Search results for: {search_term_string}/house-flip-insurance/house-insurance

Instant, reliable quotes you can count on

They say AI might take over the world someday, but for now, we’ve put it to work making your life easier – one insurance quote at a time. At initio, we’ve spent countless hours perfecting our technology so you can get a home insurance quote faster than you can say, “robot overlords.”

Simply type in your address, and our advanced system gets to work, drawing on resources like flood mapping tools, council records, and the latest data to deliver a reliable, competitive quote instantly. We can quote most New Zealand properties on the spot, there’s just the occasional scenario where the property might get referred. For more information, you might like to check out our support articles: insuring old houses and five tips to insuring in a flood zone.

Other insurance providers might claim they can give you a fast quote, but none are as quick or accurate as initio. After extensive research, we’re confident no other provider matches the speed and precision of our platform, but that’s just our opinion, feel free to try it for yourself. 

No tricks or gimmicks

With initio, what you see is what you get. When you use our platform, the price displayed is the price you’ll pay – no surprises. Whether you’re insuring a house, rental property, or holiday home, our quotes are consistent and accurate.

While some providers might adjust their pricing based on how you contact them or bundle other policies, initio does things differently. We focus on transparency and simplicity so you can trust that the quote you’re receiving is fair and final.

How does our technology work?

Our system leverages multiple reliable data sources to assess your property’s risks and deliver a personalised quote within seconds. From flood zones to natural hazards, our advanced platform ensures you’re getting a quote that reflects the latest information.

Even if your property requires a referral for further review, we’ll ensure it’s assessed promptly. This guarantees your policy is built on a thorough, expert evaluation—giving you the confidence to move forward with certainty.

Why initio doesn’t offer multi-policy discounts

We’re often asked if bundling insurance can save you money. The answer is simple: initio doesn’t do multi-policy discounts because we offer you the best price for every policy right from the start. We provide a fair and straightforward process where every quote is designed to be competitive and accurate.

A fast, modern insurance experience

Initio isn’t just about speed; it’s about trust. Our platform ensures you can quote, compare and get cover in minutes – backed by a system designed to simplify your experience. No upselling, no misleading information – just an honest, reliable service powered by the best technology in the industry.

If you have questions, our team is here to help. But when it comes to finding a better deal, you won’t need to look anywhere else. With initio, you’re already getting the fastest, most accurate quote possible.

Hear from the team behind the tech

Take a look under the hood to see the tech that drives our insurance and how it’s evolved into what it is today.

Other articles of interest

• Awards we’ve won
• How do I buy my first policy?
• Essential guide to house insurance
• Understanding landlord insurance
• Explore our video library
• How to switch from your current insurance provider to initio

Try it for yourself

Get a quote

Help with adding more than one property to your cover

If you own more than one rental property, you might be wondering how landlord insurance for multiple rentals works. With initio, it’s simple – you can manage all your insured rentals under one dashboard, add new properties when you’re ready, and keep your cover consistent across your portfolio.

If I want to add more than one property, do I need separate quotes and invoices?

You can buy your first policy online, then add more properties from your initio dashboard by selecting the “House insurance +” button. Here’s a step-by-step guide to navigating the initio dashboard.

Each property usually needs its own quote, so the right details and cover apply to that address. If you own a block of connected flats or units (up to 8 units) on standard residential leases, you could look at our Multi-Unit Rental policy, which covers the whole block under one policy.

Can I pay with a different account for each of my rental policies?

If you’re paying monthly, initio can only hold one card per account to cover all monthly policy payments. To use a different card for a specific monthly policy, you’d need to set up a separate initio account under a different email.

If you’re paying annually, you can choose a different card for each policy at the time you buy it.

Learn more here:  Common Queries and  How monthly insurance works.

“When managing landlord insurance with multiple rentals, it’s a good idea to review each property’s cover once a year. Different homes can have different risks – like flood zones, tenant types, or rebuild values – so checking that your sum insured and excess still make sense helps ensure you’re not under- or over-insured. Keeping your details up to date also means any claims can be processed faster and without surprises.”

If you get stuck while adding another property or managing multiple rental insurance, help is only a click away. You can chat with Chad, our friendly digital assistant, directly on the initio website for quick answers and step-by-step guidance. Just click on the ‘help’ button at the bottom of the screen to get started. If you’d prefer to talk to a real person, our support team is always happy to help – just head to our contact us page to get in touch.

Related articles

• Help when your quote isn’t straightforward
• What can be insured under our Multi Unit Rental Policy?
• How property use affects your cover
• Are you thinking about becoming a Landlord and renting your home?

Flood risk is becoming an increasingly significant issue for property owners in New Zealand due to the growing frequency and severity of weather events. This risk often translates into financial hardship due to the damage caused and the potential for increased insurance premiums. Certain areas, like Edgecumbe and Westport, for example, face heightened challenges, with insurance becoming harder to secure.

To help you navigate these challenges, this guide combines insights on flood risk assessment and the implications of living in flood zones, using advanced tools like Risk Management Solutions (RMS) and council-provided data.

Measuring flood risk

Flood risk is determined by two key factors:

• Frequency: How often floods are likely to occur.
• Severity: The potential impact and damage caused by those floods.

Initio is committed to providing transparent and accurate information to help you protect your property. 

At initio, we use Risk Management Solutions (RMS) data to assess properties’ flood risk. RMS is a global leader in risk modelling and analytics. They use advanced technologies, scientific data, and sophisticated modelling techniques to assess natural disaster risks, including flooding.  RMS determines flood layers by analysing:

• Historical flood data
• Topographical information (land elevation and shapes)
• River systems and water flow patterns
• Rainfall data and climate patterns
• Soil types and ground absorption rates
• Man-made structures like dams and levees

When you get a quote, and the property you’re quoting is in a flood risk zone according to the RMS modeling, we will show you a message detailing what risk has been found. These are as follows:

• “Flood Risk – RMS Flood 50 Year Return”: There’s a 1 in 50 chance of a significant flood in any year, or a 2% chance of a flood occurring in any year.
• “Flood Risk – RMS Flood 30 Year Return”: This indicates a 1 in 30 chance of significant flooding each year, or a 3.3% chance of a flood occurring in any year.

These year values represent the probability for the scale of flooding that needs to occur for the water to reach this property. So when you hear about “one in a hundred year flood”, or “one in 50 year floods”, that is what those flood risks mean; if a “one in 30 year flood” occurs, water is likely to reach properties that fall in the RMS 30 Year flood model.

The risk information don’t mean that a flood will only happen once in 100, 50, or 30 years.  As we saw with the Auckland flood events from 2023, multiple flood events can occur in quick succession.Ultimately these are modeled risks, and real world outcomes may vary, but they are a way to better predict flood risks and keep insurance accessible for New Zealand.

However, it’s crucial to understand that frequency doesn’t always correlate directly with severity. Flood severity refers to how damaging a flood might be, regardless of frequency. For instance, a less frequent flood might cause significant damage if it is severe, while a more frequent flood might have a lower impact.

When you get a quote online, if there is a flood risk associated with the address you have provided we will display the risk found on the RMS dataset based on the location of the property.

This information helps determine whether we can offer immediate insurance cover or if further review is needed. However, it’s important to note that these are probabilistic models and real-world outcomes may differ.

Understanding flood severity

While frequency tells us how often flooding might occur, severity helps us understand the potential impact on your specific property. We assess severity by looking at several key factors that combine to create a complete picture of risk:

• Predicted flood water depths (ranging from shallow surface flooding to depths of over 3 meters)

• The percentage of land potentially affected

• Your building’s position on the property

• Natural drainage patterns

• Existing flood protection measures

• The building’s design and construction

The interaction between these factors can significantly influence the actual risk to your property. Here are some examples:

• A property might be in a 30-year flood zone with a predicted 2.5-meter water depth, but if this only affects a small corner of the section where no buildings stand, the practical risk might be manageable.

• Conversely, a property in a 50-year zone with a lower 0.5-meter predicted depth could present higher risks if the water would cover most of the land and directly impact the building.

• A property with moderate flood frequency but high predicted water depths (3+ meters) covering significant building areas would typically represent a more serious risk which may be outside of our capacity to insure.

Our website continually evolves as data and modeling capabilities improve. The rules we use to evaluate properties are regularly updated to reflect the latest RMS data and our growing understanding of flood risks in New Zealand. This means that assessments can change over time as we refine our approach and incorporate new information about flood risks and their potential impacts.

At Initio, we use this comprehensive understanding of both frequency and severity to make balanced insurance decisions. Our approach is designed to be practical – we can typically provide coverage even when some flood risk is present, however not all properties are able to be insured by Initio, depending on the risks involved.

Understanding Flood Zones and Mapping Tools

In addition to RMS data, tools like the Searise website,  local council hazard maps, the property’s history and your own LIM report provide valuable insights into flood risks. These tools help both insurers and property owners understand sea-level rise, vertical land movement, and local flood hazards. With these resources, you can view your property’s flood risk, explore hazards like river overflow and storm surges, and prepare accordingly.

Searise example

Auckland Council flood mapping example

Local councils also play a crucial role in managing flood risk by improving infrastructure, such as drainage systems, which are increasingly under pressure. Ensuring that these systems are up to standard is essential in reducing flood risks for homeowners.

Why might my council’s flood risk assessment differ from RMS data?

It’s possible that your local council’s flood risk assessment may differ from the RMS data we use. This can happen for several reasons:

• Updated information: RMS may have access to more recent data or use more advanced modeling techniques.
• Different focus: Council assessments might focus on specific local concerns, while RMS provides a standardized national assessment.
• Varying methodologies: The methods used to assess flood risk can differ between organizations.
• Broader considerations: RMS data may take into account factors beyond what local councils typically consider.

If you have concerns about discrepancies between council and RMS assessments, we encourage you to contact us for further clarification.

How Does Flood Risk Impact Insurance?

Suppose your property falls within a high-risk flood zone. In that case, initio uses all information available to help decide whether immediate insurance cover can be offered or if custom terms would be required. 

While insurance can help protect against flood-related damage, it’s important to manage the risks proactively. This might involve flood-proofing your property, improving drainage, or making structural changes to better withstand flood events.

Flood risk can vary across properties depending on:

• Specific property location within a flood zone.
• Local topography and elevation.
• Drainage systems and recent land developments.

What If I’ve Reduced My Flood Risk?

If you’ve taken steps to reduce your property’s flood risk, such as installing barriers or improving drainage, let us know. These improvements would be considered when assessing your property’s flood risk for insurance purposes.

Summary

With the growing threat of severe weather events, understanding flood risk and using available resources is essential for property owners in New Zealand. By leveraging data from tools like RMS and local flood maps, you can make informed decisions, better protect your property, and ensure you are adequately insured.

For more information or help understanding your property’s flood risk, reach out to our support team at initio. We’re here to provide the transparency and guidance you need to manage these risks effectively.

Remember, understanding your flood risk is the first step in protecting your property. Stay informed and prepared!

Related articles & useful links

• Five tips to insuring in a flood zone
• Risk Management Solutions RMS
• Searise
• Auckland Council’s flood zone maps
• What is an alluvial fan – and why does it matter for property owners?

IMPORTANT – RMS Moody’s disclaimer

This report, and the analyses, catastrophe modelling results and predictions contained herein (“Information”), are based on data provided by Initio Limited, and compiled using proprietary computer risk assessment technology of Moody’s Analytics, Inc. and its affiliates (“Moody’s”). This Information is a single copy, copyright protected work of Moody’s that contains confidential and proprietary information of Moody’s. As with any model of physical systems, particularly those with low frequencies of occurrence and potentially high severity outcomes, the actual losses from catastrophic events may differ from the results of simulation analyses. Furthermore, the accuracy of predictions depends largely on the accuracy and quality of the data used by Initio Limited. The Information is owned by Client or provided under license to Initio Limited and is either Client’s or Moody’s’ proprietary and confidential information and may not be shared with any third party without the prior written consent of both Initio Limited and Moody’s. Furthermore, this Information may only be used by the recipient in connection with, as applicable, (i) Initio Limited’s imminent placement of insurance or reinsurance; or (ii) the recipient’s 3 regulatory activities in relation to Initio Limited; and always for internal purposes only and for no other purpose, and may not be used under any circumstances in the development or calibration of any product or service offering that competes with Moody’s. You are not authorized to use, copy, modify, disclose, and/or distribute this Information in whole or in part in any form, except as expressly and specifically permitted under a written agreement signed by Moody’s. Any unauthorized use, copying, modification, disclosure, or distribution of this Information will constitute an infringement of Moody’s intellectual property and your agreement to pay list price for the use of the product or application associated with this Information, in addition to any applicable penalties or damages or other remedies available under applicable law. The recipient of this Information is further advised that Moody’s is not engaged in the insurance, reinsurance, or related industries, and that the Information provided is not intended to constitute professional advice. Moody’s including its parent, subsidiary and other affiliated companies are all beneficiaries of this disclaimer. MOODY’S (AND ITS PARENT, SUBSIDIARY AND OTHER AFFILIATED COMPANIES) SPECIFICALLY DISCLAIMS ANY AND ALL RESPONSIBILITIES, OBLIGATIONS AND LIABILITY WITH RESPECT TO ANY DECISIONS OR ADVICE MADE OR GIVEN AS A RESULT OF THE INFORMATION OR USE THEREOF, INCLUDING ALL WARRANTIES, WHETHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO, WARRANTIES OF NON-INFRINGEMENT, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. IN NO EVENT SHALL MOODY’S (OR ITS PARENT, SUBSIDIARY, OR OTHER AFFILIATED COMPANIES) BE LIABLE FOR DIRECT, INDIRECT, SPECIAL, INCIDENTAL, EXEMPLARY, OR CONSEQUENTIAL DAMAGES WITH RESPECT TO ANY DECISIONS OR ADVICE MADE OR GIVEN AS A RESULT OF THE CONTENTS OF THIS INFORMATION OR USE THEREOF.

What can be insured under our Multi Unit Rental Policy?

At initio we have a multi-unit rental policy which was designed to insure a block of flats owned by a single landlord.  For the purposes of this policy, a Multi-Unit Rental Property is defined as;

• two or more units, townhouses or flats that are combined under one building, so connected under the same roof or are physically connected in some other way (e.g. car-port or deck) and
• with each unit being self contained and
• having the same owner and
• on a standard long-term residential lease

Some examples of multi-units that we can insure under this policy are;

• a two story house where each level has a separate tenancy
• a block of flats owned by one person/entity – up to 8 units
• cross lease units, connected by a carport
• duplex townhouses
• rental house with physically attached self contained studio / granny flat – also rented out

There are some limitations as to what the multi unit properties we can insure.

• We cannot insure more than 8 units.
• We cannot insure properties that are more than 3 stories.
• The tenancies must not be short term or holiday lets.
• The property must be residential use only.
• We cannot insure individual or multiple units that form part of a body corporate.
• We cannot insure more than one rental unit at different addresses under this policy.

Related Articles:

• What are my obligations as a landlord?
• Landlord insurance fundamentals
• Guide to landlord insurance
• What is landlord insurance?
• Landlord insurance for multiple rentals

In a boarding house, each tenant rents a room rather than the whole house. They then share facilities such as the kitchen with the other tenants, and in many cases each tenant has their own bathroom.

We can insure boarding house’s with five or less rooms (tenants). If your boarding house has five or less rooms you can get a insurance quote here.

If there are more than six rooms we consider this to be a commercial building risk and we are unable to provide cover.

In most cases insurers won’t provide cover for houses that were sold under a mortgagee sale.  This is because of the increased and known risk associated with this type of property sale.  However, we know that all mortgagee sales are different so can consider cover on a case by case basis if some requirements are met. We can only consider cover from the settlement date of the property, not from the fall of the hammer/purchase date.

Mortgagee Sales are typically purchased on an “as is where is” condition, and often purchased without being inspected. The property is either left unoccupied which can add to the overall risk of the property, or the defaulting owner is still living in the property, which adds another level of complexity.  

A major issue with the insurance of mortgagee sales houses is that the buyer can be required to insure the property before they are the legal owner.  A condition is often applied to the sales agreement requiring insurance of the property from the “fall of the hammer”, i.e the date you agree to purchase the dwelling and not from the settlement date.  It can be very difficult to get insurance cover from “fall of hammer”.  Fall of the hammer cover, if you can get it, is normally for a short period only (up to 3 months), is provided by a offshore insurer, and will cost at least $3,000.  The cover will also be limited to loss from weather damage, natural disaster, water damage and will not include cover for malicious damage.

Minimum requirements for insurers to consider cover

Insurance providers like Initio will generally only consider mortgagee sale cover for existing clients, and will provide cover from the settlement date not fall of the hammer.  You will need to provide  information on the following:

• Purchase date
• Settlement date
• Are you required to insure the home prior to the settlement date?
• Overall condition of the home
• Whether the current or previous owner lives in the house, if it is a rental, or empty
• Your intentions after settlement (e.g. moving in immediately, or putting tenants in after renovations etc.)
• Have the locks been changed? If not, when will they be changed?

Send your details to [email protected] and our team will get back to you.

Your rebuild sum insured is one of the most important parts of your house insurance policy. It determines the maximum amount payable if your home needs to be rebuilt after major damage.

This guide explains what sum insured means, how to calculate it correctly, and why market value is not the right number to use.

Quick summary

• Your sum insured should reflect rebuild cost, not market value.

• Include demolition, fences, pools and other structures.

• Add a buffer for rising building costs.

• Minimum and maximum limits are based on your floor area.

• All sums insured include GST.

• You are responsible for selecting the correct amount.

What is sum insured?

Sum insured is the amount it would cost to fully rebuild your home to its current size and standard, using today’s building costs. It is not:

• The market value of your home

• What you paid for the property

• The land value

It should reflect rebuild cost only.

Rebuild cost vs market value

Market value includes land and location demand. Rebuild cost only covers construction.

Example: Under-insured vs over-insured

Imagine two neighbours with identical homes that would cost $500,000 to rebuild.

• Neighbour A insures for $400,000 using a rough estimate of $2,000 per square metre.

• Neighbour B insures for $750,000, thinking market value is the right number.

After an earthquake:

• Neighbour A receives $400,000 and is $100,000 short.

• Neighbour B receives $500,000 (the rebuild cost), but has paid higher premiums than necessary.

Getting it right avoids both financial shortfall and overpaying.

What should be included in your rebuild sum insured?

When calculating your sum insured, include:

• The house itself

• Fences

• Swimming pools

• Retaining walls

• Other permanent structures

You should also factor in:

• Demolition and debris removal

• Professional fees

• Inflation and rising building costs

Adding a reasonable buffer can help protect against cost increases over time.

Why is there a minimum and maximum sum insured?

When selecting your sum insured, you will see a minimum and maximum value range.

These are calculated based on:

• The floor area of your home

• Any declared outbuildings

Minimum sum insured

This reflects the lowest realistic rebuild cost per square metre for a basic home. It helps prevent serious underinsurance.

Maximum sum insured

This reflects the upper realistic rebuild cost based on floor area.

Selecting a figure above this will not increase your payout. It may only increase your premium.

If your situation genuinely requires a higher amount, contact our support team to discuss your circumstances.

💡 Building costs vary depending on materials, design and location, but most homes fall within the provided range.

Does my sum insured include GST?

Yes. Any nominated sum insured on an initio policy includes GST.

Before confirming your GST preference, ensure your selected amount includes the GST component.

How can I estimate my rebuild cost?

If you are unsure where to start, you can use the Cordell Sum Sure Calculator.

It uses council data, floor area, and building details to estimate rebuild costs. You can compare this estimate with your own assessment.

You may also wish to consult:

• A registered builder

• An architect

• A quantity surveyor

Cordell Rebuild Calculator

Who is responsible for setting the sum insured?

While we can provide guidance on how our products work, we are not qualified to value homes.

You are responsible for determining the correct rebuild sum insured for your property.

If your calculated amount falls outside the available range, please contact our support team.

Frequently asked questions

Should I insure for market value?

No. Your sum insured should reflect rebuild cost, not market value.

What happens if I under-insure?

Your maximum payout will be your selected sum insured, even if rebuild costs are higher.

What happens if I over-insure?

Your payout is capped at the actual rebuild cost. You may pay higher premiums without receiving additional benefit.

Do I need to include demolition costs?

Yes. Rebuilding after major damage includes demolition and debris removal.

Related Articles

• Insurance when you are buying your first house
• Initio’s house insurance
• Five fundamentals of house insurance
• Recreational features and retaining walls

Gradual water damage claims are not always straightforward.

Home insurance protects you from sudden damage like a burst water pipe. But gradual damage over time generally isn’t covered. There’s an exception to this. Most house insurance policies in New Zealand have a extension for Hidden Gradual Water Damage.

However, there’s certain conditions that need to be met to make a claim for this cover.

When can I make a Gradual Water Damage Claim?

Damage needs to be hidden, and caused by an internal water pipe or tank.

Essentially the water damage or leak needs to be hidden from the naked eye. If the leak isn’t hidden there won’t be cover as the damage could have been prevented.

Cover is specific. The source of the water damage needs to come from a tank, hot water cylinder or water/waste pipe.

Examples of Hidden Gradual Damage Claims:

• Sink waste pipe behind kitchen bench top was leaking which damaged and moulded below cabinets.
• Shower’s pressure pipe behind wall was leaking and slowly rotted wall lining and floorboards.
• Broken valve on hot water cylinder leaks water down the inside wall and swells the wooden flooring.

How much cover do I get?

Most house insurance policies have cover for this but with a limit. The limit can range from $1,000 to $5,000 and your excess is taken from the limit.

Our home insurance includes $3,000 of cover.

What will not be a Gradual Water Damage Claim?

The conditions are narrow. Any damage from a leak you can see, or one that doesn’t come from a pipe or tank is unlikely to be covered.

Examples that won’t meet the conditions for a Hidden Gradual Damage Claim:

• Leaking window frame causes rain to leak onto the window sill and rot.
• Water leaking onto the floor from a faulty washing machine (unless the leak was from a hidden pipe).
• Damage to the carpet caused by moisture from a potted plant.

What if I’m not sure what type of damage it is?

It’s hard to know exactly how the damage has occurred or where it’s coming from. If you’re not sure we recommend getting a repair quote from a tradesperson ask them to include their opinion on how the damage happened.

Is the leaking pipe itself covered?

Your insurance cover will protect you for the damage that results from the leak.

The cost to fix the leaking pipe itself; or the actual cause of damage won’t be covered. Insurance will pay to repair the resultant damage, but fixing the faulty pipe or equipment will be your responsibility as a homeowner. In most cases this cost is a small part of the total repair costs.

Learn more about the cause of damage here.

Hidden Gradual Damage Claim Example

A tenant discovers the kitchen floor is spongy under the lino where the water pipe for the cold tap had been slowly dripping. Over time the kitchen cabinet swelled causing the particleboard to deteriorate. The landlord gets a builder to quote the cabinet repairs and a plumber to fix the leaking pipe.

Your standard policy excess will then be taken out of your payout.

Related Topics:

• Is the cause of damage covered?
• How to claim for water damage
• What is covered and was it not with initio insurance?

The Certificate of Insurance is a document that proves your cover is in place once you’ve purchased a policy. It’s also known as a Certificate of Currency. Banks and finance companies often ask for one when you apply for a mortgage or loan or when you are wanting to draw on the loan.

If you are yet to purchase the home or only looking to make an offer, you would alternatively obtain a “Letter of Intent” rather than a Certificate of Insurance.

Get your Certificate

Certificates are available at anytime once you have purchased cover through initio.  You can download your certificate directly from your dashboard login. Click the Bank Certificate option on the relevant policy details. A certificate will open which you can save.

If you haven’t yet purchased your policy, please find more information here on how to get started.

Need to change the bank noted on your Certificate?

If you need to change the Interested Party (bank/loan provider) or the Insured Name on the policy, select the “Change” option on the right side-menu of the relevant policy. You can then update the policy and we’ll automatically send you an updated Certificate to your email.

Need to change the dates?

We are unable to alter the inception (effective) date of a policy once it’s been purchased.  You can, however, cancel that policy from your dashboard back to the original inception date and re-purchase the policy (from your dashboard) with the correct date. A new certificate will be forwarded within minutes.  Our system will also automatically provide you with a full refund for the original policy.

Please find more information regarding changes to a purchased policy on our site here.

Login now

Useful Links

When do I need house insurance?
Navigating your dashboard
Confirmation of cover