $80,000
Eviction for non payment - 6 weeks
Vacating without notice - 6 weeks
Prevention of access - 6 weeks
Items under 5 years of age
covered for replacement
Cover from $20,000 to $60,000
Fire & Explosion covered up to
the replacement value
Covered up to $25,000
Cover up to Sum Insured
Covered up to $30,000
Covered up to Sum Insured
(including EQC cover)
Swimming Pools, Spa Pools and Tennis Courts
Included up to $45,000
$2 million of cover
Includes Bodily Injury and Defence Costs
This is not an exhaustive list and the list does not imply that all loss types described are covered or not covered. Claims are like butterflies, each very unique with its own set of facts that we need to apply to the policy.
Also known as rental property, landlord insurance is an insurance policy that specifically provides protection for property owners who rent a residential house out to a tenant. The existence of a tenancy agreement means that a landlord risk exists, and normal house insurance does not cover things like loss of rents and damage caused by the tenant. Learn more about landlord insurance.
With initio yes the house is insured too. Its an all-in-one house insurance and landlord insurance policy. It is not recommended that you buy a standalone landlord policy, these exist in NZ, and it means that you need to buy a separate house insurance policy with another insurer – this can cause problems at claim time.
Loss of rent insurance is loss of income protection. It pays the property owner the income they would normally get if the tenant was still in the property. Loss of rent is a key element of landlords insurance, and most banks make sure the property owner has this in insurance in place when they are providing a mortgage. There are two types of loss of rent, 1. loss of rent resulting from the property being damaged (eg fire) and uninhabitable. 2. loss of rent from a tenant leaving without notice, or being evicted. The initio policy provides automatic cover both with different payment limits. Learn more about loss of rents.
You will want to insure your rental property for the amount it would cost to replace it with a new one. You also need to include extra things like fences, driveways, and swimming pools. And you will want to add in a provision for the inflation in the cost of materials and the cost to demolish and clean up the site. It is recommended that you use an online tool such as Cordell or obtain a valuation from a quantity surveyor such as CCC. See here for more information about a rebuild valuation.
Get a quote online quote, answers a few simple questions (including the Bank you want on your certificate) and start your cover online. A certificate of insurance will be instantly emailed to your inbox. No delays, we use technology to save your time and money. You can amend and get a new certificate anytime through your initio dashboard.
A tenant can only be held liable for damage if the landlord can prove that the deliberately caused the damage. A landlord cannot hold a tenant responsible for damage caused by accident, neglect, stupidity. Learn more about how the Holler v Osaki court case affects landlords.
As long as you have landlord insurance you are covered. If the tenant damages the property deliberately then the cover is limited to $25,000 per event. If its accidental (are arson or explosion by the tenant) then you are insured for the full insured value of the rental property.
Chose an insurance policy that specifically provides insurance cover for meth, and take the time to understand your obligations as a landlord so that meth cover remains in place. Almost every landlord insurance policy lists things that a landlord must do to in order to claim for meth cover. Initio provides $30,000 cover for decontamination and repairs for damage caused by meth, and loss of rents cover is also provided on top. Learn more about meth contamination and landlord obligations.
Simply login to your initio dashboard and select the button ‘Make Claim’. Answer some simple questions about the loss or damage and you are good to go. In all cases of loss, its important to act as you would normally if you were not actually insured – then let us know as soon as you can and we will pick up the pieces.
Everytime there is an update on your claim the status on your dashboard will update also. You will also receive an email notifications as the claim progresses. We are dedicated to making the claims process as quick and easy and possible
As a landlord, you have obligations to ensure you’re maintaining your property to a suitable standard. This includes ensuring that it’s fire safe for renters. Learn more about fire protection at your rental property by Fire and Emergency NZ
Landlords have certain rights and obligations when they enter into a tenancy agreement. Use this as a guide to navigating a landlords legal obligations. Landlord rights and obligations by Barfoot and Thompson
Insurance is important for landlords. Landlords should insure their rental property against any damage, whether it’s accidental or not. Quick guide on why landlords need insurance by Tenancy New Zealand
There is a New Zealand standard for the testing and decontamination of methamphetamine-contaminated properties, including rentals. Get the full standards document from Standards New Zealand