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.

How does the excess affect my premium?

The excess is what you pay towards a claim before the insurer pays the rest. Choosing a higher excess lowers your premium because you carry more of the small claims yourself. Set it at a level you could comfortably afford if you had to claim.

Home Insurance Calculator

Get a rough idea of your annual house insurance premium before you ask for quotes. Enter your sum insured, choose your region's risk level and your excess, and the calculator gives an indicative yearly premium and monthly cost. This is a guide only, since insurers price on many factors, but it helps you sense check a quote.

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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