The policy premium (which is the amount you pay us) is made up of several different components: the Tower premium, levies we collect on behalf of the Government, and GST.
To help you understand where your money goes, let’s look at a breakdown of the costs for an average suburban house.
Your premium includes a 15% Goods and Services Tax on the amount owing.
This is the money we use to pay your claims and other costs to run our business. We also need to pay our insurance - it's called reinsurance.
An average suburban house in Hamilton
Earthquake Commission (EQC) Levy
This contributes to EQC's earthquake and natural disaster cover. We collect this on behalf of the Government and pay it directly to EQC.
Fire Service Levy
The levy covers most of the work that Fire and Emergency New Zealand does, including putting out fires, educating the public and attending vehicle incidents. We collect this levy on behalf of the Government and pay it directly to Fire and Emergency New Zealand.