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If your mortgage repayments have gone up, reviewing your house insurance is a sensible way to free up some money each month. In New Zealand, I’d compare at least four or five insurers before renewing, rather than automatically accepting your current insurer’s renewal price.

The trick is to find the lowest premium that still gives you enough cover to rebuild your home if it is seriously damaged or destroyed. The cheapest policy isn't always the best value, especially when your home is mortgaged.

1. NZ house insurers worth comparing

Here are the providers I'd start with when shopping around for cheaper house insurance in New Zealand.

Insurer	Why it's worth getting a quote	Get a quote
Tower	A good starting point for price comparisons; it has been competitive in several published NZ comparisons.	tower.co.nz
AMI	A major NZ insurer worth checking against your renewal, particularly if you already have other policies.	ami.co.nz
State	Another established provider to compare for home cover and potential multi-policy savings.	state.co.nz
AA Insurance	Worth checking for a competitive quote and any eligible member benefits.	aainsurance.co.nz
AMP	Include it in your comparison rather than assuming the major household names are cheapest.	amp.co.nz
Initio	An online-focused option worth comparing if you're comfortable arranging and managing insurance online.	initio.co.nz
Cove	Another online option to investigate for a straightforward quote. Its house insurance is underwritten by Vero Insurance New Zealand Limited.	coveinsurance.co.nz
Trade Me Insurance	Another option to include when comparing premiums and policy terms.	trademeinsurance.co.nz

These providers appear in recent NZ insurance comparison resources. However, there is no single insurer that is cheapest for every property. The result depends on your home's location, construction, insurance history and the cover you need. Recent comparisons illustrate substantial price differences between insurers for otherwise comparable homes. Sources: Consumer NZ and Quashed.

My suggestion: Start with Tower, AMI, AMP and Cove, then compare AA Insurance, State and Initio. This gives you a useful mix of established and online providers without having to approach everyone at once.

2. Five ways to reduce your house insurance premium

You may be able to save money without changing insurers.

• Increase your excess. Ask how much you'd save by increasing your excess from, say, $500 to $1,000 or $2,000. Only choose an excess you could comfortably pay if you needed to make a claim.
• Check your sum insured. This is the maximum amount available to rebuild your home under a sum-insured policy. Check that it's realistic for your property rather than simply accepting an old estimate. Don't reduce it just to make the premium cheaper.
• Ask about multi-policy discounts. If you have car, contents or other insurance with the same provider, ask whether combining policies would reduce your total annual cost. Compare the combined price with separate policies.
• Pay annually if you can afford to. Ask whether annual payment is cheaper than monthly instalments, taking into account any payment fees or financing charges.
• Compare equivalent policies. Check the excesses, natural-disaster cover, temporary accommodation limits and exclusions before switching. A cheaper premium can come with less protection.

Consumer NZ's house and contents insurance guide provides a useful explanation of rebuilding cover, excesses and ways to save.

3. One important thing when you have a mortgage

Before changing your policy, check your mortgage terms and your bank's insurance requirements.

Your lender will generally require you to maintain adequate house insurance. Make sure the replacement policy meets those requirements and that your bank's interest in the property is noted where required.

Also, don't cancel your existing policy until your new cover is confirmed and its start date is agreed.

4. Let's narrow down which insurer might be cheapest for you

I can help you work out which insurers are worth prioritising, rather than having you request eight quotes unnecessarily.

Could you tell me two things?

1. Which part of New Zealand is your home in? Just the region is fine.
2. Roughly how much are you paying for house insurance each year? For example, $1,500, $2,500 or $4,000+.

If you know which insurer you're currently with, that's helpful too, but it's optional.

With those details, I can give you a more targeted shortlist of insurers to try first and suggest realistic ways to reduce your premium without leaving your home underinsured.