Most people find out they've been managing their insurance wrong at the worst possible moment — when they're standing in the wreckage of a flooded lounge or calling from the side of the road after an accident. In those moments, the last thing you want to hear yourself say is "I'm not sure which insurer I'm with" or "I don't know where the policy is." This guide fixes that — permanently.
The Information You Need for Every Policy
Having the policy document isn't enough. When you're stressed and need to make a claim, you need specific information at your fingertips. For each policy, record and store:
- Policy number — the reference for every call you make
- Insurer name and claims hotline — not just the broker's number
- Annual premium and next due date — so you're never caught by a lapse
- Excess amount — what you'll pay out of pocket before they step in
- Sum insured or agreed value — is your house covered for what it actually costs to rebuild?
- What is and isn't covered — the exclusions matter as much as the inclusions
Home and Contents: The Most Under-Checked Policy
Research consistently shows that New Zealand homes are significantly underinsured. The most common cause: families take out insurance when they move in and never update the sum insured as building costs rise.
Revisit your home insurance annually and check:
- Is your rebuild value current? (Construction costs in NZ have risen sharply since 2020)
- Is your contents value still accurate? (Account for new appliances, furniture, jewellery)
- Do you have EQC cover? (Most home insurance in NZ automatically includes EQC)
- Does your policy cover temporary accommodation if your home is uninhabitable?
Vehicle Insurance: What People Miss
- Many comprehensive policies lapse to third-party after a certain age — check if your older vehicle is still fully covered
- Your policy may have a "market value" clause rather than "agreed value" — market value pays what THEY decide the car was worth
- Named driver exclusions can void a claim entirely — check who is and isn't covered to drive
- Excess is often waived if the other driver is at fault — but only if you know the correct process to use
Life Insurance: The Documents No One Reviews
Life insurance policies tend to be set up and forgotten. But two things can silently invalidate or reduce your coverage:
- Beneficiary details not updated — after a marriage, divorce, or having children, your named beneficiary may no longer reflect your wishes
- Coverage amount not reviewed — what seemed like enough cover before children may be wholly inadequate after
Review your life insurance annually, at every major life event.
The 30-Minute Insurance Organisation System
Set aside 30 minutes and do this once:
- Gather every insurance policy document — email inboxes, paper files, broker portals
- Upload each one to DocStow under the Insurance category
- Add the policy number and insurer hotline as notes on each document
- Set the premium renewal date as the expiry date — you'll get a reminder before it lapses
- Share the folder with your partner so you're never both searching for the same thing
That 30 minutes could be the most financially valuable half-hour of your year. The next time something goes wrong, you'll have every policy number, hotline, and excess amount in the palm of your hand.
What to Do When You Need to Make a Claim
- Call the insurer's dedicated claims hotline (not the general enquiries line)
- Have your policy number ready
- Document the damage immediately — photos and video before anything is moved or cleaned up
- Get a police report number if theft or vandalism is involved
- Keep every receipt for emergency repairs or temporary accommodation
- Don't agree to any settlement over the phone without reading it in writing first