How NZI compares, feature by feature
Re-keying after lost or stolen keys is capped — small, but often overlooked.
Minor — just know the limit.
Covers you if you're legally liable for injury or damage to someone else — the largest, rarest claims.
Higher is better; check yours runs to at least a few million.
If your home is uninhabitable after a claim, this pays for somewhere to live while it's fixed — but only up to a cap, and a rebuild can take a year or more.
Check your limit, and ask whether a higher-tier product lifts it.
Slow leaks behind walls are a common and expensive claim — usually capped low, if covered at all, and finding the leak often isn't covered.
Check your hidden-water sub-limit and budget for the gap; ask if a higher limit is available.
Retaining walls are costly to rebuild and usually sit under a low sub-limit, separate from the house sum insured.
If you have retaining walls, ask for the specific limit and whether a higher one is offered.
Gardens, plants, paths and driveways are usually capped well below what they'd cost to redo.
Note the cap if you have significant landscaping.
Meth clean-up is expensive; cover is capped, often carries a large excess, and can be void if you or a tenant caused it.
If you rent the property out, ask about the meth limit and excess.
Natural-disaster claims (quake, storm, flood) often carry a large EXTRA excess on top of your standard one.
Find out your natural-hazard excess — here, lower is better.
Documented traps in NZI's wording
Loss arising from faulty design, defective workmanship, poor materials or inherent/structural defects is excluded across insurers, including weathertightness failures.
Get a building inspection before buying, address known defects, and pursue builders/warranties for defect-related damage since insurance won't cover it.
In NZI's own words
“loss, cost or expense arising from any fault, defect, error or omission in: (a) design, plan or specification, or (b) workmanship, construction or materials.”
If nobody sleeps in your home for a set number of consecutive days (60–90 depending on insurer), cover is stripped back to only a few named perils – and an extra excess applies.
Tell your insurer before the home will be empty beyond the limit (often 60 days) and ask about unoccupied cover. Have someone stay overnight periodically or arrange specific vacant-home cover.
In NZI's own words
“If you, or a person authorised by you, have not been living at the home for a period of more than 90 consecutive days, we will only pay for loss that is: 1. caused by fire, explosion or lightning, or 2. covered under the 'Natural disaster' automatic additional benefit.”
Every insurer excludes wear and tear, rust, corrosion, rot, mould and gradual deterioration. Insurance pays for sudden accidents, not for things that develop over time.
Maintain the property and keep dated records of maintenance and repairs. Report sudden damage promptly so it isn't reclassified as gradual, and know your policy's narrow gradual-damage benefit.
In NZI's own words
“You are not covered for: 1. wear and tear, depreciation, corrosion or rust, or 2. rot, mould or mildew, or 3. gradual deterioration, except for loss covered under the 'Hidden gradual damage' automatic additional benefit.”
When a damaged home is sold or you choose not to rebuild, settlement drops to the difference in market value before and after the loss, not the cost to rebuild.
Understand that full replacement cover usually requires you to actually rebuild or repair. If you may sell instead, ask your insurer what you'd receive before deciding.
In NZI's own words
“the difference between the market value of the home immediately before and immediately after the loss, plus demolition and removal costs we determine are necessary”
Methamphetamine contamination cover is capped (e.g. $30,000–$50,000), carries a large dedicated excess (often $2,500), and is excluded entirely if you or your family caused the contamination.
For rental properties, inspect regularly and test between tenants. Know your meth cap and excess, and keep evidence you weren't the source.
In NZI's own words
“The most we will pay for each residential dwelling shown in the schedule as covered under this policy, per contamination claim is $50,000.”
Where damage isn't covered by the government natural-hazard scheme (EQC/NHCover) – for example certain structures – the insurer adds an extra excess, often $5,000, on top of any standard excess.
Read the natural-hazard/EQC excess section of your policy and budget for a $5,000+ excess. Ask your insurer exactly which parts of your property attract the higher excess.
In NZI's own words
“Where your claim for loss to the home under this benefit is for, or includes, any part of the home that is not covered under the EQC Act, then the excess will be the higher of: (a) $5,000, and (b) the excess otherwise applicable to the claim under this policy.”
When you first take out a policy, natural-event losses (storm, flood, landslip, bushfire, volcanic, tsunami) are excluded for the first 48 to 72 hours – and some insurers exclude an already-named cyclone entirely.
Arrange cover well before any forecast severe weather. Don't leave switching or buying insurance until a storm is imminent.
In NZI's own words
“You are not covered for loss that occurs during the first 48 hours of this policy, caused by storm, flood or landslip. This only applies when you first take the policy out with us.”
Even on a 'replacement' contents policy, certain items – older electronics, clothing, footwear, personal effects – are settled at present/indemnity value, not new-for-old.
Check which item categories are 'present value' in your policy and factor the depreciation in. Specify valuable older items if full-replacement cover is available.
In NZI's own words
“present value the estimated reasonable cost to replace an item with an item in New Zealand that is of equivalent age, quality and capability, and is in the same general condition.”
On a joint policy, a breach by any one insured person can prevent all insured people from claiming.
Make sure everyone on the policy understands the disclosure and honesty obligations. Be cautious about who is named as a joint insured.
In NZI's own words
“This means that a breach of this policy by any one person affects everyone's ability to claim under this policy.”
Claims are declined if you (or anyone covered) acted recklessly or in a grossly irresponsible/negligent way, or failed to take reasonable care.
Take obvious precautions: lock up when out, address known hazards promptly, and document that you acted reasonably. Don't assume 'accidental' always means covered.
In NZI's own words
“You must take reasonable care at all times to avoid circumstances that could result in a claim. Your claim will not be covered if you are reckless or grossly irresponsible.”
Insured with NZI? Have your own policy read.
The free register shows how NZI compares in general. The personal scan reads your exact PDF against every insurer.
Drawn from NZI's published New Zealand policy wording held in the Inuio corpus and refreshed monthly. Limits and tiers change and vary by policy and cover level — general information to help you read your own policy, not financial advice. Always verify against your current wording.