Replacing a stolen TV or damaged furniture isn’t cheap. For Kiwis over 60 or those living on NZ Super, finding contents insurance at a reasonable price can feel overwhelming. However, protecting your belongings doesn’t have to be out of reach. In this guide, we’ll share practical tips to help you secure affordable contents insurance for seniors in New Zealand. Whether you’re exploring tailored coverage, searching for discounts, or finding ways to reduce your premiums, this blog will provide the information you need to make confident decisions about safeguarding your household items.
The rising costs of contents insurance
According to the Quashed Index, contents insurance costs for Kiwi seniors (61+) have surged over the past two years. In Q4 2022, the average annual premium was $579. By Q4 2023, that had jumped to $759, and as of Q4 2024, it now sits at $801.
While $801 per year might not seem like a staggering figure at first glance, the reality is more concerning when viewed in context.
Recent research from the Retirement Commission highlights deteriorating financial well-being among older New Zealanders. Their study found that:
37% of individuals aged 65 and over reported a worsening financial situation in the past two years.
28% have cut back on food spending.
26% have delayed medical treatments due to affordability concerns.
For seniors on fixed incomes and reliant on NZ Super, the rising cost of contents insurance may add yet another financial pressure, making it increasingly difficult to balance essential expenses. A single senior receiving $521 per week from NZ Super (after tax) may spend around 3% of their annual income on contents insurance, based on the average cost of $801 per year. For those on tight budgets, this is a significant expense.
With contents insurance premiums rising alongside other essential expenses, some seniors may be wondering—is it still worth the cost? Let’s go into that.
Is contents insurance worth it for seniors?
With premiums on the rise, it’s natural to question whether contents insurance is still worth it. For Kiwi seniors, while it is becoming more expensive for some, there are still important reasons to have it.
Theft protection: Opportunistic thieves frequently target seniors, and with thousands of burglaries reported annually in NZ, contents insurance for seniors provides essential protection for your belongings.
Accidental damage coverage: From a dropped laptop to a knocked-over TV courtesy of the grandkids, household belongings insurance ensures you won’t face unexpected repair or replacement costs alone.
Financial security: Rather than dipping into your hard-earned savings, contents insurance helps one stay prepared for life’s mishaps, no matter what comes up.
Want more insights? Head to our 'Further Reading' section for tips on protecting your belongings and making the most of your contents insurance.
Common policy exclusions to be aware of
Contents insurance is a great way to protect your belongings, but it’s essential to know what isn’t covered. Here are some common exclusions:
Wear and tear: Gradual damage or depreciation from regular use, like a worn-out couch or faded curtains, is typically not covered.
Pre-existing damage: Items that were already broken or damaged before you took out the policy won’t be eligible for claims.
Unlisted valuables: High-value items like jewellery, antiques, or artwork often need to be declared separately for full coverage.
Always read your policy carefully to avoid surprises when making a claim. Understanding these exclusions is key to choosing the right policy—and that’s where Quashed can help.
Looking for more tips? Visit our 'Further Reading' section to learn how to protect your belongings.
How Quashed simplifies the process
Finding the right contents insurance policy can feel overwhelming, especially with all the exclusions to consider.
That’s where Quashed makes things easier.
Our platform is designed to save you time, reduce stress, and help seniors compare policies side by side to find the best coverage for their needs and budget. Here’s what makes Quashed stand out:
Real-time quotes: Get access to up-to-date pricing and coverage options from multiple providers, so you can make informed decisions.
Personalised options: Adjust your excess, sum insured, and policy features to create a policy that’s tailored to your needs.
Quick comparisons: Compare multiple policies in one place without the hassle of switching between websites.
Tailored insights: Discover bundle offers, discounts, and senior-friendly features to save money while getting the coverage you need.
Thinking about switching or reviewing your insurance? See what options are available from multiple providers—all in one place. Compare for free and explore your choices now.
How families can help seniors with insurance decisions
Seniors don’t have to tackle insurance alone—family can help! With Quashed, comparing policies is easy, but it’s also worth chatting with insurers or an advisor to find what works best.
Here’s how families can help:
Assist with comparisons: Use Quashed to help seniors compare policies side by side and find the best coverage for their needs.
Explain complex terms: Insurance jargon can be confusing. Family members can help break down the details to ensure seniors fully understand their options.
Spot cost-saving opportunities: Look for ways to adjust excess, explore discounts, or find bundle deals that suit their budget and coverage requirements.
By working together, families can ensure seniors feel confident, informed, and supported when making insurance decisions.
Want to dig deeper? Explore our 'Further Reading' section for a closer look at contents insurance tips.
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Further reading
We've provided some useful reads below.
Your Complete Guide to Contents Insurance: A 101 guide about contents insurance.
Key Considerations with Contents Insurance: An overview about what to think about.
Setting Your Sum Insured: Steps in calculating your sum insured.
How Much Does Contents Insurance Cost?: Details about the costs.
Lowering Your Contents Insurance Costs: A few smart ways to trim those premiums.
Insuring Valuable Items: Simple tips for protecting high-value assets.
Guide for renters: A discussion around whether contents insurance is worth it for renters.
FAQs
Why has my contents insurance premium increased when I haven’t made a claim?
Even if you haven’t made a claim, insurers adjust premiums based on wider market risks. Factors like rising theft rates, inflation, and natural disasters can increase costs for all policyholders. Global reinsurance costs (what insurers pay to protect themselves) also contribute to premium hikes.
How to lower your premium:
Check if your policy automatically increases coverage each year—you may be paying for more than you need.
Increase your excess to reduce your monthly or yearly payments.
Compare policies regularly, as some insurers adjust prices more than others.
Does contents insurance cover accidental damage to appliances and valuables?
Many policies include accidental damage cover, but it’s not always standard. Some insurers only cover sudden, unexpected damage, while others exclude wear and tear.
Check if your policy covers:
Appliance mishaps, such as knocking over a TV or dropping a laptop.
Jewellery and watches, which often have payout limits unless listed separately.
DIY disasters, such as spilling paint on carpets, which may require specific accidental damage cover.
Can increasing my excess save me money on contents insurance?
Raising your excess can reduce your premiums by up to 20 percent. However, make sure you can afford the excess amount in case you need to make a claim.
For example, if your excess is $250, a claim for a $600 TV means you’ll only get $350 back. If you raise your excess to $750, small claims won’t be worth it, but your annual premium could be significantly lower.
Should I get contents insurance if I live in a retirement village?
Retirement villages insure buildings, but not your personal belongings. If theft, fire, or accidental damage occurs in your unit, you’ll need your own contents insurance to claim.
Some insurers offer senior-specific policies with lower excess options and discounts for village residents.
How do I know if I have the right amount of coverage?
Steps to calculate your cover:
Make a list that includes furniture, electronics, clothing, jewellery, and appliances.
Use a contents calculator—many insurers provide free tools to estimate the value.
Check policy limits, as high-value items like jewellery or art may need specific cover.
What should I do if I need to make a claim?
To speed up claims processing, be prepared with evidence.
Take photos and keep receipts for high-value items.
Report thefts or damage as soon as possible, as delays can affect payouts.
Know your excess amount before claiming.
Why use Quashed to compare contents insurance?
Quashed makes contents insurance easy. Instead of switching between multiple insurers, you can compare coverage, excess, and premiums side by side—all in one place and in real-time.
This article provides general information only and does not constitute insurance or financial advice. Insurance policies vary between providers, and you should check with your insurer or a licensed adviser for guidance specific to your situation. For full details, refer to Quashed’s terms and conditions.
