Renting in New Zealand comes with challenges—rising costs, tight rental markets, and unexpected risks. But while your landlord’s insurance covers the building, it won’t cover your personal belongings. That’s where contents insurance for renters comes in, helping protect you from theft, fire, accidental damage, and natural disasters.
Recent research from the Financial Services Council shows that many Kiwis are underinsured, often due to cost pressures, leaving them financially vulnerable. With affordability being a key barrier, many renters may not have enough cover to replace essential items if disaster strikes. Whether it’s a stolen laptop, fire damage to your flat, or a burst pipe ruining your furniture, replacing your belongings could cost thousands, so contents insurance can be a valuable option for many renters.
With renters insurance premiums increasing, understanding how contents insurance in New Zealand works—and whether it’s worth it—is more important than ever.
Let’s break it down.
Do renters need contents insurance?
You might think contents insurance is just for homeowners, but that’s a myth.
Your landlord’s insurance only covers the building—not your personal belongings. Whether you’re flatting in Wellington with friends or renting a cosy one-bedroom in Auckland, your stuff is your responsibility.
Think about it—the value of your belongings adds up faster than you’d expect. TVs, laptops, furniture, clothes, and kitchen gadgets—it could easily cost thousands to replace everything. With 80% of Kiwis uninsured for income, unexpected losses like theft or damage could leave renters in financial trouble.
Protecting your belongings in rental properties is essential to avoid these risks. Contents or renters insurance is an affordable way to cover your valuables from theft, fire, accidental damage, or even natural disasters, giving you confidence that you’re covered when the unexpected happens.
Curious about contents insurance? Check out the further reading section below.
What are renters really risking?
Renters face unique risks that can leave them financially vulnerable without the right protection. Here are a few scenarios where contents insurance can make a big difference:
Theft: Flats and apartments, especially those with less-than-stellar security, are easy targets for burglars. Contents insurance can help cover the cost of stolen items, reducing financial strain.
Accidental damage: Spilled coffee on your laptop? Dropped your phone on hard tiles? We’ve all been there. With the right cover, these accidents don’t have to ruin your finances.
Natural disasters: New Zealand’s earthquakes, storms, and floods don’t spare renters. While your landlord might repair the building, your personal belongings are still at risk.
Temporary accommodation: If your flat becomes uninhabitable due to a covered event, some contents insurance policies can cover the cost of temporary accommodation, ensuring you’re not left scrambling for a place to stay.
Want to explore even more ways contents insurance can protect you? Check out our further reading section below.
What does contents insurance cover?
Contents insurance offers renters in New Zealand a way to protect their belongings. Most policies include coverage for:
Electronics: Laptops, phones, TVs, and gaming consoles.
Furniture & clothing: From your bed to your wardrobe essentials.
Valuables: Jewellery, personal items, and other high-value possessions.
Theft, fire, and water damage: Core risks like break-ins, burst pipes, and house fires.
Liability Coverage: Protects you if you accidentally damage someone else’s property, like spilling coffee on a friend’s laptop.
However, not all policies are created equal. Some renters insurance coverage in New Zealand may not include accidental damage unless you opt for extra cover. That’s why it’s important to review your policy carefully to avoid surprises.
Think you’ve got everything covered? You might be making costly mistakes without even knowing it. Check out our further reading section below.
How much does renters insurance cost?
Contents insurance costs in New Zealand have been rising due to factors like increased claims, inflation, and insurer pricing adjustments. According to the latest Quashed Index, the average premium in Q3 2024 was $892 per year ($74 per month or $2.44 per day). However, actual costs vary depending on factors such as age, location, and level of cover.
Since Q3 2022, average premiums have increased by 37%, with some age groups seeing sharper rises. Renters considering contents insurance should be aware of these trends and explore policies that fit their budget and coverage needs
So what does this mean for renters?
As contents insurance premiums continue to rise, renters should be aware of increasing costs and consider how insurance fits into their budget and needs. Those in the 40-50 and 51-60 age groups tend to pay the highest premiums, likely due to higher-value possessions and increased risk factors.
Younger renters (18-24 and 25-30) generally face lower premiums, though costs have still risen significantly over the past two years. With premiums varying based on factors like age, location, and coverage level, comparing policies can help renters find a balance between affordability and protection.
Check out our further reading section below for tips on managing premium costs while ensuring the right level of coverage for your needs.
How Quashed simplifies contents insurance for renters
Finding the right contents insurance as a renter can feel complicated, but Quashed makes it easy.
Our platform provides clear, side-by-side comparisons to help you choose the right cover—quickly and with confidence.
See your options in one place: Compare policies from leading insurers so you can see exactly what's covered and at what cost. No more juggling multiple websites.
Tailor your cover to fit your rental lifestyle: Adjust key policy settings—such as coverage type, sum insured, and excess—to suit your living situation and budget.
Save time and money: Whether you're renting a flat or an apartment, Quashed helps you find cover that protects what matters most without overpaying.
Your stuff, your rules
With Quashed, you’re in control—easily tweak your policy to suit your lifestyle and budget.
Sum insured: Need more or less cover? No worries. Adjust your coverage anytime to match the value of your belongings and avoid paying for what you don’t need.
Excess amount: Find the sweet spot—choose an excess that keeps your premiums affordable while covering you when it matters most.
See it all, side by side: Compare policies from leading insurers at a glance. Check out perks like accidental damage, new-for-old replacement, and temporary accommodation cover.
Flexible payment options: Whether you prefer monthly or yearly payments, Quashed gives you the choice to fit your budget.
Why settle for a one-size-fits-all policy? Start your comparison now and find cover that actually fits your life!
Protect your stuff—compare contents insurance
Join over 45,000 Kiwis who’ve signed up to explore insurance with Quashed. Will you be the next?
Further reading
Explore these insights and tips to help you protect what matters most.
Complete Guide to Contents Insurance: Everything you need to know about protecting your belongings.
How to Set Your Sum Insured for Contents: Learn how to properly assess your sum insured.
How Much Does Contents Insurance Cost?: Get a clear idea of what to expect when it comes to pricing.
How to Lower Your Contents Insurance Premium: Explore practical tips and strategies to reduce your costs.
Key Considerations for Contents Insurance: Learn how to get cover for your needs.
FAQs
Is contents insurance worth it if I don't own expensive stuff?
It can be. Even if you don’t own high-end electronics or designer items, it’s surprising how quickly the value of your belongings can add up. Think about your essentials: clothes, kitchen gadgets, furniture, and that trusty laptop. Replacing them all after theft, fire, or damage could cost thousands. Contents insurance in New Zealand offers an affordable safety net to protect renters from financial stress.
What does contents insurance cover for renters in shared housing or apartments?
Contents insurance typically covers your personal belongings, even if you live in shared housing or an apartment. It protects items like your phone, laptop, and clothes from risks like theft, fire, or accidental damage.
Does renters insurance cover liability for damage to neighbouring apartments or the building?
Yes, many renters insurance policies include liability coverage. This protects you if you accidentally damage someone else’s property. For example, if your washing machine leaks into the flat below, liability insurance can help cover repair costs.
Isn't my landlord's insurance enough to protect me?
No, your landlord’s insurance only covers the building structure, not your personal belongings. If there’s a fire, burglary, or water damage, your landlord’s policy won’t replace your furniture, electronics, or other valuables. Contents insurance ensures your items are protected.
How much does renters insurance typically cost in New Zealand?
Contents insurance for renters in New Zealand is more affordable than many people think, especially when compared to other types of coverage like car insurance, which often costs significantly more per month. On average, it costs about $70 per month, or $2.30 per day, depending on factors like your location, level of cover, and the value of your belongings.
Does renters insurance cover new appliances protected under the CGA?
While renters insurance doesn’t replace the protections offered by the Consumer Guarantees Act (CGA), it can provide coverage for other risks. For example, if your new appliance is stolen or damaged in a fire, contents insurance can help replace it. For manufacturer defects, the CGA still applies.
What happens if I accidentally damage my landlord’s property?
Accidental damage to your landlord’s property, such as breaking a window or damaging a carpet, is often covered under renters insurance. However, coverage can vary by policy, so it’s essential to review the terms and conditions.
