Your premium is what you pay to insure your home and belongings from the unexpected. It’s tailored to you based on where you live, what you own, and the level of cover you’ve chosen.
We consider the cost to replace or repair your things, or rebuild your home by looking at:
When disasters strike and many people need help to recover, reinsurance (insurance for insurers) helps cover the cost of claims, ensuring we can be there for you when you need us most. That’s why a portion of your premium goes towards reinsurance.
On top of your premium, we collect taxes and levies that are set by the government:
An excess is the amount you contribute to a claim. You pay the excess, then we cover the rest of the cost of the claim. You’ll need to pay an excess whenever you make a claim, unless it’s stated otherwise in the policy.
Sum insured is the maximum amount we'll pay you if you make a claim. For home insurance, it’s your estimate of the maximum cost to repair or rebuild your home if it’s damaged or destroyed. For contents insurance, it's the total amount you’d need to replace your belongings if they were lost or damaged in a disaster.
When nothing’s changed at your end, it’s hard to understand why premiums go up. Here are some reasons why you might see a change:
It’s getting more expensive to replace and repair things, and to rebuild homes in New Zealand.
If a lot of people make similar claims, prices can go up.
The more weather events and natural disasters we experience nationally, the higher our reinsurance costs are.
Levy amounts are set by the government and tend to increase over time.
Your premium can also change if you adjust your excess, add or remove optional benefits, or change your cover (sum insured) amount.
If you’re looking to save on insurance costs, here are some options that may help:
If you're going through a tough time or need help accessing our services, we’re here to help.
