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Updated July 2026

Compare House & Contents Insurance in New Zealand

Most Kiwi homeowners buy building and contents cover together. Here is what bundling actually changes: whether any discount still applies, the excess you pay when one event damages both, and the two separate sums insured you have to get right.

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Last reviewed: 22 July 2026
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Cove Insurance
★ ★ ★ ★ ★ 4.7 / 5

Cove sells house and contents insurance online as two separate policies, both underwritten by Vero Insurance New Zealand Limited. If one event damages your home and your belongings at the same address, you pay only the larger excess. It does not publish a multi-policy discount, so compare the combined price of both policies.

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Also compare
Tower AA AMI State Vero MAS FMG
Withdrawn
Multi-policy discounts at AA Insurance, AMI, State and Tower
2 sums insured
Building rebuild and contents replacement are separate
1 excess
Several insurers charge one excess per event
$300K + GST
NHC building cap. Contents get no NHC cover
What House & Contents Cover Is How to Compare Quotes One Event, One Excess Multi-Policy Discounts Compared Setting Two Sums Insured Provider Comparison When Splitting Is Better Combined Cost Guide 2026 Frequently Asked Questions

What House & Contents Insurance Actually Is

Two separate covers, usually sold together on one policy and one bill.

"House and contents insurance" is not a third product. It is house insurance and contents insurance bought together. House cover protects the building: the structure, fixtures, fittings, and usually outbuildings like a garage or shed. Contents cover protects what you would take with you if you moved: furniture, appliances, clothing, and electronics.

Buying them together can change three practical things. Some insurers discount both premiums, although AA Insurance, AMI, State and Tower have all withdrawn their multi-policy discounts. Several insurers charge you only one excess when a single event damages both the building and its contents. And you deal with one insurer, one renewal date, and one claim when something goes wrong.

What bundling does not do is merge your cover into one pot of money. You still set two separate sums insured: a rebuild figure for the building and a replacement figure for the contents. Getting either one wrong has the same consequences as it would on a standalone policy.

One thing to know before you start: the Natural Hazards Commission Toka TÅ« Ake (NHC, formerly EQC) covers the building portion only, up to $300,000 + GST. It has not covered contents since 1 July 2019, so your contents are protected entirely by the private policy. See our guide to NHC cover.

Bundling is a pricing and admin decision, not a cover decision. The cover you get is the same as buying the two policies separately from the same insurer. What changes is the price, the excess treatment, and how many phone calls you make at claim time.

How to Compare Home and Contents Insurance Quotes

Home and contents insurance, house and contents insurance and household insurance are the same product.

Insurers and shoppers use "home and contents insurance", "house and contents insurance" and "household insurance" to mean the same thing: building cover and contents cover held with one insurer, usually on one bill. So when you compare home and contents insurance quotes, you are really comparing two policies and the terms that link them.

Ask each insurer to quote on the same two sums insured, the same excess on each policy, and the same optional extras. Then compare three things: the combined premium after any multi-policy discount, the excess you would pay if one event damaged both the house and its contents, and what the two policies would cost bought separately.

Getting separate quotes as well as a bundled one takes a few extra minutes. Occasionally a standalone house insurance policy from one insurer and contents insurance from another costs less than any bundle. The section below on when splitting makes sense covers the trade-offs.

The One Event, One Excess Benefit Most People Miss

If a flood damages your floors and ruins your furniture, that is one event hitting two policies. Several NZ insurers charge a single excess in that situation rather than two.

AA Insurance

AA Insurance lists "One event, one excess" as a standard benefit of being an AA Insurance customer, applying across eligible policies.

Tower

Tower's wording is "pay only the highest excess if one event means claims on multiple eligible policies". You pay the larger of the two excesses, not both.

Vero

Vero applies one excess if you claim on more than one of your Vero car, house and contents policies at the same time and location. Available on both Maxi and Flexi cover.

Initio

Initio states plainly that if both your house and contents are damaged in the same event, such as a flood, you will only pay one excess.

Cove

Cove's home and contents wordings say that if you claim under both policies for loss caused by a single event at the same location, you only pay one excess, the largest that applies.

What it is worth

With typical excesses of $400 to $1,000 on each policy, this benefit is worth several hundred dollars on a single claim. It only applies when both policies are with the same insurer, which is a genuine argument for bundling rather than splitting across two providers.

Check before you assume

Not every insurer offers this, and the conditions differ. Some require the same event, others the same time and location. Confirm the exact wording with your insurer rather than assuming a single excess will apply.

Multi-Policy Discounts Compared

What each insurer publishes about bundling discounts. Several large insurers have withdrawn them. Where one is still offered it is usually described as "up to" a maximum, so the figure you are quoted depends on which policies you hold and the insurer's minimum premium rules.

Provider Underwriter Published discount One event, one excess How to buy
Cove Vero Insurance NZ Ltd No multi-policy discount published ✓ Largest excess only, same event and location Online
Tower Tower Ltd Withdrawn (renewals from 1 January 2026, new policies from 28 January 2026) ✓ Pay the highest excess only Online
AA Insurance AA Insurance Ltd Withdrawn from 28 January 2025 (AA Member discount still available) ✓ Standard benefit Online
Vero Vero Insurance NZ Ltd Check with broker ✓ Same time and location Broker
Initio IAG New Zealand Ltd Check at quote ✓ Same event Online
AMI IAG New Zealand Ltd Withdrawn in 2024 Check with AMI Online
State IAG New Zealand Ltd Withdrawn in 2024 Check with State Online
MAS MAS (Medical Assurance Society) Multi-policy discount Check with MAS Members only
FMG FMG Insurance Ltd
mutual, member-owned		 Check with adviser Check with FMG Adviser
Trade Me Insurance Tower Ltd Withdrawn from 28 January 2026 (Trade Me member discount still available) Check with insurer Online

Disclaimer: Discount information was rechecked on 28 September 2026. AA Insurance, Tower and Trade Me Insurance publish their withdrawals on their own sites, and AMI and State removed theirs in 2024. Discounts are applied to the insurer's premium before taxes and levies, are expressed as a maximum, and can be affected by minimum premium rules. They are not a quote. Confirm what you will actually be charged directly with the insurer. Spotted an error?

Setting Two Sums Insured

The single biggest mistake on a bundled policy is treating one number as if it covered both.

Building sum insured (your rebuild cost)

This is not your property's market value and not its rating valuation. It is what it would cost to demolish and rebuild the same house on the same site, including demolition, professional fees, council consents, and compliance with current building codes. AMI and State both point customers at the Cotality Sum Sure calculator; Vero uses a Cordell calculator. See our sum insured guide.

Contents sum insured (your replacement cost)

This is what it would cost to replace everything you own at today's prices, not what you originally paid. Most NZ households significantly underestimate it. A typical three-bedroom home holds $80,000 to $150,000 of contents. Do a room-by-room inventory rather than guessing. See how much contents cover you need.

High-value items need listing

Items above a per-item limit, typically $2,000 to $5,000, have to be specified individually. Jewellery, art, instruments, cameras and high-end electronics are the usual culprits. Tower, for example, caps unspecified jewellery at $30,000 in total. Anything above the per-item limit that you have not declared may not be fully covered.

Underinsurance hits both sides

Because the two sums insured are independent, you can be correctly insured on the building and badly underinsured on the contents at the same time. Review both figures at every renewal, especially after renovations, a large purchase, or a period of high building cost inflation.

What to check before you buy

  • Recalculate your rebuild figure at least every two years
  • Redo your contents inventory after any major purchase
  • List high-value items individually rather than assuming they are covered
  • Check whether your excess applies once or twice when one event hits both
  • Check whether any multi-policy discount still applies at renewal, as several insurers have withdrawn them

NZ Home and Contents Insurance Comparison

A home and contents insurance comparison of the main NZ insurers offering both covers under one arrangement.

Cove Insurance logoCove Insurance
★★★★★

Cove sells house and contents as two separate policies, both underwritten by Vero Insurance New Zealand Limited, and you manage them side by side in My Cove. If a single event at the same location leads to claims on both, you pay one excess, the largest that applies.

One event at one address, pay the largest excess only
House and contents bought and managed online
Contents available without a house policy
Online quote and claims
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Tower Insurance logoTower Insurance
★★★★★

Tower charges only the highest excess when one event leads to claims on several eligible policies, and offers three house cover levels, so you can dial cover up or down on the building side while keeping contents cover constant.

One event, pay the highest excess only
Three house tiers: Standard, Plus, Premium
Retaining walls $15,000 to $50,000
Online quote and claims
Get Quote Read Full Review
AA Insurance logoAA Insurance
★★★★★

AA Insurance offers a replacement cover benefit on the building that can pay above your sum insured, plus one event, one excess across eligible policies.

One event, one excess
Replacement cover benefit above sum insured
Temporary accommodation up to $40,000
Two contents tiers: Contents and Limited Contents
AA Member discount
Online quote and claims
Get Quote Read Full Review
AMI Insurance logoAMI Insurance
★★★★★

AMI is an IAG division, so its house and contents wordings share IAG's benefit structure with State.

Hidden gradual damage $3,000/yr on both covers
Retaining walls up to $50,000
Temporary accommodation up to $30,000
Bicycles and e-bikes $3,000 per item
Legal liability up to $2,000,000
Cotality Sum Sure rebuild calculator
Get Quote Read Full Review
State Insurance logoState Insurance
★★★★★

State is the other IAG division. Its published limits match AMI's, so compare on price and service rather than on cover.

Hidden gradual damage $3,000/yr
Retaining walls up to $50,000
Temporary accommodation up to $30,000
Food spoilage up to $1,000
Sustainability upgrade up to $15,000
Excess-free keys and locks
Get Quote Read Full Review
Vero Insurance logoVero Insurance
★★★★★

Vero offers Maxi and Flexi tiers and applies one excess across car, house and contents claims at the same time and location. Arranged through a broker.

Maxi or Flexi cover levels
One excess across multiple Vero policies
Maxi: retaining walls up to $80,000
Maxi: gradual damage up to $3,000
SumExtra adds 10% cover if eligible
Broker-arranged
Get Quote Read Full Review
MAS Insurance logoMAS Insurance
★★★★★

MAS offers Full Area Replacement on the building, which removes the rebuild calculation entirely. MAS began with medical professionals and now welcomes New Zealanders from all professions.

Full Area Replacement option
Retaining walls up to $100,000
Hidden gradual loss up to $5,000
No excess on glass breakage
Multi-policy discount
Open to all professions
Get Quote Read Full Review
FMG Insurance logoFMG Insurance
★★★★★

FMG is a member-owned mutual focused on rural and lifestyle property, arranged through local advisers rather than online.

Member-owned mutual
Rural and lifestyle specialists
Local advisers nationwide
Consumer NZ People's Choice winner
Lifestyle block cover available
Adviser-arranged, no online quote
Get Quote Read Full Review

How we rate: Ratings are Compare.org.nz editorial scores, assessed separately for each type of cover, so the same brand can score differently for house, landlord or contents insurance. Scores reflect published policy benefits, cover breadth, price positioning and how easy the insurer is to buy from and claim with. They are our opinion, not advice, not a guarantee of service, and not a measure of financial strength. Benefit limits were checked against each insurer's own product pages on 22 July 2026. How we source and check data.

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When Splitting Across Two Insurers Makes Sense

Bundling can be simpler, but it is not always the cheaper answer.

Unusual building risk

If your home has a characteristic that one insurer prices harshly, such as a coastal or flood-zone location, an older build, or a difficult land classification, the building premium can dominate the bundle. A specialist on the building side may beat the bundled price.

High-value contents

Large jewellery, art or instrument collections push you past standard unspecified limits. An insurer that handles specified items well may be worth splitting for, even though you lose the single-excess benefit and any multi-policy discount.

MAS eligibility

MAS is a member-owned mutual. It began with medical professionals and now welcomes New Zealanders from all professions, but you need to become a member before you can bundle policies with it.

Do the arithmetic

Compare the bundled total against the two cheapest standalone premiums, then subtract the value of one avoided excess in a claim year. If your insurer still offers a multi-policy discount, count its dollar value too, for example 10% of a $2,500 combined premium is $250. If splitting saves more than that, splitting wins on price.

Combined Cost Guide 2026

Indicative annual premiums for a standard three-bedroom home with average contents and no recent claims.

Auckland
$1,900 - $3,800
~$160-315/mo
Wellington
$3,000 - $5,800+
~$250-485/mo
Canterbury
$2,200 - $4,200
~$185-350/mo
Other Regions
$1,500 - $3,100
~$125-260/mo

How the bundle price is built

  • Building premium: driven by rebuild cost, location and construction
  • Contents premium: driven by sum insured, security and location
  • Multi-policy discount (where still offered): applied before taxes and levies
  • NHC levy: 16c per $100 of building cover, max $480 + GST

Excesses on a bundled policy

  • Building excess: typically $400 - $1,000
  • Contents excess: typically $250 - $500
  • NHC excess: $500 per insured home (since 1 July 2024)
  • One event: several insurers charge the higher excess only

Disclaimer: All prices shown are indicative estimates based on publicly available data as at July 2026, and combine typical building and contents premiums for a standard property profile. Actual premiums vary significantly with your sums insured, location, construction, security and claims history. These figures are not quotes. Always obtain a personalised quote from the insurer directly.

House & Contents Insurance FAQs

Common questions about bundling building and contents cover in New Zealand.

Is house and contents insurance cheaper than buying them separately?

Not always. AA Insurance, AMI, State and Tower have all withdrawn their multi-policy discounts, so holding house and contents with one of them no longer lowers the premium. Some other insurers may still offer one, so ask at quote time. The more reliable benefit is that several insurers charge only one excess when a single event damages both your building and your contents, which can be worth several hundred dollars at claim time.

Do I set one sum insured or two?

Two. You set a rebuild figure for the building and a separate replacement figure for the contents. They are not interchangeable and one does not top up the other. This is the most common mistake on bundled policies, because people assume a single combined figure covers everything.

If a flood damages my house and my furniture, do I pay two excesses?

It depends on the insurer. AA Insurance, Tower, Vero and Initio all publish a single-excess benefit for one event affecting multiple policies, though the conditions differ. Tower charges the higher of the two excesses. Vero requires the claims to be at the same time and location. Confirm the exact wording with your insurer rather than assuming.

Does NHC cover my contents in a bundled policy?

No. The Natural Hazards Commission Toka TÅ« Ake covers residential buildings and some land, up to $300,000 + GST, with a $500 excess on claims from 1 July 2024. Contents cover was removed on 1 July 2019, so your contents are protected entirely by the private portion of your policy, including for natural disasters.

Can I bundle if I rent?

Not in the usual sense, because the building is your landlord's responsibility. What you need is renters insurance, which is contents cover for tenants. You can still bundle contents with other policies such as car insurance, although several large insurers no longer discount a bundle.

Is house and contents insurance compulsory in New Zealand?

No, it is not legally compulsory. However, if you have a mortgage, your lender will almost certainly require building insurance as a condition of the loan. Contents cover is optional in every case, though it is what protects the belongings a mortgage does not care about.

Do both policies have to renew on the same date?

Not necessarily, but insurers usually align them when you bundle, which is part of the administrative benefit. Aligned renewal dates make it easier to review both sums insured at the same time, which is worth doing at least annually.

Is home and contents insurance the same as house and contents insurance?

Yes. "Home and contents", "house and contents" and "household" insurance all describe building cover and contents cover bought together from one insurer. The cover is the same as buying the two policies separately from that insurer. The difference is any multi-policy discount the insurer still offers and, with some insurers, a single excess when one event damages both.

Disclaimer: The information on this page is for informational purposes only and does not constitute financial, insurance, or legal advice. Benefit limits are those published by each insurer and were checked on 22 July 2026. Multi-policy discount information was rechecked on 28 September 2026. Discounts are usually expressed as "up to" a maximum and depend on the policies you hold, minimum premium rules, and the insurer's own criteria. All pricing shown is indicative and is not a quote. Always obtain a personalised quote directly from the insurer.

Note: Compare.org.nz may earn referral fees from some providers featured on this page. Some providers pay to be featured, and featured placements are labelled. Payment does not change the ratings we show. Features, pricing, and policy terms may change without notice - always verify directly with the insurer before purchasing. For personalised financial guidance, consider consulting a licensed financial adviser.

Related Guides

Read more in our in-depth New Zealand insurance guides, or head back to the main comparison.

Related types of cover

Compare House Insurance Compare Contents Insurance Compare Renters Insurance Compare Landlord Insurance

In-depth guides

How to Calculate Sum Insured How Much Contents Cover Do You Need? EQC / NHC Natural Hazard Cover Explained What Is an Excess? Replacement vs Indemnity Value

Reviewed by the Compare.org.nz Editorial Team. Our editors compare publicly available policy documents, provider disclosures and pricing data to keep this page current. Figures shown are indicative estimates, not quotes, and cover details can change - always confirm with the insurer before you buy.

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