What sum insured should I use?

Most New Zealand house policies are sum insured, so you set a dollar figure that should cover the full cost to rebuild your home, including demolition and fees. Use a rebuild calculator or a professional assessment for that figure, then enter it here to estimate the premium. The sum insured is not the same as the market value.

Why does my region change the premium?

Insurers price for natural hazard risk. Homes in higher risk areas for earthquakes, flooding, or storms cost more to insure, which is why a similar house can have a very different premium in Wellington than in a low risk region. This is risk based pricing.

Home Insurance Calculator

This calculator gives you a rough estimate of your annual house insurance premium, so you have a benchmark before you ask insurers for quotes. Most New Zealand home policies are sum insured, meaning your premium is driven mainly by the dollar figure needed to fully rebuild your home, including demolition and fees, rather than its market value. You enter that sum insured, then choose your region's natural hazard risk, lower, average or higher, reflecting how exposed your area is to earthquakes, flooding and storms, and the excess you would be comfortable paying towards a claim, from $250 up to $2,500. The calculator applies an indicative base rate to your sum insured and adjusts it for your chosen region and excess, then returns your estimated annual premium along with the equivalent monthly and fortnightly cost, so you can see how it fits your budget however you pay. Choosing a higher excess lowers your premium because you carry more of any small claim yourself, while a higher risk region pushes the estimate up. Use the result to sense check quotes rather than as a locked in figure, since real premiums also depend on your insurer, your home's age and construction, your claims history, and the Natural Hazards Insurance levy. This is an indicative estimate only, so always confirm your actual premium with a licensed insurer.

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Sum insured (rebuild cost)

Regional natural hazard risk

Excess

indicative annual premium

Monthly$0

Fortnightly$0

Indicative only. Actual premiums depend on the insurer, your home, claims history, and the EQC/Natural Hazards levy. Always get a real quote.

What drives a home insurance premium

The biggest factor is your sum insured, the amount it would cost to rebuild your home from scratch. On top of that, insurers price for natural hazard risk, which varies a lot by region, and for the excess you choose. A higher excess means you carry more of any claim yourself, so the premium is lower.

How this estimate works

The calculator applies a base rate to your sum insured, then adjusts it for your region's risk and your excess. It is a simplified model to give you a ballpark figure. Real quotes also reflect the age and construction of your home, your claims history, and the Natural Hazards Insurance levy that funds cover for earthquakes and other events.

Tips for a lower premium

Set your sum insured accurately, neither under nor over insured.
Consider a higher excess if you could afford it at claim time.
Bundle home, contents, and car with one insurer for a multi policy discount.
Review your cover each year as rebuild costs change.

Related calculators

House Sum Insured Calculator: work out the rebuild figure.
Contents Sum Insured Calculator: value your contents.
Landlord Insurance Calculator: cover for a rental.
Car Insurance Calculator: estimate car cover.

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