What insurance do you need when you buy, sell or move house?

Insurance is a critical part of protecting your most valuable asset, your home. This means that every time you are doing something unusual with your home – selling it, buying a new one or moving from home to home, you should protect yourself against any unexpected events. Thanks to the team at head office, we’re sharing some really valuable information on what insurance you need when, so your greatest asset is always covered.


When purchasing a house

It’s best to contact insurance companies to arrange house insurance ahead of time as they may need extra information such as building reports, and if it’s an older home, details of re-piling, re-wiring and new plumbing.

If you can’t secure insurance before putting in an offer, then consider inserting a ‘subject to insurance’ clause into the sale and purchase agreement so you have time to confirm before it goes unconditional.

Take the time to understand the different types of insurance available to you – in New Zealand you can get total replacement, sum specified, and present day value policies. See the Insurance Council of New Zealand website for more information – www.icnz.org.nz.


When selling a house

If you are after a quick settlement, provide as much accurate information about your home’s build and history to your real estate agent as possible to allow purchasers to organise insurance ahead of signing on the dotted line.

You will need to advise your insurance company of the sale, and provide details to them of the settlement date. You’ll also need to continue covering the property with your insurance until settlement, even if you have vacated the house – if something were to happen on the day before the keys are handed over, the costs would fall to you.


When moving house

Many contents insurance policies do not cover your household items when they are in transit, so check with your insurance company if your policy does and, if not, whether they can offer extra insurance for the move.

If you are using a professional moving company, most offer an insurance from the time they pack up your contents to delivery at your new home – something well worth considering in case of the unexpected happening en-route.