Home and Contents Insurance Comparison NZ

Premiums depend on rebuild cost (for the house), the sum insured for contents, location risk (EQC zone, flood plain), the excess chosen and the materials of the house. Wellington and Christchurch run higher than Auckland for earthquake risk. A typical urban home with mid-range sums insured pays a few thousand a year combined.

NZ insurers moved from "full replacement" to "sum insured" house cover after the 2010-11 Canterbury earthquakes. Sum insured means YOU set a maximum the insurer will pay — get the rebuild estimate wrong and you may be underinsured. Contents cover is still typically sum insured up to a chosen limit.

NZ Natural Hazards Cover (formerly EQC) automatically covers the first portion of natural-hazard damage if you have a private home insurance policy. Private insurance covers above the cap and for non-natural-hazard claims. The two are designed to work together — but the EQC cap matters.

Contents covers your belongings inside the house — furniture, appliances, clothes, electronics, jewellery (up to per-item limits), books. Most contents policies also cover items taken outside under "portable contents". Cash, business stock and consumables are usually excluded or limited.

Yes if any single item exceeds the per-item unspecified limit (the cap varies by insurer — commonly in the low-to-mid four-figure range). Specifying an item requires a valuation but means full cover if it is lost or stolen. Unspecified items above the limit are capped no matter the actual value.

Cover for belongings you take outside your home — laptops, cameras, phones, sports equipment. Many policies include limited portable cover as standard with higher-value items needing to be specified. Check whether overseas trips are covered.

Most insurers accept claims online with photos and an itemised list. For larger damage they appoint an assessor. EQC claims are lodged with EQC first (which may take longer) and excess goes to the private insurer. Smaller contents claims are usually paid via cash settlement or store voucher.

Yes. Cancel the existing policy and the insurer refunds the unused portion (minus a small admin fee). The new policy starts when you want it. No-claim history is generally portable between mainstream insurers.

You can cancel at any time and receive a pro-rata refund of premium. There is no surrender value on home or contents insurance — it is a year-by-year policy.

Use an online rebuild calculator (Cordell or QV provide them) or commission a professional rebuild estimate, especially for older or unique houses. Include demolition, professional fees, council compliance and inflation buffer. Underinsurance is the biggest risk in NZ home insurance.