All Topics / Overseas Deals / Insuring your NZ investment

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  • Profile photo of CastleDreamerCastleDreamer
    Join Date: 2003
    Post Count: 288

    NZ Contracts differ slightly to those I am familiar with in QLD and other states of Australia in that you are required to take insurance over the property from settlement date – not from day following contract date.

    Many of the lenders will not allow you to settle the property unless your solicitor provides them with a certificate proving insurance is taken out with effect the settlement date.

    There has been lots of discussion about tax and structure, and rental income etc here already, but don’t forget insurance!!!

    Particularly for those of you purchasing using non NZ funds, make sure insurance over the property is well sorted for settlement.

    NZ insurance is also slightly different in that you can do “Agreed Value” on a property like we do here with cars, or “replacement value” on the building. the lenders I am with require Replacement Value cover.

    Also food for thought: many pre 1920’s buildings will not have been rewired, reroofed, or repiled (restumped). Your insurer may require these are done to offer insurance over the property.

    So moral of the story guys…. don’t leave insurance investigations to the last minute – do some internet surfing and check in with an NZ Broker or your banker in NZ to confirm what will and wont be ok for insurance and so on.


    NZ Investor and Property Spotter

    Profile photo of Kiwi InvestorKiwi Investor
    Join Date: 2005
    Post Count: 4

    My bank in NZ also suggested that I take out some contents insurance to cover carpets curtains etc.

    Then there is the issue of Landlord insurance, A must in my opinion Rentsure is my choice here. Good price and reasonable cover.


    ‘Don’t play by the rules, invent your own’

    Profile photo of RodCRodC
    Join Date: 2002
    Post Count: 335

    Good point CastleDreamer,

    I’ve found that a decent insurance broker can organise a certificate for settlement very quickly if required.


    Profile photo of westanwestan
    Join Date: 2002
    Post Count: 1,950

    Hi all

    a number of my friends and clients have mentioned that ANZ bank offer some great rates for insurance. I recently checked them out and was suprised how much cheaper they were than my existing broker – i’ve now got insurance through the ANZ bank.

    regards westan

    I live in New Zealand and for a fee find cash positive deals there, email me at [email protected] to join our database

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