What makes up your contents insurance premium?
To get an idea of where your money goes, here’s an overview of what makes up your contents insurance premium.
Base or Company premium
The money we use to pay your claims and our other costs, like paying our staff.
It’s also used to pay for our own insurance; this is called reinsurance.
Fire & Emergency levy
Your contribution to Fire and Emergency New Zealand. This fee goes towards supporting the fire and emergency services.
Your premium also includes a 15% Goods and Services Tax of the total cost.
How we price insurance
We use historical and market data to analyse the risk at different addresses across New Zealand. Your specific cover is also considered, such as your sum insured and whether you have any specified items that might need extra cover. We also allow for natural hazards in our pricing, such as the risk of earthquakes.
Why does the cost of contents insurance go up?
We need to make sure we’re able to help you if something unexpected happens.
We’re always reviewing our pricing, and your premium might change at renewal. It’s based on a few things specific to you, like your claim’s history, where you live and the type of assets you own.
Inflation also plays a part, as supplies, parts, or replacement items become more expensive, so your premium may to be adjusted accordingly.
It's important to make sure you have enough insurance to cover everything in your home. If you’re not sure how much that is, you can use our Contents Calculator to do the maths for you:
Know your numbers
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