House Insurance 2019 Comparison – New Zealand

If you are looking for an easy report comparing three House Insurance policies, you are on the right page. This information was collected for you in May 2019. House Insurance 2019 Comparison compares House Insurance policies from Tower, State, and AMP.

In my professional opinion, it is not a fair comparison of House Insurance policies in New Zealand only due to the fact that State & Tower are DIRECT insurance companies while AMP uses intermediaries. If you are asking yourself now “What is it for me” I have the answer – You are ALONE at claim time- meaning there is no one to help you to navigate through “small print of a direct insurer policy wording”. This is the actual reason I created this post “House Insurance 2019 Comparison” to share my knowledge and create an easy reference for you my dear reader. I would appreciate it if you could share the “House Insurance 2019 Comparison” with your friends.

Yet, many people in New Zealand form their opinion about a House Insurance policy only on premiums they pay.  We all know there is no such thing as a “free lunch” at least not in insurance sense.

House Insurance 2019 Comparison – Policy details

Have you ever thought about why one House Insurance policy has a “build in” component of $1,000,000 Public Liability while other $2,000,000? Which House Insurance policy would you rather have? Exactly and this is when a direct insurer can say – we have the cheapest insurance premiums and yet in order to achieve it we “chopped off” a few benefits.

House Insurance 2016 ComparisonAnother “field” where a direct insurer can make a House Insurance policy to be cheaper is to decrease limits on certain types of associated risks. For example, when people are looking for a House Insurance most likely they do not even think about that retaining wall they have in their property and the premiums they pay include the wall as a part of the House Insurance.

 

Surely, after Christchurch disasters, many homeowners have started to “see” House Insurance not only as a premium comparison exercise yet in Auckland many people still blissfully unaware.

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In my experience people associate their House Insurance only with the building itself yet the policy you are going to have included:

  • Keep in mind to have a garden or a good looking lawn is one side of the “House Insurance policy equation” and to fix it after it was fully destroyed is the other.
  • Road repair costs. Yes – this is your driveway it can be damaged.
  • Alternative accommodation. This is the one you would want to have in a situation where your house is fully or partially damaged or destroyed. Let me provide you with an example here: Christmas day… A cake in an oven had started a fire in the kitchen…. True story. The kitchen had to be changed, the stove had to be changed, and the walls had to be painted. The owners of the house were provided with FREE alternative accommodation while their house was getting fixed.

House Insurance 2019 Comparison – House details

House Insurance 2016 comparison - New Zealand

In the below House Insurance 2019 Comparison – I am using the following criteria:

House 250SQM – just to make big and modern

Located on the North Shore, Auckland since 1990.

Insurance valuation amount is $500,000 – which means that I use $2,500 per square meter of the house.

  • If I insure my house with State I’d pay $1,247 for an annual insurance policy.
  • If I have decided to respond to never stopping radio campaigns Tower runs – I’d end up paying $1,364.20 Important point here is Tower recommends to use $2,100 per square meter while other insurance companies in New Zealand yet happy to use $2,000
  • This policy would only cost me $1,222.75

In the benefits comparison table for our House Insurance 2016 Comparison (below) you are going to see why AMP’ policy not only better as we just discovered it above it is also cheaper.

State AMP√ Tower
Liability level
$1,000,000 $2,000,000√ $1,000,000
Gradual damage
$2,500 $3,000 $5,000√
Retaining walls
$20,000 $80,000√ $25,000
Road repair costs (bridge or drive way)
??? $50,000√ ???
Landscaping
$2,500 $5,000√ $2,500
Alternative accommodation
$20,000 $30,000√ $25,000
Keys
$500 $2,000√ $1,000
Landlord furnishings
Add-on $ $20,000√ $10,000
Loss of rent
$20,000 $40,000√ $20,000
Tenants excess
Add-on $ $250√ $400
Stress payment
$1,000 $5,000√ $1,000

Most importantly AMP House Insurance policy provides you with greater benefits to compare to State’ & Tower’ policies.

If you are a New Zealand landlord you will find a ton of useful information in this article “Compare NZI RentSure vs AMP Landlord insurance“. Please share this post on your social media profile.

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I shopped around online for competitively priced landlord insurance for my New Zealand apartment, from my lounge here in Sydney. Vlad replied more quickly than any of the other competitor respondents and answered my questions personally both by email and phone. Besides providing me with a competitive quote and prompt responses, I found his friendly and polite manner most reassuring. The insurance policy was processed within hours and a copy emailed to me. I would recommend him to anyone looking to sort out their insurance matters.

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2016-04-19T11:50:52+12:00
I shopped around online for competitively priced landlord insurance for my New Zealand apartment, from my lounge here in Sydney. Vlad replied more quickly than any of the other competitor respondents and answered my questions personally both by email and phone.

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2016-04-19T15:01:39+12:00
I have met Vlad Ivanov through a family member when I urgently needed my first home loan. Vlad made the whole process incredibly easy and painless. He has also organised my insurance package including income protection. Income protection insurance was something other brokers could not help me with. If you are looking for a an Read more →

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2016-04-19T11:29:08+12:00
Fast, professional service! Vlad has renewed my faith in customer service. Vlad was an absolute pleasure to deal with. Vlad listened to our instructions, provided us with great advice and arranged insurance for exactly what we needed. Vlad returned every call and email promptly. I highly recommend his services and will continue to use him Read more →

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I had encountered quite a complicated issue with my insurance, and Vlad went above and beyond to help me sort it out. He dealt with the issue swiftly, keeping me up to date with what was happening, and reassuring me that all would work out ok.

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2016-04-19T15:12:45+12:00
We have been with Vlad Ivanov for a few years and we are very happy with all aspects of insurances he does for us. Vlad offers professional and prompt service and is a nice person to deal with. If you require to do a claim then Vlad does everything for you from start to finish Read more →

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2016-04-19T14:56:07+12:00
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2016-04-19T11:54:47+12:00
Vlad has been our insurance broker for over 3 years now and in this time he has always provided superb, efficient, professional and expert service / aid whenever we have needed his support or assistance. Vlad is very diligent with ensuring that our insurance is exactly what we need and is more than happy to Read more →
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