What's covered, what's an excess, how about EQC cover? We explain the basics about house and contents insurance.
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Protect your assets against major disasters and minor mishaps with the right house and contents insurance policy. We explain what to look for, ways to save, and review policies and premiums for 10 insurers.
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Protect your assets against major disasters and minor mishaps with the right house and contents insurance policy. We explain what to look for, ways to save, and review policies and premiums for 10 insurers. Join Consumer and choose what's right for you.
We asked insurers to quote annual premiums for our 4 profiles: a young professional; a couple buying their first home; a family of 4; and a retired couple. The premiums for everyone except our young professional are based on comprehensive house and contents policies. The premiums for our young professional are based on a comprehensive contents policy.
The difference in annual premiums can vary significantly (see our calculator). And while the policies are broadly similar, it still pays to check the fine print to make sure your prized possessions are fully covered. Our insurance database compares each insurer’s policy cover.
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We’ve made these assumptions:
Most companies offered discounts for taking out combined house and contents insurance policies and for remaining claims-free over a set number of years. Most also offered a discount if the house had a monitored alarm. We accepted all these discounts.
We sent our survey to 16 providers which sell house and contents insurance direct to the public. 6 declined to participate: ANZ Bank (underwritten by Vero), Westpac (underwritten by Lumley), FinTel, Kiwibank, Tower and TSB Bank (all underwritten by Tower Insurance).
AA Insurance is assessing homes in Christchurch case-by-case before deciding to insure them. FMG is concentrating on new business in rural areas in Canterbury. It continues to offer cover in Christchurch – but primarily for existing customers. Youi didn’t provide us with quotes for house or contents insurance in Hamilton.
To decline a claim under a clause for reasonable care, your insurer must prove you were grossly careless, negligent or reckless. It can’t decline your claim for run-of-the-mill carelessness. The Insurance and Financial Services Ombudsman (IFSO) said “this is because insurance, by its very nature, protects the insured against negligence and mere inadvertence”.
So how does an insurer prove gross negligence? According to IFSO, it looks at the circumstances leading up to your loss and asks “would a reasonable person have run the same risks?” If the answer is “no”, it can decline your claim.
In addition, the benchmark for “reasonable care” depends on circumstances such as where an item was left and for how long. There’s a difference between leaving your baggage unattended in the locked boot of your car for 10 minutes and leaving it on the passenger seat overnight.
With this in mind, you can challenge your insurer if your claim is declined for failing to take reasonable care. All insurers must belong to an independent dispute resolution scheme such as IFSO or Financial Services Complaints Limited. If you and your insurer can’t settle the dispute, you can refer it to the applicable service.
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