Generally speaking, Kiwi’s do not have sufficient insurance cover - it's no secret.
Too many people focus on looking at what’s next, rather than protecting what they already have. It's important that when you look at your financial situation, you don't only look at the aspirations you have to buy that first home, or that next investment property - but you also ensure that you've got adequate cover in place to protect yourself from losing all the progress you've made in the event of an unforeseen circumstance.
Speaking to a Specialist Insurance Adviser could be the difference between keeping your nest-egg secure (and all the progress you’ve made) and having to sell in a down market and going backwards.
Getting insurance for your property is the only mandatory insurance when it comes to getting a mortgage.
Lenders (both banks and non-banks) require you to have the property insured when they take a mortgage over it so that if something were to go wrong, you and the lender are covered. We’ve seen more recent examples of this with flooding etc. lately, but this would other natural disasters too.
There are also other types of cover to consider, such as contents, car and even landlord if you’re a property investor.