Every question, every answer, every source

When your house insurance comes up for renewal in New Zealand, it’s worth treating it as an annual financial check-up rather than simply accepting the new premium. Your insurer may have changed its pricing, excesses, policy wording or cover limits — and your circumstances or the risks to your property may have changed, too.

The key is to compare the cover you’re actually getting, not just the price. A cheaper policy can end up costing you much more if it leaves you underinsured or excludes something important.

1. Your renewal checklist

Here are the main things I’d review before renewing.

1. Is your sum insured still enough?

• Check the amount your policy covers for rebuilding the house, not its market or sale value.
• Allow for current building costs, demolition, debris removal, professional fees and compliance with current building regulations where covered.
• Consider whether renovations, a new kitchen, an extension, a garage or other improvements have increased the rebuilding cost.
• Check whether the sum insured is a limit or whether your policy provides a different form of replacement cover.

Tip: Use an up-to-date rebuild estimate rather than relying on last year's figure.

2. What has happened to your premium?

• Compare the new annual premium with last year's actual cost.
• Separate the increase into the base premium, taxes and levies, and any other charges shown.
• Ask the insurer what has driven the increase: rebuild costs, claims experience, risk assessments or changes in its pricing.
• Check whether any introductory discount has expired.

Compare at least two or three competing insurers using the same sum insured, excesses and cover assumptions.

3. Are the exclusions and policy wording still acceptable?

Read the renewal documents and check for changes to:

• Gradual damage, leaking pipes, hidden water damage and rot.
• Earthquake, landslip, flood, storm and other natural hazards.
• Retaining walls, driveways, fences, swimming pools and other structures.
• Unoccupied homes, renovations, tenants, home businesses and short-term accommodation.
• Temporary accommodation costs and the length of time they are covered.

Don't assume that something is covered just because it was covered under a previous policy. Check the current wording and any endorsements.

4. Have your excesses changed?

• Check the standard excess and any separate excesses for earthquakes, storms, floods or other events.
• Look at whether the excess applies per claim, event or affected item, as specified in your policy.
• Consider whether you could comfortably afford to pay it after a major loss.

A lower premium may be less attractive if you would have to contribute thousands more towards a claim.

5. Are your property's natural-hazard risks adequately addressed?

In New Zealand, this deserves particular attention. Check the policy's treatment of earthquake, flood, storm, landslip and other relevant hazards, especially if you have a hillside property, a coastal home or a property in a flood-prone area.

Understand the distinction between your private insurer's cover and the statutory natural-disaster cover administered by the Natural Hazards Commission Toka Tū Ake (NHC). Check the current NHC eligibility rules, limits and how they interact with your policy.

6. Has anything about the house changed?

Tell your insurer about relevant changes, such as:

• Renovations, extensions or a new roof.
• A change in occupancy, including leaving the property vacant.
• Renting the house out or using it for short-term stays.
• New features, outbuildings or other significant improvements.

Ask whether the insurer needs updated information or a new rebuild assessment.

7. Is the overall policy still right for you?

Check cover for alternative accommodation, demolition and professional fees, matching undamaged materials, accidental damage and any other benefits you value. Also check whether any limits apply to particular items or types of loss.

If your home has unusual construction, older materials or features that are expensive to replace, ask specifically how those would be treated in a claim.

2. Compare these items side by side

When you get quotes from other insurers, use a like-for-like comparison.

What to compare	What to look for
Annual premium	Total cost for the year, including applicable levies and charges
Sum insured	Is it enough to rebuild your home?
Excess	Standard excess and special natural-hazard excesses
Natural hazards	What the insurer covers beyond NHCover
Temporary accommodation	Dollar limit and maximum duration
Retaining walls and outbuildings	Whether they're included and their specific limits
Claims settlement	Sum insured, replacement terms and relevant sub-limits
Exclusions	Any important differences in policy wording

Consumer NZ has a useful guide to comparing home insurance policies: House and contents insurance. How to get the best house and contents insuranceHouse and contents insurance

3. New Zealand-specific checks worth making

Two things are particularly important here.

• Natural Hazards Commission cover: Most home insurance policies that include fire insurance also provide access to statutory NHCover. This is not unlimited cover for every part of your property. The building cover cap is generally $300,000 plus GST per home, with private insurance providing cover above the applicable cap. Land, retaining walls and other structures have specific rules and limitations. Check the official NHCover guide. About natural hazards cover :: Natural Hazards Commission Toka Tū AkeGet to know your natural hazards cover :: Natural Hazards Commission Toka Tū Ake
• Rebuild cost versus property value: A home's market value is not the same as the cost of rebuilding it. Check your sum insured using your insurer's calculator, and consider a professional estimate for a complex or unusual property. Insurance Council of New Zealand explains this in its sum insured guide. House & Contents Insurance: Sum Insured ExplainedHome Sum Insured

4. Questions to ask your insurer before accepting

You can use these questions in a phone call or email:

Your call checklist

0 of 7 covered

Why has my premium changed since last year?

Has my sum insured been adjusted, and what assumptions were used?

Have any excesses, exclusions, limits or policy terms changed?

Are my retaining walls, garage, fences and other structures covered, and under what conditions?

What would I have to pay myself after a major earthquake, flood or landslip?

Can you offer a better premium or excess option without reducing important cover?

Will you match a competitor's quote with equivalent cover?

Copy checklist

5. When is it worth switching?

Switching is worth considering when another insurer offers a meaningful saving for equivalent cover, or when your current insurer's exclusions and limits no longer suit your property.

Before switching:

• Get the new insurer to confirm acceptance of your property and any relevant risk details.
• Read the full policy wording, not just the quote summary.
• Check whether any existing damage, known issues or prior claims could affect cover.
• Make sure the new policy starts before the old one ends. Don't cancel the existing cover until the replacement is confirmed.

Remember, the cheapest quote isn't necessarily the best value. A slightly higher premium may be worthwhile if it gives you substantially better protection against a major loss.

My recommended order of priority

If you only have 15–20 minutes to review your renewal, focus on these four things first:

1. Sum insured: Could you afford a rebuild shortfall?
2. Excesses and exclusions: What would you actually pay after a serious claim?
3. Premium: Is the increase justified, and can you negotiate?
4. Alternative quotes: Can you get equivalent or better cover for less?

The Insurance Council of New Zealand's renewal checklist is another useful reference. House Insurance Renewal ChecklistConsumer Guides

One final tip: Don't wait until the renewal date itself. Start reviewing a few weeks beforehand so you have time to obtain quotes, ask questions and arrange a switch without risking a gap in cover.