A business expert is urging Kiwis to make sure the most important things in their lives are insured.
This has become increasingly important after the recent Auckland flooding which saw the city hit by record-breaking rain.
This resulted in 253 properties being red-stickered and 1351 yellow-stickered, as of Saturday morning according to Auckland Emergency Management.
Businesses were also affected by the flooding and Auckland Business Chamber chief executive Simon Bridges told AM last week some might not have been insured.
Business desk investments editor Frances Cook told AM on Tuesday Kiwis should be thinking about the big priorities in their life when it comes to insurance.
"When you're trying to figure out your priorities, it goes people first, then money, then stuff. So you need to think about what things can't you live without," Cook told AM.
"If you're someone who has kids dependent on you, you're the main income earner in your family, then you might need to insure your income.
"Think about the big things first, what would derail your life and that's what you've got to focus on. Things like your phone, probably not so much, you might be able to replace that from savings if you've got it. Big things. Think big."
Cook said after the recent flooding in Auckland, some renters should consider contents insurance as their landlord's coverage might not cover their personal contents.
"It's always thinking about your life priorities and what would derail that. For a lot of people, their car got wrecked, which means they can't get to work. So insurance for your car might actually have been more important than they were thinking," she said.
When asked if Kiwis should consider health insurance, Cook said it comes down to each individual but if they can afford it, it's a good idea.
"We are very lucky here in New Zealand that we do have a good health system right, but if you have any health conditions or you want to get just maybe the cheapest plan ever … that's often a really good idea," she said.
"When we're talking people first, that can be if you have kids who are dependent on you or partner, you're the main income earner, then maybe it might be life insurance.
"You might get rid of that once the kids leave home or once the mortgage is paid off. But while you're the main income earner and people are reliant on you, then life insurance might be a really good thing."
Watch the full interview with Frances Cook above.
