1. Research the property’s insurance history
When you find a property that you’re interested in, find out everything you can about things that may impact your ability to get cover. A property’s age, condition, size and construction materials may affect the overall cost of your insurance premiums so it pays to know what you might be getting into before you purchase. It’s also useful to find out if it’s currently insured, how much the premiums are, if there are any special terms or if there have been any incidents that could affect its chances of being reinsured in the future.
2. Sort your cover early
As we mentioned earlier, banks usually make house insurance a condition of any lending, so it’s important to get some insurance sorted as soon as you can. This includes making sure that your cover comes into effect from the date the property becomes yours, even if you’re not moving in yet, to avoid a hefty bill if anything happens. Get in touch with an adviser if you’re not sure what the best cover is for your new home so that you can get it right from the beginning.
3. Get your sum-insured right
Most house insurance is based on a ‘sum insured’ amount – it’s important that you get this number right because this is how much you will be paid out if your home is damaged. Your sum insured amount should take into account the cost of fully rebuilding your home, including any costs for demolition. Don’t get caught out paying too much for insurance you don’t need or not paying enough and fronting the cost should anything happen.
4. Always keep your cover up to date
Your home insurance should always reflect any improvements or renovations you’ve done so that if the worst happens, you’re covered. Depending on what you’ve added to your home, you may need to take a look at your policy to check it’s covered – this is because recreational features such as swimming pools might not be included and you may need additional cover for this. Insurance providers can also reassess the cover they offer over time due to things like increasing erosion risk. This means your future premiums could go up or exclusions could be added.
If you want to have a chat about your home insurance situation, get in touch with us and we’ll get you sorted!
Why should you consider it?
No one wants to think about using life insurance but it’s important to make sure you have it in place to protect your loved ones. A lump sum will be paid to your family to ease the burden of paying expenses and ensure they are taken care of when you’re no longer there to support them.
Which parent should get it?
Often new parents will be on one income if one parent chooses to stay home and care for their newest family member. It may make sense to only insure the working parent, but you’ll also need to think about the impact of losing a caregiver. Even though stay at home parents don’t earn an income, they keep the household running. If they were no longer around, would you have family support or would you need to pay for childcare? Thinking through different scenarios will help you determine how much insurance you might need.
What type of life insurance should we get?
The two most common types of life insurance are term life and whole-of-life insurance. With term life insurance, you’re paid out the agreed amount if you’re diagnosed with a terminal illness or pass away within the period of time set out in your policy, i.e. 20 years. Whole-of-life insurance is what the name suggests, your cover lasts for life as long as you continue to pay the premiums – this is often more expensive than term life policies though.
Can our child be insured too?
Quite a few life insurance policies have the option for you to include your children under your policy. It’s often at no additional cost to you, and it means that if your child is diagnosed with a condition that’s covered under your policy, you’ll receive a payout to help you look after them. Not all insurers offer this as an option but it’s worth checking out – have a chat to an adviser to see whether you’re eligible if it’s something you’d like to look into.
If you want to know more about how life insurance can help you to protect you and your family, get in touch with our team to book a free, no-obligation review. Our expert advisers will take a look at your situation and recommend the best cover for your situation and your budget.
Reviewing your policy
As your life changes, your insurance needs might need to change as well. Milestones like buying a house, getting married and having a baby are exciting moments in your life. But it’s also a good reason to take another look at your policy and make sure you’re covered in all the right places.
Before you cancel your policy
When you review your cover, you may decide another insurer has a better deal, but it’s important to seek advice before you make the switch. If you have had any new medical issues or conditions since you were first underwritten, you might end up with less cover or higher premiums if you switch. Speaking to an adviser will make this process easier and they can explain how cancelling your policy might affect your future cover.
Different types of cover
Everyone will need a different type of policy depending on their circumstances. It may make sense to combine different types of cover under one policy. This could include life, disability or income protection. If you’re not sure what type of cover you should get, speak to an adviser so they can find what works best for your situation.
Your kids may be able to get covered too
Many life insurance policies have an optional extra that allows you to include your children under your policy. This means if your child is diagnosed with a listed condition, you’ll receive a payout that will help you take time off work or pay medical bills.
If you’d like to review your current life insurance or look at your options for putting some in place, get in touch with our team today.
We’re busting some of the most common insurance myths to help you understand why making sure you’ve got the right insurance in place is so important.
Myth #1: Insurance is expensive
In New Zealand, insurance is actually pretty affordable for the average person. Obviously it depends on factors like your age and your health history, but if you get it sorted sooner rather than later, it’s likely to be more affordable. In fact, life insurance often costs less per week than the price of a coffee.
Myth #2: I already have a policy in place from years ago so I’m all sorted
This might not be the case – your life has probably changed a lot since you last took out your policy and it may not be relevant for what you need now. The last thing you’d want is to try to make a claim on a policy that doesn’t cover you for your present situation. You may also end up paying more for things you no longer need, so it’s a good idea to update your policy regularly.
Myth #3: If anything happens, ACC will just cover it
It’s really not a good idea to rely on ACC or the public health system. Our current health system is under a lot of pressure already and there are consistently long wait times for treatment. Not to mention that ACC only covers accidents and not serious illnesses or sickness. Medical insurance can provide you with that all-important access to any medication you need urgently and will mean a much smoother process should anything happen to affect your health.
Myth #4: My insurer won’t pay out anyway
Because of negative media attention, the insurance industry has a poor reputation for not paying claims. – but that wouldn’t make the news, right? Often the reason that some claims may not be paid out is due to non-disclosure or your policy not covering what you thought it did. This is exactly why it pays to get the professionals in to help make sure you’re covered where you need to be, and to support you if you need to make a claim.
Myth #5: I have health conditions so I can’t get cover
If you have existing medical conditions, that doesn’t automatically disqualify you from getting insurance. Depending on the health condition and the insurer, you can still be covered, there may just be some limits or exclusions. Again, have a chat to a financial adviser as they’ll be able to work with the insurer to get the best cover for you and your situation.
If you’re thinking you need a policy refresh or you want to look into insurance a little bit further, get in touch with one of our expert advisers. We offer independent and quality advice that can help you make the best decision to ensure you’ve got it all covered!
Health insurance
Health insurance is there to cover your medical bills for things like surgery on a claim basis. It helps you to get faster and more affordable access to the medical treatment you need if you fall sick. Not only does health insurance cover your medical bills, but it can also help you to make ends meet if your illness means that you can’t work for a period of time.
Many people don’t bother with health insurance and prefer to go through the public system here in New Zealand, but this can often mean long waits and limited access to certain medications – not ideal if you fall severely ill.
There are many different types of policies that fall under health insurance, including trauma cover, income protection cover and disability cover.
Having health insurance in place means that you can have more choice and faster treatment when you need it most.
Life Insurance
Life insurance is designed to pay out a lump sum should you unexpectedly pass away or be diagnosed with a terminal illness. This type of cover is important to have in place if you have dependents who rely on your income or care.
It’s all about protecting the financial future of your loved ones. Your life insurance policy should cover your debts, funeral expenses, and any living costs your family might need once you are no longer around.
The two most common types of life insurance are term life and whole-of-life cover. With term life insurance, you’re paid out the agreed amount if you’re diagnosed with a terminal illness or pass away within the period of time set out in your policy. Whole-of-life insurance means your cover lasts for life as long as you continue to pay the premiums – this is often more expensive than term life policies though.
Working together
Because health insurance and life insurance serve different purposes, they work very well together to ensure you and your loved ones are covered when you need it.
If you want to know more about how life and health cover can help you to protect you and your family, get in touch with our team to book in a free, no-obligation review. Our expert advisers will take a look at your situation and recommend the best cover for your situation and your budget.
House insurance
If you already have house insurance, let your insurance provider know that you are running your business from home. Some providers will continue to insure a home when it’s partly used for business purposes, but it does depend on the level of risk. They would need to know the type of business, whether clients come to your home, and the kind of materials you keep on the premises that could increase the risk of fire or theft.
Contents insurance
Similarly, with your contents insurance you would need to disclose the assets that you use as part of your business. Contents insurance policies do tend to exclude items used for business purposes, but it will depend on what your policy includes. It’s best to check in with your broker or provider to make sure you’re covered where you need to be.
Vehicle insurance
If you’re using your personal car for business reasons such as running work-related errands or meeting clients, you’ll need to have a commercial vehicle policy. Sit down with an insurance adviser to make sure your policy covers everything you need. The last thing you want is to face the costly consequences of an accident where repairs or loss of stock in the back seat won’t be covered.
Liability insurance
It’s important to keep yourself protected in the event of any legal proceedings resulting from damage or injury. If you’re a hairdresser who used a product that a client had a severe reaction to, you might need to provide a refund and pay any medical bills. Similarly, if a client comes to visit you at your home and has a fall, you could be liable.
If you want to sit down and talk to an expert to make sure your home business is covered, get in touch with us today!
1. Don’t cancel too early
You might think that once your house is sold, you can cancel your insurance, but don’t forget that you are the legal owner up until the settlement date. Because the settlement date can often be a while after the sale, it’s important to keep your insurance in place until the buyer is the legal owner. The last thing you want is for something like a natural disaster to take place between the sale and settlement, because if you’re not covered you’ll still be liable as the current owner.
2. Inform your insurance provider
Make sure you let your house insurance provider know if you’re selling your home. You’ll need to advise them of the sale and give them the settlement date so they know when your cover will need to stop. Your provider will also be able to tell you what your existing policy covers you for so that you can take extra precautions if need be. You will need insurance for your new home too, so it’s good to keep your provider across all changes to make sure you’re covered seamlessly all the way through the process.
3. Avoid open home risks
As you can imagine, there are quite a number of risks that come with hosting an open home, so it’s important you prevent these where possible. You’ll need to find out whether your policy covers any accidental damage that might occur from having a number of people through your home. There’s also the risk of theft, so make sure you lock up any valuables and always have a real estate agent present who can control who is coming and going.
4. Check your contents
Depending on your policy, contents insurance usually only covers your items at a location you’ve specified, like within your home. If you’re going to be storing your belongings at a different location, make sure to let your insurance provider know – some policies do cover this, but it’s important to know if yours doesn’t. Your items may not be covered while you’re moving them from your previous home to your new home, so it’s also a good idea to check whether your policy covers ‘contents in transit’.
If you’re selling your home and looking to buy another, have a chat with our expert mortgage team today!
1. Clear your gutters and drains
Blocked gutters can cause severe damage to your home, especially during winter. Dampness from rain and colder temperatures can cause rotting and cracking, especially when you get a build-up of debris. Make sure you give your gutters a good clear out before winter starts and make sure that all of your drain pipes are working as they should be.
2. Secure your outdoor area
It’s unlikely that you’ll be making much use of your outdoor furniture during winter, so to avoid any damage from the weather, store it in a covered place. It’s also a good idea to take a look at any surrounding trees and prune where necessary. Tree branches can be dangerous if they break in any strong winds so remove any that are close to your house or power lines. If you’re working near power lines, it may pay to get the professionals in.
3. Check your heating
It pays to check over your heating equipment before you need to use them to make sure they are in safe working order. Check that your heaters don’t have any faulty wires or damage, and the same goes for your electric blankets. Depending on where they’ve been stored, they might have also built up a bit of dust so be sure to give them a good clean before use.
4. Look out for leaks
It’s important to check for leaks in any areas where water is used. Investigate your taps, your hot water cylinder and washing machines to make sure there are no cracks or leaks. Any water damage can trigger rotting and mould to take hold so check these out carefully. It’s also a good idea to take a closer look at your windows to make sure the seals are as secure as possible.
5. Review your insurance
If something gets damaged, you want to be sure your insurance will help you cover the cost. Now is a good time to check over your house, car and contents insurance to ensure you’re covered for what you really need. Your circumstances might have changed since last winter, so it’s a good idea to sit down with your adviser and get it all sorted to avoid any unexpected surprises!
There are two common types
The two most common types of life insurance are term life and whole-of-life insurance. With term life insurance, you’re paid out the agreed amount if you’re diagnosed with a terminal illness or pass away within the period of time set out in your policy, i.e. 20 years. Whole-of-life insurance is what the name suggests, your cover lasts for life as long as you continue to pay the premiums – this is often more expensive than term life policies though.
There are different premium options
Typically the cost of your insurance premiums goes up as you get older, but there are different ways that you can structure it so it works best for you. Stepped premiums start out at a lower cost, and then increase each year, whereas level premiums start out at a higher cost but stay at that cost each year. It’s best to sit down with an adviser if you’re unsure which option is best for you.
Your children might be able to be covered too
Quite a few life insurance policies have the option for you to include your children under your policy. It’s often at no additional cost to you, and it means that if your child is diagnosed with a condition that’s covered under your policy, you’ll receive a payout to help you look after them. Not all insurers offer this as an option but it’s worth checking out – have a chat to your adviser to see whether you’re eligible if it’s something you’d like to look into.
Payouts are usually tax-free
In New Zealand, most life insurance payouts are tax-free. The exception here is any payout you receive under an income protection policy as this is considered income and is tax deductible. You usually also won’t pay any GST on life insurance premiums, but again, if you have additional benefits like income protection, that would be the exception.
If you’d like to review your current life insurance or look at your options for putting some in place, get in touch with our team today.
1. They know what you need
A financial adviser will review your situation, including your income, assets, debt, family situation, etc., to make sure that you’re covered for what you need, and not what you don’t. It’s not about getting every kind of insurance under the sun – it needs to be tailored to you and your circumstances. An adviser will also take into account your budget and work with you to get the best value for your money whilst still making sure you’re covered.
2. They can translate the jargon
Sometimes just looking at the first page of your policy document can give you a headache. A financial adviser can take you through it step by step to make sure you understand what you’re covered for, and what you might not be covered for so you’re not caught out come claim time. An insurance adviser’s role is to know the products and providers inside and out, so they can answer any questions you might have.
3. There’s no cost and no obligation
At Haven, our advisers work for you. There is no charge for a review meeting, and there is no obligation for you to take on board any of the recommendations provided. You can take a look at your options and work with your adviser to decide which policy and provider will be best. In some cases, the insurance you already have in place might actually be better-suited to you than another provider, so our advisers also take that into account.
4. They can help you with claims
As you might already know, claiming on your insurance policy isn’t always an easy task.
Our advisers have a dedicated claims team behind them, and can take you through every step of the claims process, working with you to get the best outcome. If you need to make a claim, our advisers are there to help, and they can make the process so much easier for you as they know exactly what each provider requires.
If you’d like to organise a review with one of our friendly advisers, get in touch with us today!