Complicated is out
Your current policy compared with your new WriteMark™ Plain Language Standard approved policy, plus answers to some questions you may have.
Frequently asked questions
Our customers deserve to have up-to-date insurance cover that’s easy to understand. We’re no longer offering present day value policies so we’re moving you to our latest replacement value policy, Our latest policies have been awarded the WriteMark™ Plain Language Standard so you can easily understand what you’re covered for if you need to make a claim. Simplifying complicated insurance terms is just the start of how we intend to challenge and change insurance in New Zealand.
No, this policy will no longer be available as we’re phasing out old policies and moving customers to our latest cover. We’re recommending you move to our House Plus Cover as this is our closest match to your current policy. However we also have other options that may suit you better. Compare our latest house policies.
You now get full replacement for fire, plus you have some new benefits, such as:
- Lower excess if you need to get broken glass fixed.
- You will now be covered if your house keys are lost or stolen, with no excess for the first claim.
There is reduced cover in some areas:
- The amount you can claim for gradual damage is now limited to $2,000 (down from $5,000).
- Some damage caused by domestic pets is no longer covered.
Your current policy covers your house for present day value. When you move to a replacement value sum insured policy your premium will change to reflect the increased level of cover for your house. You’ll see your premium in your renewal email which you’ll receive shortly. Find out more about how your premium is calculated.
The excess is the amount you need to pay toward any loss when you make a claim and it’s approved. Tower then ‘tops up’ your contribution, up to your policy limit.
When you move to your new policy, your excess may change and it’s important to check it and make sure it’s right for you. If excess refund is part of your current policy, you'll notice that it's not offered on your new policy. This means that you'll now pay an excess if you make a claim. Our latest house policies give you a choice of excesses, ranging from $400 to $2,500.
The amount of excess you choose for your policy will affect the premium you pay - the higher your excess, the cheaper your premium. As well as considering the premium, it’s also important to think about whether you will be able to afford to pay the excess if you happen to have a claim.
As you move to our latest cover at renewal you’ll also have a new unique policy number for each of your policies. Remember to use this policy number as your reference when you contact us or make a payment for this policy. You’ll find your policy number on the top right hand corner of your new insurance documents.
We’re phasing out older house, contents and car policies and moving customers to our latest policies ensuring they have the most up-to-date cover. If you have other Tower policies, we’ll let you know of any changes to each of your policies in another ‘heads up’ email, or in your renewal email. We’re sending an individual email for each policy so you may receive more than one.