Compare house insurance policies from: State, Tower, NZI “Echelon” & AMP

When you want to compare house insurance NZ  you should start with liability level:

Liability level: Only AMP offers $2,000,000 to compare to the other insurance companies in the comparison with others who offer only $1,000,000. Where it can be valuable for you as the house owner? If there is situation where you can be responsible for damages to other people or properties for instance your house is burned down in the house fire. If you are insured with AMP, the policy is going to provide you with an additional million to cover your liabilities towards your neighbours or council.

Compare house insurance NZ market

Gradual damage: the highest pay-out is offered by Tower of $5,000 and lowest by State being $2,500 to compare with AMP & NZI Echelon who offer $3,000. Gradual damage would be very good benefit to have for the following example: One of your pipes in the house which is in the wall and cannot be seen starts to leak. The leak goes on for a very extensive period of time without any notice by you and gradually GIB, wall covering getting destroyed, by the time you notice there is obvious loss and the whole wall needs to be fixed as well as the floor. In this example Tower would pay the highest amount of money and State offers the smallest. Keep in mind you would also have to deduct the excess you have on your policy.

Retaining Walls: If your property has retaining walls you would want to make sure that in the event there is landslip or damage to your retaining walls you would have enough money being paid by your insurer. In this comparison AMP offers the highest amount of money being $80,000. State offers the lowest being only $20,000 and NZI “Echelon” and Tower offer only $25,000.

road repair as a part of house insurance from AMPRoad repair cost: This is going to be very valuable benefit in the event of an earthquake or a house fire. The only company which offers this benefit is AMP providing to the house owner $50,000.

Landscaping: AMP offers the highest level of cover providing $5,000 to compare to the other insurance companies who only offer $2,500. Would you agree if you had a house fire or flood you would want to make sure that you can have as much money as possible to be able to return the look and feel of your section.

Alternative accommodation: You would definitely appreciate this benefit in the event your house became inhabitable due to house flooding (due to burst pipe) or a house fire. AMP offers the highest level of cover providing you with $30,000   which would be spent on your alternative accommodation while your house is getting repaired. Tower offers $25,000 while State and NZI “Echelon” would provide you with modest $20,000.

Keys: If you lost your keys State is going to offer $500, Tower $1,000 and AMP $2,000, interestingly to note that NZI “Echelon” does not have any cover at the time of writing this article.

If your house is burned down all companies offer “stress payment” State & Tower offer $1,000 and NZI “Echelon” offers $2,000. AMP again offers the best option providing you as the house owner with $5,000 stress payment which you would agree going to be very handy in the event your house was burned down.

Compare house insurance “Landlord features”

If you are a Kiwi landlord you would be pleased to know that AMP offers the highest amount of cover for “loss of rent” providing you with $40,000 benefit. To compare to the other insurance companies who offer only $20,000.

Landlord furnishings: with State it is an additional benefit which needs to be purchased separately. Tower and NZI “Echelon” offer $10,000 and AMP offers the highest amount for your landlord furnishings being $20,000

If your house is rented to tenants, insurance companies have different view on house excess. State offers it with additional amount, Tower offers $400 excess, NZI “Echelon” does not specify in the policy which means that most likely the amount is going to be standard. AMP offers $250 additional excess in the event your house is tenanted, which means if you have specified your excess being $250 then $250 additional excess will apply making your landlord house excess $500.

If you want to learn more about Landlord extension you can read this article. The article is comparing a landlord insurance and landlord extension showing you what is better and what benefits you are going to have as a landlord.

Please do not hesitate to let me know if I missed something in the comparison and you think it should be included or alternatively call my office to discuss your house insurance.

State Tower NZI – Echelon* AMP
Liability level
$1,000,000 $1,000,000 $1,000,000 $2,000,000
Gradual damage
$2,500 $5,000 $3,000 $3,000
Retaining walls
$20,000 $25,000 $25,000 $80,000
Road repair cost (bridge or driveway)
??? ??? ??? $50,000
$2,500 $2,500 $2,500 $5,000
Alternative accommodation
$20,000 $25,000 $20,000 $30,000
$500 $1,000 No cover $2,000
Landlord furnishings
Add-on $ $10,000 $10,000 $20,000
Loss of rent
$20,000 $20,000 $20,000 $40,000
Tenants excess
Add-on $ $400 No Excess specified in policy wording $250
Stress payment
$1,000 $1,000 $2,000 $5,000

*included additional Benefits: Sustainability upgrade. Optional additional benefits: Landlord’s protection

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