Getting organised to move
A new address can mean a new lifestyle, depending on where you’ll live, who you live with and what your previous living situation was. Here are some tips to consider for a smooth transition:
- Check your rental agreements before signing - If you’ll have housemates, it’s best to be in formal living arrangements with clear agreements on when to pay rent and how to split expenses.
- Protect yourself with insurance - if you’ve just bought a new house, you would need home insurance. If you already have existing insurance for your contents it’s a good time to check the value of the contents you own and when moving you may also need to get transit insurance.
It’s a good time to also review your car insurance if you own a vehicle. If you’ve already got this sorted, update the address attached to any existing insurance you have. This may result in a change in how much you'll pay because the situation of your insured property has changed. Remember too that if you’ve previously been relying on insurance held by your parents or other family members then this is unlikely to cover you when you move out, so do make sure you’ve got appropriate cover of your own.
- Update your address - Tell any relevant institution about your change of address. This may include your employer, KiwiSaver provider, bank, health insurance provider, university or the Inland Revenue.
- Set up a mail redirect - New Zealand Post offers a redirect service to forward any mail under your name to your new address for a certain period of time.
- Set up your new bill payments - You can set up recurring payments for rent on most online banking platforms and set up automatic direct debit payments to pay bills.
With these kinds of things taken care of, you can focus more on your new home or getting to know your housemates.
Do I need insurance in my new home?
When considering what you need insurance for you’ll need to weigh up the risks of not having the insurance against the costs of buying it.
If you can’t afford for something to happen to one or all of your belongings then you should seriously think about taking out insurance for them.
What can I insure?
You may hear a lot about people insuring their home or getting life insurance. These are common types of insurance, but you can also insure most of your belongings that are of value to you.
Whether it’s the big-ticket items such as your car or smaller things such as jewellery or your phone, these can all be insured against the risk of damage, theft or loss. This kind of insurance is commonly known as ‘general insurance’.
How much insurance is enough?
The level of cover and the type that you need depend on your personal circumstances and what you are insuring.
When considering how much cover and what type, you need ask yourself how hard it would be financially to repair or replace your valuables and things you depend on if something happened such as a flood or a fire.
Liability cover when renting
If you're a tenant in a rental property you can get contents insurance which will provide you with personal liability cover.
Personal liability cover means that if you're held liable for accidental damage to the rental property, your insurance can cover you.
For example, if a pan caught fire while you were cooking and the kitchen was damaged or worse, the entire house burned down, you could be held liable for the costs of repairing the damage. If you have insurance that gives you liability cover, you will be protected for risks like this.
The cost of insurance
The cost of your insurance will depend on many things including where you live, what the values of your belongings are and any existing security measures such as alarms. It may also be affected by whether there are any things that need special mention like jewellery, camera equipment, bicycles or art and antiques.