Is your cover right for you?
If you’ve already got insurance, but it’s been a while since you took it out, have a think about why you originally took out the cover - ask yourself if it’s still meeting those needs, or if those needs have changed.
You need to make sure you regularly review the sum insured for your house. The sum insured is how much it would cost to fully rebuild your house in case of total loss caused by a natural disaster. It’s up to you to confirm this amount and to keep it up to date. The sum insured isn’t the same as the market value of your house, it’s the likely cost of rebuilding it on its current site.
There are a number of ways you can calculate your sum insured: you can use the independent online Cordell Sum Sure calculator, or ask a licensed builder, quantity surveyor, architect or a registered valuer to help.
The potential cost of rebuilding your house will change depending on market conditions, so it’s something you should review each year, rather than do once and then forget about.
It’s also worth taking a look around your house and seeing if you have enough contents insurance. Depending on when you took out your cover, you may have upgraded your furniture, bought more stuff or done a Marie Kondo and gotten rid of everything that failed to spark joy.
Take stock of what you own and how much you think it would cost to replace, and then check that against how much cover you have.
If your circumstances have changed since you took out your car insurance, see if the level of cover you have is still right for you. If you feel like it’s no longer quite right, you could look at either increasing or decreasing your level of cover to fit your budget. We offer three levels of car insurance: comprehensive cover, third party, fire and theft, and just third party.
Life & Living Insurance is provided by nib nz insurance limited. nib nz insurance limited is the only organisation responsible for claims under the cover.
nib nz insurance limited pays Kiwibank Limited for referring customers and also pays nib nz limited for the services it provides. nib nz limited provides financial advice on its own behalf, and not on behalf of nib nz insurance limited or Kiwibank Limited.
As a licensed financial advice provider, nib nz limited must comply with the Financial Advice Duties and the Code of Professional Conduct for Financial Advice Services, which includes providing you with information on its complaints process and external dispute resolution scheme, the Insurance and Financial Services Ombudsman scheme. To find out more about how nib nz limited provides financial advice and see its Financial Advice Statement visit nib.co.nz.
Important terms, conditions and exclusions are set out in the nib Life & Living Insurance Cover wording. If your cover was issued before 30 April 2022, you’ll need to refer to the relevant policy document at nib.co.nz.
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This page provides general information and isn't intended as regulated financial advice. To review your specific situation and financial requirements please talk to one of our Kiwibank Representatives or your Financial Adviser.