Home Contents Insurance in NZ

Contents insurance covers the things inside your home — furniture, appliances, electronics, clothes, sports gear — against fire, theft, flood and accidental damage. It's relatively cheap protection against losing everything you own in a single bad night.

What's typically covered

• Fire, smoke and explosion damage.
• Theft and burglary, including damage caused during a break-in.
• Storm, flood, and burst pipes.
• Accidental damage to your own belongings, on most modern policies.
• Items temporarily away from home, up to a sub-limit.

Replacement vs indemnity

Replacement (new-for-old) cover pays to replace an item with an equivalent new one. Indemnity cover pays the depreciated value. Replacement is almost always worth the extra premium for everyday items, though some old furniture or jewellery may sit on indemnity terms.

How to size your sum insured

Walk through every room and list big-ticket items: TVs, laptops, whiteware, beds, suits, tools, sports gear. Add the value of clothing and kitchenware as round figures. Most Kiwi households underestimate by 30-50%. Increase the sum insured whenever you make a major purchase.

EQCover and how it interacts

The Natural Hazards Commission (Toka Tū Ake) provides EQCover on contents through your private insurer. The first $25,000 of natural disaster damage is covered by EQCover; your private policy covers everything above that.

Specified items and excesses

Anything worth more than your single-item limit (often $2,500) usually needs to be specified by name and value. Higher excesses meaningfully reduce premium and are worth considering if you have an emergency buffer in place.

Key takeaways

• Replacement cover is usually worth the small extra premium.
• Most households are underinsured — walk through and recount.
• Specify high-value items, including jewellery and bikes.
• EQCover applies automatically through your contents policy.

Compare current contents insurance options on MoneyGuru, and pair it with car and life cover for a coherent household plan.