Compare Home & Contents Insurance

Home and contents insurance is a type of cover designed to protect homeowners financially if their property and/or its contents are damaged, destroyed or stolen in certain circumstances. For example, if your home is destroyed by a fire and your claim is approved, a home and contents insurance policy may cover all or part of the cost of rebuilding your home and replacing its contents. There are several different types of cover available, depending on what level of cover you need and whether you live in the property or rent it out.

What different home & contents products are available?

Home insurance

Home insurance provides cover if the main structure of your home is damaged or destroyed by certain insured events, which could include natural disasters, like floods and storms. Home insurance may also provide cover for other permanent outbuildings or fixtures of your property, such as sheds and garages. This type of cover does not cover damage to any valuables contained within the home.

Contents insurance

Contents insurance protects the policyholder financially if the belongings in their home (e.g. furniture, electrical appliances or jewellery) are damaged by an insured event and need to be repaired or replaced. This kind of cover is sometimes sold as renters insurance.

Home and contents insurance

A combined home and contents insurance policy provides cover for both the building and its contents.

Landlord insurance

Landlord insurance is designed to cover many of the same risks as building-only insurance, but also certain risks specific to those who rent out their property, such as the cost of repairing damage caused by a tenant.

Home and contents insurance typically covers the policyholder for financial loss if their property or the valuables in it are damaged or stolen. Insurance policies specify certain ‘insured events’ that are covered, but it’s important to note that not everything is covered and there can be limits and exclusions. Some risks may be covered as standard by a policy, while others can be added as optional cover. What’s covered will also depend on whether you have building-only cover, contents-only cover or a combined policy.

Some of the risks commonly covered by building-only insurance (including the home insurance component of a combined policy) include:

• Fire
• Storm
• Earthquake
• Explosion
• Impact damage (e.g. from a car or a falling tree)
• Escape of water (e.g. from a burst pipe)
• Vandalism and riots
• Legal liability (e.g. if someone is killed or injured while at your home)
• Temporary accommodation if your home becomes uninhabitable due to an insured event

Some of the risks that are commonly offered as additional cover with building-only or combined cover can include:

• Flood damage
• Accidental damage of property
• Damage caused by an animal

Contents insurance typically covers your valuables against the same kinds of risks, but depending on the policy may also cover risks, such as:

• Theft
• Damage to home contents while in transit
• Damage to or theft of valuables belonging to guests or visitors to your home

Before taking out a policy, it’s important to check the Product Disclosure Statement (PDS) carefully or speak to your insurer so you understand what you’re covered for, what’s excluded and whether any limitations or waiting periods apply.

When looking for the best home and contents insurance for your property, you may want to consider a variety of factors to ensure the policy stacks up against the other options available to you. Here are examples of some of the factors you may want to keep in mind when comparing policies:

• What level of cover does the policy offer? For example, if your home is destroyed and you make a claim, will the payout be enough to replace the property to the necessary standard?
• Does the policy provide cover for any risks that may be particularly relevant based on your location (e.g. flood cover)?
• What’s your budget? Are you happy to pay extra for a higher level of cover, or would a basic policy be sufficient?
• Does the provider allow you to pay your premiums monthly at no extra cost?
• Are there any discounts on offer, such as a reduced premium if you take out the policy online or a multi-policy discount if you take out another kind of cover with the same provider.
• What is the excess payable if you need to make a claim?
• Do the premiums quoted offer good value compared to other providers?
• Does the policy provider ‘new for old cover’ for items that are damaged and cannot be repaired?
• Does the policy provide sufficient cover for any particularly valuable items in your home, such as a piece of art?

To help Kiwi homeowners find the best value home and contents insurance for their needs, Canstar rates a broad range of policies based on premiums and the level of cover on offer. In addition, Canstar’s Awards recognise the home and contents insurers that offer outstanding value to consumers overall.