We can help you to arrange your house insurance over the phone.
Whether you have a home loan or you own your home outright, having ASB Home Insurance can help cover you against the unexpected.
Your home is probably the most valuable thing you’ll ever buy, so it’s important to take time to make sure you’re getting the right type and level of protection. Having home insurance cover on your property is also likely to be a requirement of your home loan. ASB Home Insurance provides comprehensive cover from accidental damage or loss, up to the sum insured amount.
Home insurance provides you with protection if your house is damaged or destroyed. It also provides cover against a wide range of accidental and unforeseen damage that could affect your property. ASB Home Insurance covers:
Homes aren’t insured for market value, which is an estimate sale price. Homes are insured for ‘sum insured’, which is the estimated cost for a total rebuild, including things like the cost of debris removal, special features and GST. The following diagram shows how your total sum insured is calculated:
Your rebuilding cost estimate should be what it could cost to rebuild your home on its current site to its present size and standard. This should include things like demolition, removal of debris, professional fees and compliance costs. You should also include the cost of rebuilding other structures, including decks, permanent driveway surfaces, sheds, garages and fences, as well as:
IAG have provided this calculator to help you estimate the rebuild cost of your home. Alternatively, you can consult a professional to complete a valuation for insurance purposes.
If you undervalue the estimated cost to repair or rebuild your house and need to claim, you run the risk of not being able to rebuild to the same quality or size. That’s why having an accurate valuation is important.
Keeping your policy up to date means that should you ever need to claim, you will receive the cover you expect.
To ensure you are fully covered, you need to tell us when:
And because the value of your home is likely to change with time, we also recommend that you review your sum insured every two to three years. This should take into account increased costs of labour and materials in the building industry, and any new building code or compliances.
There are a number of ways you could reduce your home insurance premiums:
Some accidents are unavoidable, but there are a number of ways you can reduce the risks of damage to your home.
ASB Home Insurance does not cover gradual damage (though you are covered for up to $5,000 for hidden gradual damage), so taking good care of your home is the best protection against damage related to wear and tear. You can also avoid costly problems in the future by carrying out regular maintenance, such as having your heating serviced, treating mould, clearing leaves from guttering and keeping your garden under control.
House fires destroy properties and can be fatal. You can reduce the risk of fire at your home in a number of ways:
Here is further advice from the New Zealand Fire Service on how to minimise fire risk in your home.
Earthquakes are a fact of life in New Zealand, so it’s worth taking the following steps to minimise damage should one occur:
The New Zealand Government’s Easy Ways To Quake Safe Your Home guide provides more practical advice on how to prepare your home for an earthquake.
ASB general insurances are underwritten by IAG New Zealand Limited (IAG). For full details, refer to the relevant insurance policy document which is also available on request from any ASB branch or by calling 0800 200 252. The availability of insurance cover is subject to your application being approved. Exclusions apply. See further information regarding IAG’s financial strength rating. A minimum premium applies for all policies. Even if your policy qualifies for one or more discounts the total of these discounts cannot cause your premium to be less than the required minimum.