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Just curious what those who own their house are paying for insurance if you even have a policy.
What kind of coverage does that $$$ cover - fire, flood, theft, acts of God, etc.?

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lostjeremy wrote: ↑Wed Dec 20, 2017 7:06 am Just curious what those who own their house are paying for insurance if you even have a policy.
What kind of coverage does that $$$ cover - fire, flood, theft, acts of God, etc.?

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My guesswork here, but I would think most buildings and homes are uninsured here. If you are taking out a loan to buy a property, then banks will insist on you having a insurance on the property. Be interesting to see whether insurance covers acts of Buddha and acts of God.

Duncan wrote: ↑Wed Dec 20, 2017 11:05 am If you are taking out a loan to buy a property, then banks will insist on you having a insurance on the property.

Nope, they don’t insist on any type of insurance, the banks don’t even mention insurance when granting home loans.

What would normally be called “home & contents” insurance” in NZ/Aus (not sure about other countries), is called “fire or fire & perils insurance” here.

From Forte...

.What is Fire insurance?
Whether it’s your home or your business, you have probably invested a considerable amount of time, effort and money in your property. Fire insurance will protect your property and investments against loss or damage from perils such as fire, lightning and flooding.
What can Forte's policy offer me?
Forte's Fire Insurance policy additionally gives you:
Risk assessment and prevention
Detailed property evaluation
Independent international loss adjusters
What is covered?
Insuring with Forte will allow you to continue with your business affairs smoothly, in spite of damage from fire or other perils. We provide insurance cover for your apartment, home or office building. Your fire policy can also be extended to cover contents, such as furniture, permanent fixtures, appliances, personal effects, machinery and equipment, and stock of raw materials.
Does the policy only protect against Fire?
No, a standard Fire policy from Forte can protect your property against damage caused by
Fire,
Lightning, or
Many additional perils such as:
Explosion,
Earthquake,
Riot and Strike,
Malicious Damage,
Flooding,
Impact Damage,
Aircraft,
Burst Pipes etc.

And you may also need...

.What is Home Protect Insurance?
Forte’s Home Protect Insurance helps to protect your Home by safeguarding the investment in your house and/or contents and to compensate the lost life of your loved ones in the event of fire, damage or theft. Whether you are a house owner or renting a house, accidents will put you in great distress and at this moment the last thing you need is additional expenses on rental for temporary accommodation, moving cost and possible legal suit.
Forte’s Home Protect Insurance could be one of your most meaningful purchases in your most distressful moments. You can dramatically reduce the risk of paying for repairs, replacement or legal compensation when there is an accident. Losing the life of the sole breadwinner could cause your family’s life come to a halt. With Forte’s Home Protector Insurance, you will be assured of compensation and a smooth transition to a new Home.
What is the coverage?
This is not a contemporary Fire and Burglary policy as the cover is not limited to only fire and theft losses but various other means and there are many additional covers and benefits being built into a single policy that suit most people with a Home whether you own or rent a house.
Home Protect Insurance coverage is divided into 5 main sections. The following sections are only applicable when specified in the Schedule:
Section 1: Buildings
Section 2: Contents
Section 3: Multi Risks
Section 4: Personal and Family Liability
Section 5: Personal Accident to Insured, Legal Spouse, Children or Any Member of Your Family Permanently Residing With You

With Infinity Insurance I pay 0.1% a year of the insured sum for Fire and Perils insurance (that includes vandalism, floodings, explosion, storm, etc).

Can recommend Infinity they're easy to deal with, have all my insurance policies there.

PSD-Kiwi,,, I borrowed 20 k through ANZ R 10 years ago , and it was conditional of insurance , to protect their interests,, but it's how banks do business and make the extra money. No insurance ,,, no loan.
You may also note that ACLEDA Bank pushes Manulife life insurance onto all new account holders .

Sorry Duncan, I should have said “not all banks”. Of the several we approached for a home loan, one of which was Acleda, Insurance was not a condition.

whiteribbon wrote:With Infinity Insurance I pay 0.1% a year of the insured sum for Fire and Perils insurance (that includes vandalism, floodings, explosion, storm, etc).

Can recommend Infinity they're easy to deal with, have all my insurance policies there.

Sounds really good... So for example a $500,000 policy will only set me back $500/year.

Is the deductible rediculously high?

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This is great expat info. Thanks to all.

lostjeremy wrote: ↑Wed Dec 20, 2017 10:02 pm

whiteribbon wrote:With Infinity Insurance I pay 0.1% a year of the insured sum for Fire and Perils insurance (that includes vandalism, floodings, explosion, storm, etc).

Can recommend Infinity they're easy to deal with, have all my insurance policies there.

Sounds really good... So for example a $500,000 policy will only set me back $500/year.

Is the deductible rediculously high?

My deductible on the house insurance is $500

Askeda few companies last year. Cannot remember which ones but the best would only cover brick buildings for fire and there was a $1000 deductible for theft