Insurance for multi unit rental properties

Comprehensive insurance for multi-unit properties or a block of flats — all on a single landlord insurance policy.

It’s New Zealand’s easiest all-in-one cover for the building itself and the landlord risks.

Get an instant quote and start your cover online.

Get instant quote   Policy benefits

Multi Unit Rental Insurance

Initio knows multi-unit property insurance

We’re the only insurer in New Zealand that allow you to insure your block of units online. Our multi-unit rental policy provides cover for the important events like fires, earthquakes and floods. The policy also provides protection against more malicious events, including damage by your tenants, loss of rent, meth damage, theft of landlord’s contents, and landlord liability.

Endorsed by the New Zealand Property Investors Federation

Initio is the insurance provider to members of the NZPIF.  We created our multi-unit insurance policy with professional property investors in mind.

Using technology to reduce your premiums

We use technology to make insuring blocks of units easier than any other insurer in New Zealand, which lets us pass the premium savings onto you. We’re devoted to the digital experience, so that means you receive an instant certificate of insurance and the freedom to change your multi-unit policy anytime through your personalised dashboard.

Initio Multi-unit Insurance Policy

Here are some of the great features of the Initio policy

Comprehensive House Insurance

Cover up to your chosen Insured Value
Excess is your choice of $400 / $650 / $1,150 / $2,000

Loss of Rent - following property damage

Covered up to 52 weeks
Rents cover from $20,000 to $80,000 per unit

Loss of Rent - Other

Eviction for non payment - 6 weeks
Vacating without notice - 6 weeks
Prevention of access - 6 weeks
(per unit)

Landlords Contents

Items under five years of age
covered for replacement
Cover from $20,000 to $60,000 for all units in total

Major Malicious Damage

Fire & Explosion covered
up to the chosen insured value

Deliberate Damage by Tenant

Covered up to $25,000 per unit

Retaining Walls

Included up to $25,000
(can be increased on request)

Methamphetamine Contamination

Covered up to $30,000 per unit
Excess $2,500

Natural Disaster

Cover up to your chosen Insured Value
Excess $5,000

Recreational Features

Swimming Pools, Spa Pools and Tennis Courts
Included up to $45,000
(can be increased on request)

Owners Legal Liability Cover

Limit of cover $2,000,000
Your chosen excess

Common questions about mutli-unit insurance

It’s a collection of residential units under the same roof.  These are sometimes referred to as a block of flats or a block of units.
Work out whether your property is a multi unit or not.

Its an insurance policy that provides protection for multiple rental property units in one go. Multi-unit insurance provides cover for the entire block of units based on your selected insured value, and also provides landlord insurance benefits including loss of rent, landlord contents, deliberate damage by tenants, meth damage and more.
Learn more about insuring multi unit property.

Yes, but only if they share a wall, a roof, or some other structure like a pergola or deck.  For example the following are multi-units:
a. two separate dwellings that are connected by a shared a carport
b. a two-storey house with one tenancy upstairs and another downstairs.
c.  a block of six flats (three on the ground floor, three on the first floor).

All of these can be insured as a multi-unit rental property.

If the houses are completely separate from one another then they will need to be insured individually as rental properties.  Initio specialises in landlord insurance / rental property insurance.  You can get a quote and insure rental properties online with initio.  More information about initio rental property insurance 

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 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.

Yes, but only if your individual unit (or units) are not immediately next to more than one other unit that you don’t own.  For example if you own the middle unit in a block of six units we won’t be able to provide cover as your unit neighbours two other units.  We, and most insurers, take this position because if there is a major claim to the entire property there are often major arguments and delays caused due to multiple insurers trying to indemnify their customers.

Its important to insure the block for what it would cost to replace it with a new one.  You will also need to include extra things like fences, driveways, and swimming pools, and 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 SumSure or obtain a valuation from a quantity surveyor such as CCC. See here for more information about a rebuild valuation.

Online replacement value calculators may not be that accurate for multi-units, so its important that you double check the numbers to ensure you are comfortable with the replacement value should there be a major loss.

Learn more about calculating insurance values here.

How likely are our customers to recommend initio?

By Mark,
Easy to use website, quick answer on the phone when called to clarify multi-unit tenancy details.
By Gareith,
Because we're new and need to see how you go :)
By David,
By Andrew,
Easy to get insurance without all the usual hassle
By Neil & Margaret,
No crazy price increase from last year. Real good.
By Roger,
No claims yet, but excellent service in setting up and renewing
By Garry,
By Mark,
Great website, easy to navigate. Competitive prices and additional benefits.
By Klee,
By Azim,
By Lucius,
I am very impressed with the speed and ease of use of the renewal process.
By Donia,
By Fiona,
I’m impressed. Sorting Insurance isn’t a favourite hobby of mine ... the experience has been pain free, clear and transparent details, staff who do what they say they will and follow through. Compared to other insurers or Tower and AON this has been a breath of fresh air and I won’t mind doing it again!Thank you for keeping things simple with good coverage. Keep up the good work!
By Gordon and Carol,
Prices are fair and great service
By Donna & Mark,
The realistic and flexible nature of accommodating unconsented works, and the ease of being able to do the whole application process online, plus the premiums are very reasonable.
Absolutely hassle-free
By Rob,
By Beryl,
great online system and great help when required. thanks Micah!
By Maria,
By Davina,
By Barbara,
Easy to deal with, website easy to use. Good value.
By Jim,
helpful advice from "chat" with Andre and good pricing on Landlords policies. Thanks
By David,
Easy to use, and Hassle free in any claims I've made
By Anthony,
Very good service when I have made a claim.
By Carolyn,
Very easy to set up and competitive pricing and good coverage
By Gregory & Gaylene,
Good value and good user friendly systems
By Darwin,
I've used Initio several times and it is simply the best - so easy!
By Lara,
It would be best if you have a reference part for customers to write their property address, when using account to account. Also to choose a date I want the funds to drawn out, rather than for it happen straight away.
By Trevor,
By Tracy,
easy to use
By Janet,
Very quick and easy the deal with
By Zbigniew,
Friendly and helpful staff, good communication and ease of use
By Angela,
By Calie,
Easy to use competitive prices great value for money
By Trevor,
Great cover with good number of options available. Good pricing and good support service. Thanks.
By Graham,
Simple to renew
By Ali Mohamed abdelkader,
Really easy to go through the sign up process and awesome that we can get real time quotes.
By Sonia,
By Nicki,
NZPIF discounts and a very competitive premium and good range of cover, thanks!
By Gordon and Carol,
Easy company to deal with
By Raewyn,
Easy to work with and try different options.
By Roger,
By Brenda,
Easy online process but if you need help they are very quick to contact you and get everything sorted
By Alexandria,
Easy to use website.
By Brenda,
So simple after waiting, talking to and getting nowhere with a very popular company.    
By Craig & Robyn,
By Scarlett,
Website so easy to work through your on line quote!
By Gordon and Carol,
Easy to deal with
By Marston,
Easy online quotes, great customer service both online and by email, competitive pricing, NZPIF benefit an extra bonus!
easy to use, hassle-free, competitive discounted quotes for members of NZPIA.
By Caryn,
By kathy lee,
By Jody,
so easy
By Malcolm,
Its so easy to set up on the website and easy to understand.
By Shelley,
Love the ease of this, and think the policy is great.
By Barbara,
Easy to deal with, make changes, renewal etc. I was also impressed with Sam's fronting of recent Auckland Property Investors' webinar. Only issue is current refusal to insure properties in Wellington area. I would have thought that for long-standing clients some accommodation could be made.
By Mark,
By Rachel,
By Chad,
By Gregory & Gaylene,
Best price. Very simple online procedure for a 2 unit rental property. When I did have a query the service and response was excellent. Highly recommend.
By Roger,
By Lynnette,
So easy to renew / although we haven’t had to claim yet very impressed with ease to get quotes/ apply and obtain insurance!
By Shelley,
So so easy, and great policy.
By kathy lee,
Ease of use
By Tracey Leigh,
Easy and great pricing for the cover
By Kelly,
Easy to use, no hassle claims
By Tracey,
Great service - quick and easy over the internet - tailored for investors. Great support at helpdesk with any queries.
By Phillip,
Its quick easy, and best of all cheaper than most of your competitors
By Mark,
By Michelle,
By Vettivel,
By Thomas,
Quick Easy and reasonable pricing
By Anthony,
Initio have given me excellent service and I have referred a few people.
By Lynnette,
Very easy to use. Covered my property which other insurers wouldn't cover it because it is 5 units. However wanted to do monthly payments using AP but only Visa option so did annual.
By Mark,
Competitive rates, comprehensive cover and easy to arrange online.
By Gavin,
Good service at competitive prices. Policy for rental properties includes malicious tenant damage and gives good cover for residential property investments.
By Roger,
Everything about applying was very straightforward
By Mark,
Competitive premium
By Coral,
Easy to do online, great value as well and beneficial having a dashboard too.
By Graham,
Simple online process to insure or re-insure
By Michael,
By Roger,
Fast, easy cost efficient online insurance with simple to understand cover that provides a benchmark year after year for the minimum standard of policy coverage and service delivery all property investors should be able to expect from their insurer. Excellent product, service & concept. We recommend all our clients consider initio.
By Barbara,
Good pricing, easy to use website. Main downside for landlords is not being able to insure properties in the Wellington area.
By Shelley,
Love the ease of the online applications!
By Davina,
Excellent call center service. great product at a great price.
By Karen,
Easy to use, quick response thanks
By Shelley,
Have NEVER been able to buy insurance like this before. Super easy. Only thing is that there is nowhere to tell you that the 2 houses on this property were built in different decades. 1969 and 1990.
By William,
By Phillip,
Quick signup and simple
By Tracy,
By Stephen,
By Cathy,
it was so easy to insure a multi dwelling property
By Shane,
Ease of application.
By Raewyn,
Cheaper premium, nice and simple. Thanks!!
By Mark,
price is competitive, couldn't comment on claims,

Helpful links for multi-unit properties

Multi unit buildings in an earthquake

The Earthquake Commission has defined multi-unit buildings several ways. These are often a singular building with several dwellings within it (such as an apartment block), a mixed-usage building (such as a residential flat above a commercial warehouse), or two or more dwellings that are connected by party walls or a carport.
Learn more about how the EQC treats multi unit properties.

Landlord's fire safety checklist

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

Landlord’s fire safety checklist by Fire and Emergency NZ