Our guide explains everything you need to know to get the best policy at the lowest price.

Many homeowners in certain parts of New Zealand have seen significant changes in their home insurance policies. While both Earthquake Commission (EQC) and Fire Service levies have increased, this is not causing reported cases of policy costs doubling. The reason is primarily the risk of earthquakes. Tower Insurance and AIG (which owns AMI, NZI and State) introduced 'full risk-based pricing' in mid-2018. This means that insurers now don't 'share' the risk with less-risky policyholders. Instead, if you own a house in an area with a higher risk of earthquakes, you will pay more for insurance.

If you are in Christchurch, Kaikoura or Wellington, this may mean insurance is more difficult to obtain and expensive, as outlined by our sample quotes guide and media reports.

We've compared house insurance policies side-by-side to make it easier to see where you're covered, and where you're not. Download our comparison table in PDF or JPEG format. 

Disclaimer: This policy comparison is not intended to be financial or insurance advice. It is a summary of the various policy terms of coverage only. For full details of policy coverage, terms, benefits and exclusions please refer to the specifc policy wording document.

There is no average price; every home is different. Throughout New Zealand, insurers vary their quotes based on the size of the home, location, age of home, materials used to build the home, section angle and many other factors. The best way to find the best house insurance deal is to review our house insurance quote comparison and get your own quote directly with the insurers. 

Our review of house insurance quotes outlines the most common policies available in New Zealand, and sample costs.

House insurance covers the cost of rebuilding or repairing your home if it is damaged or destroyed. External garages, garden sheds and fences are also covered, as is the cost of replacing things like pipes, cables and drains. The costs of demolition, site clearance, and architects' fees are also covered by house insurance.

Commonly throughout New Zealand, most people need to claim on their house insurance when there is loss or damage caused by:

• An earthquake
• A fire
  
• A flood
  
• Vandalism
  
• Theft causing property damage (i.e. broken windows)
  
• Frozen and burst pipes
• Fallen trees
• Land subsidence (i.e. sea-facing properties)

You need enough cover to pay for a complete rebuild. If disaster strikes and you don't have enough cover, you will have to pay for the difference between the cover and total rebuild cost yourself. Our House insurance calculator guide outlines exactly what you need to know to get an appropriate level of cover.

No, unless you have a mortgage over your home (see below). House insurance is however recommended given the number of natural disasters that put New Zealand under threat, as well as the risk of fire or flooding. Because a home is likely to be most New Zealand's biggest asset, spending $700 to $1,500 a year protecting it should be a priority.

No - but many banks and mortgage brokers will try and sell house insurance as part of the lending process. Our view is to shop around, as banks and mortgage brokers make plenty of commission from selling policies, which may not be the best available in the market.

No - house insurance is the responsibility of your landlord to protect the buildings. You can consider contents insurance, but this not required either.

Most insurers offer monthly, quarterly and annual payment options. Be aware that in some cases, paying monthly can mean you pay 10-15% more, which we believe is far too high. 

​Each policy will be quoted with a compulsory excess, which many insurers let you adjust upwards or downwards before buying the policy. The excess is always outlined when you buy a policy, and generally, a higher excess will lower the cost of your insurance premium, and a lower excess will increase the cost of insurance. In our research, we found $500 was the most common standard excess. 

When you select your excess, consider what you could afford tomorrow if disaster struck. If your limit was $500 or $750, a similar excess would be more appropriate than selecting a $1,500 or $2,500 excess, even if you pay more annually for a policy.

If you to insure your contents as well, our guide to house and contents insurance explains more. If you do buy a combined policy, make sure you check the details carefully. Some insurers may have a separate excess for both parts of your policy, which means a claim affecting both the structure of your home and its contents, such as a flood or fire, will result in a double excess. Be sure to check a policy for this limitation. 

Yes - if you move house you can cancel and be refunded any prepaid time on your policy. You can also increase or decrease your sum insured cover at any time; the insurer will re-calculate your policy cost based on the new amount.

Once you’ve become familiar with the basics and have decided to purchase house insurance, it’s time to get the best quote for what you need. Unlike travel insurance or life insurance, there are no price comparison websites for house insurance.
 
Get the best policy without becoming overwhelmed by the details

Tip 1 – Read our Best Buy House Insurance policies below to get an idea of price and coverage
We have put together a number of house insurance quotes from AA Insurance, AMI, AMP, ANZ, Inition, State, Trade Me, Tower and Westpac for a number of properties all over New Zealand. The purpose is to help everyday New Zealanders to understand the cover level and make it easier to pick the right policy while reducing the chance of overpaying for cover.  

Tip 2 - Check your policy cover and excess
Make sure the policy quote offers the right level of cover, and consider what excess levels or extra coverage you are happy with. Generally, a higher excess coupled with lower coverage (in dollar terms)  equals a cheaper quote, but it's essential to make sure the cover level is sufficient when buying house insurance (or any insurance for that matter).  

Tip 3 – Lower the excess only if you are comfortable paying more for a policy cost
If you have the right level of cover, you can pay less for a policy by choosing to have a higher excess. However, it's important to make sure you can afford the excess if and when you need to make a claim.

In almost every case, making a claim will be an easy process. Knowing your house insurance policy’s excess level and terms and conditions will limit any nasty surprises.  To have the best experience when making a claim, follow these steps:

1. Insurers ask to be contacted as soon as possible when there is damage or a loss. You will need to be able to pay the excess for the claim to be processed. Generally, insurers require you to:
2. Provide full details of the situation - the time and date, reason or cause etc.
3. Provide evidence of the loss - photographs of the damage to your home, a police report etc
4. In the case of earthquake damage, your home may not be accessible for days, weeks or even months while the damage is assessed. Do not enter your property in this time.
5. In the case of flooding, it can take weeks (or longer) for a property to dry out. 
6. Report any sewage issues or hazards to your local city or district council
7. Do not attempt to make any repairs yourself - always contact your insurer and arrange for an approved professional to do any work that is covered. If it's an emergency and your insurer cannot fix the problem, contact a qualified plumber, electrician or builder. You can keep the receipts and claim on these. 
8. If you have the right level of cover, your house insurance policy will pay out for any damage incurred. Most policies also cover alternative accommodation (hotels, motels etc) if you cannot access your property. 

If your claim is rejected, appeal and complain

• Your insurer should inform you, in detail, why the claim was rejected and how it falls outside your policy.
• If you disagree, jump on the phone and explain why your claim meets the T&Cs of the policy you bought.
• If the insurer still refuses to cover your claim, ask your insurer for a "letter of deadlock". This letter lays out why the insurer disagrees with your claim. Once you have the letter of deadlock, you can access the Insurance & Financial Services Ombudsman Scheme which resolves disagreements between customers and their insurers.
• Their free-of-charge service will make the final decision about your claim and order the insurer to pay out if they find in your favour. 
• If your insurer isn't a member, you can complain to Financial Services Complaint Ltd who follow a similar process.