There's nothing quite like getting the keys to your first home. Alongside the excitement there's one thing you'll want sorted before you sign the dotted line - house insurance.
It's probably not the most exciting part of buying your first home, but finding the right cover now can save you a lot of stress later.
From stormy weather to burst pipes, life happens. But with house insurance there to help protect your biggest investment, you know you're covered if the unexpected shows up.
If you're a first home buyer and feeling a little lost, read on for our handy guide to getting your house insured.
Why house insurance matters
House insurance helps cover the cost to repair your home when it's unexpectedly damaged, or rebuild it if it suffers a total loss, up to the sum insured. Whether it's damage from natural disasters like earthquakes and floods, or unexpected accidents like fires and burst pipes, insurance gives you peace of mind that support is there when you need it most.
With the right cover in place, you can also relax, knowing you won't be left paying a big cost when you need to make a house insurance claim.
Sort your house insurance early
Don't leave this until moving day. Most lenders require you to have house insurance in place before settlement, so you'll want to make sure you're covered from the moment you sign the sale and purchase agreement. Never go unconditional on a property purchase without first securing confirmed insurance on acceptable terms.
Disaster can strike at any time, and having house insurance from day one means you're covered for the unexpected.
Top tip: You don't need to get insurance with your bank or their preferred provider. You can shop around and buy insurance from an insurer like us, that offers cover options to suit your needs and budget.
What your house insurance actually covers
Let's break it down. House insurance covers the physical structure of your home, such as the walls, roof, floors, garage and other permanent fixtures. It's there to help you recover from sudden and accidental damage. When the unexpected happens, house insurance helps you get back on your feet without facing the full cost of repairs or a rebuild.
Some insurers, like Tower, offer policies that go a step further. Our house insurance policies include*:
- Hidden gradual damage (like a leaking pipe behind a wall)
- Emergency repairs
- Temporary accommodation if you can't stay in your home
Nail your sum insured
Your sum insured is the maximum amount your insurer will pay to rebuild your home if it's damaged and a total loss. It covers things like demolition, the clean-up, materials, labour, and fees.
Important note: Your sum insured isn't your house's market value or what you paid for it. It's what it would cost to rebuild.
Choosing the right sum insured is really important to make sure you have enough cover if your home is damaged. Not sure what your sum insured should be? Tower makes it easy with the Cordell Sum Sure calculator, which helps you estimate the cost to rebuild your home based on its details.
Location risks can affect your premium
Living in Aotearoa means we can often deal with earthquakes, floods, slips and more. That's why Tower uses risk-based pricing to help calculate the risk-based premium portion of your house insurance premium.
Depending on where you've bought your house, it could be more exposed to natural risks. Your risk-based premium is based on your property's individual risk of being damaged by a specific natural hazard. If risk data isn't available for your specific address, we use community-level data instead to work out what your premium will be. It's a fairer way to price insurance for our customers.
Learn more about risk-based pricing
All Tower House and Landlord insurance policies include NHCover through the Natural Hazards Commission Toka Tū Ake (NHC) which helps cover damage from certain natural hazards. Your Natural Hazards Insurance (NHI) levy is already included in your premium, so you don't need to do a thing.
Learn more about NHC and what's covered
Choose an insurer that makes it easy
Buying your first home is a big deal. With all the different pieces to sort, getting insurance can feel like an extra headache. But it doesn't have to be! Look for a provider that makes it easy to manage your insurance online, offers great customer support, and gives you perks like savings when you choose to make annual payments.
Tower keeps it simple. You can:
- Get a quote online in minutes.
- Manage your policies anytime with My Tower.
- Make a claim quickly and easily online.
- Choose from three cover options to suit your needs and budget - Standard, Plus, and Premium.
Keep your insurance up to date
Insurance isn't just a one-off consideration. If you're renovating, buying new stuff, or changing how you use your house (like renting it out), then you should update your policy to match. It only takes a few minutes and could make a difference if you need to claim.
On each yearly anniversary of your insurance policy, you'll receive your renewal documents. This is the perfect time to check in and make sure everything's still covered.
Check out our guide to insurance renewals
Here's what to do if you need to make a claim
If you ever need to make a house insurance claim, don't stress. Most insurers make it easy to claim with online forms and quick support. Here's how you can make the claim process smoother:
- Start your claim as soon as possible.
- Take photos or videos of the damage.
- Keep receipts where you can.
- Be clear and upfront.
Tower customers can make a House insurance claim online through My Tower, saving an average of five minutes. Plus, if you upload supporting documents such as photos and videos, you'll save twice as much time.
Don't forget your contents
You're on track with your house insurance, now let's think about what's inside. Contents insurance helps cover your belongings if they're lost, damaged, or stolen.
Tower makes Contents insurance simple, with three levels of cover to choose from - Standard, Plus and Premium.
Not sure how much to insure your stuff for? Use our contents calculator for a quick estimate or dive deeper and go room-by-room.
The wrap up
Sorting your insurance might not be the most exciting part of buying your first home, but it's one of the smartest. With the right cover in place, you can get on with enjoying your new home knowing you've got things sorted if the unexpected happens.
Get started with a quick house insurance quote or call us on 0800 847 009 if you'd like to chat.
*Policy terms, excesses, limits and exclusions apply.
The links we provide to third-party websites are for your convenience and do not constitute any endorsement or authorisation by us. The information provided on this page is general in nature and is not intended to be professional or legal advice. Tower does not accept any liability for the accuracy or content of information on this website that belongs to third parties or on any third-party website.
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