Ultimate NZ Guide to Contents Insurance (2025): Compare & Find the Best and Cheapest Cover

Based on an analysis of over 3,000 anonymised quotes generated through the Market Scan tool in 2025, the average cost of NZ contents insurance is $863 a year or $72 a month. 

However, this price varies significantly based on your Sum Insured, location, and the level of cover you choose.

The key takeaway is that prices for the exact same level of cover can differ by hundreds of dollars between insurers. 

See Your Price Now - Don't guess what you should be paying. Use our free Market Scan tool to compare real-time quotes from leading insurers and see how much you could save.

Think of everything you own that isn’t physically part of your house. That’s your contents. A good policy is designed to protect you from financial loss if these items are stolen, damaged, or destroyed

Your contents insurance policy is typically split into three main parts:

1. Your Belongings: This is the core of the policy. It covers items inside your home like furniture, electronics (mobile, laptop, hearing aids, etc.), clothing, kitchenware, and sports gear. It also typically covers items in your locked garage or shed, and on your property, like your BBQ or outdoor furnitur

2. Cover Away From Home: Many policies include cover for items you take outside your home, anywhere in New Zealand. This is crucial for things like your laptop, phone, or bicycle if they are stolen from your car or damaged while you're out. A smaller number of policies may offer some cover when you take it overseas to Australia or Pacific Islands. 

3. Personal Liability Protection: This is a powerful, often-underestimated benefit. It covers you financially if you are held legally liable for accidentally damaging someone else’s property or injuring someone. For example, if you leave the tap on and flood your apartment and the one below, your liability cover, would handle the costs. 

This is an important distinction in a Contents insurance policy. Choosing the wrong one can be the difference between getting a brand-new TV and getting just $50 for your old one.

Replacement Value Cover

• How it works: If your 3-year-old laptop is stolen, this policy pays the full cost to buy a brand-new, equivalent model today. It replaces your old item with a new one. This is the modern standard for contents insurance.

Indemnity Value Cover

• How it works: This policy pays you the current market value of your lost or damaged item. It accounts for age, wear and tear, and depreciation. For that 3-year-old laptop, you might only get back a fraction of its original price.

For better coverage, Replacement Value cover is the option to go for. Always check the policy wording to confirm you have "replacement" or "new for old" cover.

These are the two levers you can pull to directly control your premium.

1. Sum Insured: The total dollar amount your belongings are insured for.

2. Excess: The amount you agree to pay towards a claim before the insurer pays the rest.

To get your Sum Insured right, go room-by-room and create an inventory. Use an online contents calculator such as the one available on Market Scan to help you estimate what all your valuables are worth and at the same time compare multiple quotes to find savings. 

Here’s an example for a 30 year old male in Auckland 

A higher excess will lower your premium:

Increasing excess from $250 to $1,000 for $75,000 sum insured = save 30%

Savings = $208

A lower sum insured will lower your premium:

Lowering the sum insured from $125,000 to $75,000 with $250 excess = save 20%

Savings = $167

Find your contents insurance savings with Quashed’s Market Scan for FREE.

Shopping around is the single most effective way to save money on your contents insurance. Insurers calculate risk differently, leading to huge price variations i.e. potential savings for you. 

Example 1: 30y male in Auckland, no claims, no alarm, $30,000 sum insured, $250 excess

Cheapest Quote (AMP): $485

Highest Quote (AMI): $617

Price Difference Gap/Savings: $132

Example 1: 45 year old female in Whakatane, $100,000 sum insured, $1,000 excess

Cheapest Quote (Initio): $565

Highest Quote (AMP): $1,010

Price Difference Gap/Savings: $445

To shop and compare your quotes, use Quashed’s Market Scan for FREE.

1. Increase Your Excess: The fastest win. If you can afford a higher excess (e.g., $1,000 instead of $500), your premium will be significantly lower.

2. Pay Annually: Paying for the year in one lump sum avoids monthly administration fees.

3. Secure Your Home: Tell your insurer about monitored burglar alarms or security cameras for a potential discount

4. Review Your Cover Annually: Adjust your Sum Insured if you sell high-value items. Don't pay for cover you no longer need.

5. Shop Around (The Golden Rule): Never accept your renewal offer without checking the market first. Shop easily with Market Scan to save now.

1. Compare the Market: Use a tool like Market Scan to find a cheaper, better policy in under 3 minutes.

2. Purchase Your New Policy: Sign up and pay for your new policy online instantly.

3. Cancel Your Old Policy: Simply call or email your old insurer to cancel. They will refund you for any unused premium.

• Nail Your Sum Insured: Use a calculator and do a room-by-room inventory.

• Raise Your Excess: Increasing your excess to at least $750 is the quickest way to save.

• Pay Annually: Combine policies and pay in a lump sum to maximize discounts.

• Never Auto-Renew Blindly: Always compare your renewal offer before accepting it.

Your Next Step: Take Control of Your Contents Insurance

You now understand the difference between policy types, how to calculate your cover, and how to cut costs. The biggest mistake is assuming your current insurer is giving you the best price.

Use our free, smart Market Scan insurance comparison tool right now to see how your current policy stacks up against the market to help you in your search for the cheapest and best contents insurance cover.

Frequently Asked Questions (FAQ)

1. Does My Policy Cover My Flatmates or Family?

• Your policy covers you and your immediate family living with you. It does not cover flatmates. Every person in a flatting situation needs their own individual policy to cover their own belongings.

2. Is Renters Insurance the Same as Contents Insurance?

• Yes. In New Zealand, "renters' insurance" is the same product as "contents insurance." It's a policy that protects your belongings and provides personal liability cover, designed for people who rent their homes.

3. Do all Contents insurance policies cover mobile phones and laptops? 

• No. Not all of them will automatically cover your mobile phones and laptops. For example some lower tier covers such as AA Limited Contents Cover has this as an optional add-on benefit. Check your policy. Make it easy with Market Scan.  

4. What is the Difference Between House and Contents Insurance?

• House insurance covers the building, while contents insurance covers your belongings inside it. A great way to think about it is the 'upside-down test': if you could turn your house upside down and shake it, everything that falls out would be your contents.