Taking cover

Richard asks:
(updated on Friday, March 08th 2013)

I have a number of properties and am looking for feedback on rental property insurances. Who offers the most appropriate for the fairest cost?  Also, what do you say about tenants taking out an insurance policy and what is most appropriate?

Our Experts Answer:

There are a number of landlord insurance products around but you should compare carefully to ensure that you are getting the best cover possible. Landlord insurance is different from building insurance and you should also seek the advice of your building Insurance broker. While landlord insurance can often be taken as an extension on a building insurance package, it won't necessarily cover all that you may need like intentional damage, loss of rent for a variety of events, contents cover and legal liability. Real Landlord Insurance has a specialty product designed to protect the owner for these types of claims for just over $300 per annum (if your properties are managed by an approved property management company). There is also a multiple property discount if three or more properties are insured. In an ideal world all tenants would have insurance to protect them (especially for legal liability and contents) but it is not a legal requirement and often they don’t have cover.

Select Home Loans 4.29
HSBC Premier 4.39
ICBC 4.39
Heartland Bank - Online 4.40
China Construction Bank Special 4.45
SBS Bank Special 4.55
Kainga Ora 4.57
Co-operative Bank - First Home Special 4.75
TSB Special 4.85
AIA 4.85
Co-operative Bank - Owner Occ 4.85
Select Home Loans 4.86
Heartland Bank - Online 4.90
TSB Special 4.99
ICBC 5.09
HSBC Premier 5.15
SBS Bank Special 5.19
China Construction Bank Special 5.19
AIA 5.35
Co-operative Bank - Owner Occ 5.35
First Credit Union Special 5.45
Unity 5.55
Select Home Loans 5.20
HSBC Premier 5.89
ICBC 5.89
SBS Bank Special 5.95
TSB Special 5.99
BNZ - Classic 6.19
Kiwibank Special 6.29
Resimac 6.33
China Construction Bank Special 6.35
Westpac Special 6.39
Kainga Ora 6.43
Select Home Loans 4.09
Heartland Bank - Online 4.10
Pepper Money 4.49
Liberty 4.84
TSB Special 4.89
Kiwibank Special 5.00
ICBC 5.25
Kainga Ora 5.43
Kiwibank 5.50
China Construction Bank 5.50
Kiwibank - Offset 5.50