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A guide to how house insurance works in New Zealand, including the role of the Natural Hazards Commission Toka TÅ« Ake.
House insurance covers the cost of repairing or rebuilding your home if it is damaged or destroyed by an insured event - such as fire, storm, flood, earthquake, or accidental damage. It protects the physical structure of your home, including walls, roof, foundations, fixed floor coverings, and permanent fixtures like kitchens and bathrooms.
In New Zealand, house insurance works in two layers. The first layer is provided by Natural Hazards Commission Toka TÅ« Ake, which covers natural disaster damage (earthquake, natural landslip, volcanic eruption, hydrothermal activity, and tsunami) up to $300,000 + GST per dwelling. The second layer is your private insurer, which covers damage above the NHC cap and also covers events that NHC does not, including fire, storm, flood, burst pipes, and accidental damage.
To have NHC cover, you must hold a current house insurance policy with a private insurer. If you don't have private insurance, you don't get NHC cover either. This is one reason why maintaining house insurance is critical in New Zealand, even beyond the mortgage requirement.
House insurance does not cover your personal belongings (furniture, clothing, electronics). For that, you need a separate contents insurance policy. Many providers offer discounts when you bundle house and contents together.
If you have a mortgage, your bank will almost certainly require you to have house insurance as a condition of the loan. Even without a mortgage, your home is likely your most valuable asset, and the cost of rebuilding without insurance would be financially devastating for most households.
Most NZ house insurance policies are now sum insured, meaning you set the maximum rebuild amount when you take out the policy. If your home is destroyed and the rebuild costs more than your sum insured, you pay the difference. Use a rebuild cost calculator (like the Cordell Calculator) to set your sum insured accurately, and review it every year to account for rising building costs.
Why New Zealanders use both terms, and what each one actually buys you.
In New Zealand, "house insurance" and "home insurance" are used interchangeably, and most insurers treat them as the same product. AA Insurance and Initio label their product home insurance, while AMI, State, Tower and Vero label the equivalent product house insurance. The cover is the same thing: it insures the building, not what is inside it.
The distinction that actually matters is between the building and its contents. House or home insurance covers the structure itself, including fixtures, fittings, and usually outbuildings such as a garage or shed. Contents insurance is a separate policy covering your belongings: furniture, appliances, clothing, and electronics. Buying both together is often called house and contents insurance, and most insurers discount the combination.
If you rent rather than own, you do not need house insurance at all, because the building is your landlord's responsibility. What you need is renters insurance, which is contents cover for tenants. If you own a property you rent out to someone else, you need landlord insurance, which adds cover for things like loss of rent and tenant damage.
Searching for "home insurance" and "house insurance" in New Zealand will return the same products. What changes your price is the sum insured, your excess, and where the property is - not which of the two words the insurer happens to use.
The main types of house insurance cover available in New Zealand.
The most common type. Covers your home against a wide range of events up to your nominated sum insured amount. Includes accidental damage, fire, storm, flood, earthquake (via NHC + top-up), theft damage, and more.
Covers your home only for specific named events listed in the policy (e.g. fire, storm, earthquake). Anything not specifically listed is not covered. A lower-cost option but with gaps in protection.
Minimal cover for fire and natural disaster only. Meets the basic mortgage requirement but leaves significant gaps. Not widely available as a standalone product.
In-depth look at New Zealand's most popular home insurers.
AA Insurance
One of NZ's largest insurers. Joint venture between AA NZ and Suncorp. Strong house insurance offering with included natural disaster cover and NHC top-up.
AMI Insurance
Originally a mutual insurer, now owned by IAG. One of NZ's most trusted brands with strong nationwide presence. Popular family-focused house insurance.
State Insurance
Long-standing NZ brand under IAG. Strong multi-policy discounts when bundling house, contents, and car insurance together.
Tower Insurance
NZ's largest NZX-listed insurer. Uses address-level risk pricing, meaning your premium reflects the specific risk at your property. Strong digital experience.
Vero Insurance
Major insurer operating through broker networks. Part of Suncorp Group. Comprehensive house insurance with strong cover options available through your broker.
FMG Insurance
New Zealand's leading rural insurer. Mutual insurer owned by its members. Particularly strong for rural and lifestyle property insurance with personal local advisors.
MAS Insurance
Mutual insurer for professionals and their families. Consistently high customer satisfaction ratings and competitive premiums for eligible members.
Trade Me Insurance
Trade Me's insurance offering provides house cover for NZ homeowners. Easy online quotes and management through the Trade Me platform.
How we rate: Ratings are Compare.org.nz editorial scores, assessed separately for each type of cover, so the same brand can score differently for house, landlord or contents insurance. Scores reflect published policy benefits, cover breadth, price positioning and how easy the insurer is to buy from and claim with. They are our opinion, not advice, not a guarantee of service, and not a measure of financial strength. Benefit limits were checked against each insurer's own product pages on 22 July 2026. How we source and check data.
Key factors to consider when comparing house insurance policies in New Zealand.
Who actually underwrites each brand, and how their standard benefit limits differ. Several brands you think of as separate sit on the same underwriter and the same policy wording.
| Provider | Underwriter | Cover basis | Hidden gradual damage | Retaining walls | Temporary accommodation | How to buy |
|---|---|---|---|---|---|---|
| AA Insurance | AA Insurance Ltd JV: NZ AA + Suncorp |
Sum insured, plus a replacement cover benefit that can pay above it | Not covered | Not stated on product page | $40,000 | Online |
| AMI | IAG New Zealand Ltd | Sum insured (Cotality Sum Sure) | $3,000/yr | $50,000 (higher available) | $30,000 | Online |
| State | IAG New Zealand Ltd | Sum insured (Cotality Sum Sure) | $3,000/yr | $50,000 (higher available) | $30,000 | Online |
| Initio | IAG New Zealand Ltd | Sum insured, plus 10% inflation protection | $3,000 | Not stated on product page | $20,000 | Online |
| Tower | Tower Ltd | Sum insured, three tiers | $1,000 / $2,000 / $3,000 | $15,000 / $25,000 / $50,000 | $15,000 / $25,000 / $30,000 | Online |
| Trade Me Insurance | Tower Ltd | Sum insured, plus 20% extra for fire | $2,000 | Optional extra | $25,000 | Online |
| Vero (Maxi) | Vero Insurance NZ Ltd | Sum insured, plus SumExtra 10% if eligible | $3,000 | $80,000 (more with a valuation) | Up to 12 months, on top of sum insured | Broker |
| Vero (Flexi) | Vero Insurance NZ Ltd | Indemnity value, capped at sum insured | ✗ | ✗ | Up to 12 months, on top of sum insured | Broker |
| MAS | MAS (Medical Assurance Society) | Full Area Replacement, or sum insured | $5,000 hidden gradual loss | $100,000 | Included, alternative accommodation benefit | Members only |
| FMG | FMG Insurance Ltd mutual, member-owned |
Sum insured | Check with FMG | Check with FMG | Check with FMG | Adviser |
| Ando | Ando Insurance Group Ltd | Sum insured, with price surge protection | Check with broker | Adjustable limit | Included, adjustable limit | Broker |
Disclaimer: Limits are the standard benefits published on each insurer's own product pages, checked 22 July 2026. Optional add-ons, tier upgrades and broker-arranged terms can change them, and policy wordings are updated from time to time. Figures apply to standard house policies, not landlord or holiday home variants. Always confirm current limits directly with the insurer before purchasing. Spotted something wrong? Let us know.
A detailed breakdown of what's typically included in NZ house insurance policies.
| Feature | Comprehensive | Named Perils | Basic/Fire |
|---|---|---|---|
| Fire, lightning, explosion | ✓ Covered | ✓ Covered | ✓ Covered |
| Earthquake (via NHC + top-up) | ✓ Covered | ✓ Covered | ✓ Covered |
| Storm & wind damage | ✓ Covered | ✓ If named | ✗ |
| Flood & rainwater | ✓ Covered | ✓ If named | ✗ |
| Accidental damage | ✓ Covered | ✗ | ✗ |
| Burst pipes & water damage | ✓ Covered | Varies | ✗ |
| Theft & burglary damage | ✓ Covered | ✓ If named | ✗ |
| Vandalism & malicious damage | ✓ Covered | Varies | ✗ |
| Volcanic eruption & tsunami | ✓ NHC + top-up | ✓ NHC + top-up | ✓ NHC + top-up |
| Landslip (natural) | ✓ NHC + top-up | ✓ NHC + top-up | ✓ NHC + top-up |
| Temporary accommodation | ✓ Included | Varies | ✗ |
| Retaining walls & fences | Some providers | Varies | ✗ |
| Outbuildings (garage, shed) | ✓ Often included | Varies | ✗ |
| Glass & sanitary fixtures | ✓ Covered | Varies | ✗ |
Sum insured: you set a maximum rebuild amount when you take out the policy. If the rebuild costs more, you pay the difference. This is now the standard in NZ after the Canterbury earthquakes showed the risk of open-ended full replacement policies. Full replacement: the insurer pays whatever it costs to rebuild, with no cap. Very few NZ insurers still offer this. If you have a sum insured policy, review your amount annually - building costs in NZ have risen significantly since 2020.
Understanding what is not covered is just as important as knowing what is.
Damage that happens slowly over time - such as rot, rust, mould, rising damp, or deterioration from lack of maintenance - is generally not covered. Insurers expect you to maintain your home in good condition. Some policies offer limited gradual damage cover as a benefit, but with caps and conditions.
Normal ageing of your home is not covered. If your roof fails because it is 40 years old and has never been maintained, that is wear and tear, not an insurable event. Keeping your home maintained is both a policy requirement and protects your investment.
While burst pipes and storm damage are usually covered, water damage from gradual leaks, poor drainage, or rising groundwater may not be. The distinction between "sudden" and "gradual" water damage is one of the most common areas of dispute in house insurance claims. Check your PDS carefully.
If your home was built or renovated using substandard materials or methods, resulting damage may not be covered. This is particularly relevant for homes with weathertightness issues (leaky buildings). Damage caused by defective design or construction is typically excluded.
Any damage you cause intentionally to your own home is not covered. This includes damage caused by tenants acting deliberately (though some landlord-specific policies may cover this). Arson by the policyholder voids the policy entirely.
If your home is left unoccupied for an extended period (typically 60 days or more), your cover may be restricted or voided. If you plan to leave your home empty - for example during extended travel or renovation - notify your insurer in advance.
Damage caused by tree roots, ground subsidence, or soil movement that is not the result of a natural disaster (earthquake, landslip) is often excluded. Settling of foundations over time is also not covered as it falls under gradual damage.
If you have carried out building work without the required building consent, your insurer may decline claims related to that work. Always obtain proper consents and code compliance certificates for any building or renovation work.
Understanding these factors can help you find a better deal.
The single biggest factor. Wellington attracts higher premiums due to earthquake risk. Flood-prone areas, coastal properties, and areas with high crime rates all cost more to insure.
The higher your sum insured, the more you pay. Make sure it accurately reflects rebuild cost - not too high (overpaying) and not too low (underinsured).
Timber frame, brick, concrete, or steel? Roof material (tile, iron, concrete)? Older homes or unusual construction may attract higher premiums or be harder to insure.
Older homes may cost more to insure due to outdated wiring, plumbing, or building methods. Homes built before the 1990s may have specific exclusions or conditions.
A history of claims on the property or by you personally can increase premiums. Claim-free years may earn discounts with some providers.
Alarm systems, deadlocks, security cameras, and smoke detectors can earn discounts. Some insurers require minimum security standards.
Choosing a higher voluntary excess lowers your premium. Standard house insurance excess is $500 - $1,000. You can choose $250 - $5,000+.
Some insurers offer discounts for bundling house + contents + car, though most major NZ insurers (AA, AMI, State, Tower) have removed multi-policy discounts during 2024-2025. Check with your insurer whether bundling still saves.
Properties in flood zones, near fault lines, on hillsides, or in tsunami-risk areas pay more. Tower uses address-level risk pricing.
Indicative annual premiums for a standard three-bedroom home with no recent claims.
Disclaimer: All prices shown are indicative estimates based on publicly available data as at July 2026. Actual premiums vary significantly based on your property's location, construction, sum insured, and claims history. These figures are not quotes. Always obtain a personalised quote from the insurer directly.
Practical tips that could save you hundreds of dollars every year.
Don't auto-renew without checking alternatives. Premiums can vary by 20 - 40% between providers for the same property. Use comparison tools and get at least 3 quotes.
Raising your excess from $500 to $1,500 can reduce premiums by 10 - 20%. Only do this if you can afford the excess out of pocket when needed.
Combining house, contents, and car insurance with one insurer may save on premiums, though most major NZ insurers have removed multi-policy discounts during 2024-2025. Check with your insurer whether bundling still saves.
Make sure your sum insured is accurate - not too high (overpaying on premiums) and not too low (underinsured). Use the Cordell Calculator annually.
Monthly payments include instalment fees that add up. Paying your premium upfront once a year is almost always cheaper overall.
Installing alarm systems, deadlocks, security cameras, and smoke detectors can earn premium discounts and reduce your risk of claims.
Regular maintenance prevents claims and keeps your insurer happy. Fix leaks promptly, maintain your roof, clear gutters, and address issues before they escalate.
Some insurers offer long-term customer discounts. However, Consumer NZ notes that loyalty doesn't always mean cheaper - always compare.
If you're building or renovating, materials matter. Concrete tile roofs may attract different premiums than long-run steel. Ask your insurer what construction choices affect pricing.
Some providers offer discounts for years without claims. Unlike car insurance NCBs, these are less standardised for house insurance, so ask each provider directly.
Your renewal date is the best time to review your cover and compare prices.
Most house insurance policies renew automatically. Your insurer will send a renewal notice 2 - 4 weeks before renewal showing next year's premium and updated sum insured. House insurance premiums have risen sharply across NZ in recent years, so checking alternatives at renewal is more important than ever.
Start comparing 2 - 3 weeks before your renewal date. You'll need your property address, construction details, year built, sum insured, and claims history. Most providers offer online quotes in under 10 minutes. Get quotes from at least 3 - 4 insurers.
Don't just compare price. Check what's included: natural disaster excess, temporary accommodation limits, retaining wall cover, gradual damage benefits, and any specific exclusions. A cheaper policy with significant gaps may cost more in the long run.
Start your new policy from the day your old one expires to avoid a gap in cover (your mortgage lender requires continuous insurance). If you cancel mid-term, check for cancellation fees. Ensure your NHC cover transfers seamlessly with your new insurer.
Step-by-step guide to the claims process in New Zealand.
Make sure everyone is safe. If the home is structurally damaged, do not enter. Call 111 for emergencies.
Take photos and video of all damage before any cleanup. Keep damaged items if possible. Note the date and circumstances.
Call your insurer's 24/7 claims line or lodge online. For natural disasters, your insurer coordinates with NHC on your behalf.
A loss adjuster assesses the damage. For large claims, this may involve engineers or quantity surveyors. Emergency repairs can proceed.
Repairs are completed by approved contractors, or you receive a cash settlement. Temporary accommodation is arranged if needed.
Key NZ-specific facts about house insurance and natural disaster cover.
Natural Hazards Commission Toka TÅ« Ake provides the first $300,000 + GST of natural disaster cover per dwelling for earthquake, natural landslip, volcanic eruption, hydrothermal activity, and tsunami. You must have private house insurance to receive NHC cover. Since 1 July 2024, your private insurer manages all NHC claims on NHC's behalf, so you only deal with one company. The NHC excess is $500 per dwelling (since 1 July 2024).
New Zealand sits on the Pacific Ring of Fire and is exposed to earthquakes, volcanic eruptions, tsunami, and severe weather events. The Canterbury earthquake sequence (2010-2011) caused over $40 billion in damage. Cyclone Gabrielle (2023) and the Auckland Anniversary floods highlighted flood risk. These events have significantly shaped NZ's insurance landscape and pricing.
After the Canterbury earthquakes, NZ insurers moved from full replacement to sum insured policies. This means homeowners must accurately estimate their rebuild cost. Sorted.org.nz and the Insurance Council of NZ both stress the importance of regularly reviewing your sum insured to avoid being underinsured.
All NZ insurers must be licensed by the Reserve Bank of New Zealand and registered on the Financial Service Providers Register. The IFSO provides free dispute resolution. The FMA regulates conduct in financial markets including insurance.
NZ building costs have risen sharply since 2020, driven by supply chain issues, labour shortages, and increased regulatory requirements. This means sum insured amounts set a few years ago may no longer be sufficient. The Cordell Calculator and MBIE building cost data can help you estimate current rebuild costs.
The NZ house insurance market is dominated by IAG (AMI, State, NZI, Lumley) and Suncorp (Vero, AA Insurance), together holding around 65 - 70% of the market. Tower is the largest NZX-listed insurer. Digital entrants like Ando are growing but still hold smaller market shares for house insurance than car insurance. Note: Cove does not currently offer house insurance.
Every NZ insurer must provide a Product Disclosure Statement. Here's what to look for.
A Product Disclosure Statement outlines everything about your house insurance policy: what's covered, what's excluded, your obligations, and how to claim. Under the Financial Markets Conduct Act 2013, all NZ insurers must provide one. Read it before you buy, not after you need to claim.
When you apply, you must provide accurate information about your property: age, construction, previous claims, known issues (e.g. weathertightness problems, subsidence), and any building work done without consent. Under the Insurance Contracts Act 2024, disclosure rules are being modernised, but honesty remains essential.
Let your insurer know about any changes during your policy period:
Answers to the most common questions about house insurance in New Zealand.
Yes. NZ insurers use the two terms interchangeably for the same product, which covers the building itself. AA Insurance and Initio call it home insurance; AMI, State, Tower and Vero call it house insurance. Neither term includes your belongings, which are covered by a separate contents policy. Buying both together is usually called house and contents insurance and generally attracts a multi-policy discount.
Key terms explained in plain language.
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