Why General Insurance Matters for Your Wealth
Your home is likely your most valuable physical asset. Fire, earthquake, flood, and theft can damage or destroy it. Contents and vehicle insurance protect the possessions and transport your household relies on daily.
For property investors, adequate landlord insurance is essential. Cover should include meth contamination, malicious tenant damage, loss of rental income, and drain or sewer blockage. Standard residential policies rarely cover these risks.
General insurance sits alongside your personal cover (life, income, health, trauma) and your investment portfolio as part of a complete financial position. Under-insuring any part of it leaves the rest exposed.
What to Look For
Home insurance. Ensure your sum insured reflects the full replacement cost of your home, not its market value. Common claims include weather-related roof damage, internal flooding from appliance overflows, gradual damage from undetected leaks, and benchtop damage.
Contents insurance. Check policy limits on high-value items such as jewellery, devices, and watches. Ensure valuable items are specified individually and valuations are current.
Vehicle insurance. Comprehensive cover protects against theft, vandalism, natural disaster, and at-fault accidents. Third-party cover is worth considering even for older vehicles, as it covers damage you cause to someone else’s property. For more on this, see our guide on getting the most from car insurance.
Excess levels. Review your excess amounts. A higher excess reduces premiums but increases your out-of-pocket cost at claim time. The right level depends on your savings position.
Always plan for worst-case scenarios and ensure adequate cover across all three categories. The Insurance Council of New Zealand provides general guidance on choosing appropriate cover and understanding your policy.
How We Can Help
While Become Wealth does not advise directly on home, contents, and vehicle insurance, we can connect you with a specialist general insurance provider who will provide an obligation-free quote.
This referral is part of our commitment to your total financial picture. Your Become Wealth adviser already understands your financial plans, your lending, and your personal insurance. By connecting you with a trusted general insurance provider, we ensure nothing falls through the gaps.
If you hold a mortgage, your lender will require adequate home insurance as a condition of the loan. If you are refinancing or restructuring, it is worth reviewing your general insurance at the same time.
