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Home Insurance Policy Comparison
Updated February 2025
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Policy Nameinitio Home Insurance PolicyAA Home Insurance Policy AMI Market Value House Insurance PolicyAMP House Policy - Everyday State Home Essentials Insurance Tower House Insurance - Plus Cover Trademe Your House Insurance
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Basis of Settlement Replacement to Sum InsuredReplacement to the area size, capped at Sum Insured for Natural Disaster The lesser of the market value, or the sum insured.Replacement to Sum InsuredThe lesser of the market value, or the sum insured.Replacement to Sum InsuredReplacement to Sum Insured
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Alternative SiteYesNoNoYesNoYesYes
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Defined Events
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Accidential DamageYesYesYesOptionalNoYesYes
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Burglary / TheftYesYesYesYesYes, following violent and forceful entryYesYes
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Electrical Motor BurnoutYesNoYesOptionalNoYesYes
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Fire, Explosion, Impact, LightningYesYesYesYesYesYesYes
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Flood, Storm, Rainwater, WindYesYesYesYesYesYesYes
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Loss or Damage by OpossumsYesNoYesYesNoYesYes
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Malicious Damage or VandalismYesYesYesYesYesYesYes
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Natural Disaster DamgeYesYesYesYesYesYesYes
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Power SurgeYesYesYesYesNoYesYes
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Benefits
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Alternative Accomodation$20,000, maximum 12 months$20,000, maximum 12 months$20,000, maximum 12 monthsLimited to 10% SI, maximum 12 monthsNoUp to $25,000Up to $25,000
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Catastrophe CoverYes, post loss up to 10% increase in SINoYes, post loss up to 10% increase in SIYes, post loss up to 10% increase in SINoYes, post loss up to 10% increase NZ-wideYes, post loss up to 10% increase NZ-wide
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Demolition/Removal of DebrisYesYesYesYesYesYesYes
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Electronic ProgramsYesYesYesYesNoNoNo
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Environmental UpgradeLimit $15,000NoNoLimit $2,500NoUp to $15,000Up to $15,000
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Hidden Gradual DamageLimit $3,000Limit $2,000Limit $1,500NoNoUp to $2,000Up to $2,000
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Inflation ProtectionYes, post loss up to 10% increase in SINoNoYes, post loss up to 10% increase in SINoNoNo
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LandscapingLimit $2,500NoNoNoNoUp to $2,000Up to $2,000
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Replacement Keys and LocksLimit $1,000, Nil ExcessYes, Standard ExcessNoLimit $500, Nil ExcessNoUp to $1,000, Nil ExcessUp to $1,000, Nil Excess
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Retaining WallsLimit $25,000Limit $50,000OptionalLimit $50,000NoUp to $25,000 (this is the limit for unspecified garden retaining walls. Retaining walls that are part of the building platform are covered for their full amount within the sum insured).Up to $25,000 (this is the limit for unspecified garden retaining walls. Retaining walls that are part of the building platform are covered for their full amount within the sum insured).
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Stress BenefitLimit $2,000NoNoNoNoUp to $1,000Up to $1,000
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Tree RemovalNoYesNoNoNoPolicy pays to remove the tree debris, but won't cover grinding out the stump and roots.
Policy pays to remove the tree debris, but won't cover grinding out the stump and roots.
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Water or Sewage Pipe BlockageLimit $500, Nil ExcessNoNoNoNoNoNo
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Legal Liability
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Property Owners LiabilityLimited to $1,000,000Limited to $2,000,000Limited to $1,000,000Limited to $2,000,000Limited to $1,000,000Limited to $20,000,000Limited to $20,000,000
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Defence CostsYes, in addition to limitYes, included in Limit Yes, in addition to limitYes, in addition to the LimitYes, in addition to the LimitYes, included in Limit Yes, included in Limit
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Other Coverage
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Floor CoveringsYesYesYesYesYesYesYes, if glued or permanently fixed
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Home OfficeYesOptionalYesYesYesYes, if under 50% of the floor area of the houseYes, if under 50% of the floor area of the house
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OutbuildingsYesYesYesYesYesYesYes
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Paths and DrivewaysYes, of permanent construcionYes, of permanent construcionYes, of permanent construcionYes, up to 50m, limited to $10,000Yes, of permanent construcionYes, other than unsealedYes, other than unsealsed
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Swimming PoolLimit $45,000Yes, permanently fixed OptionalYesLimit $40,000 OptionalOptional
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Tennis CourtsLimit $45,000Yes, permanently fixed OptionalYesLimit $40,000 OptionalOptional
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Unoccupancy ConditionsAfter 60 days cover is limited to fire explosion lightning or Earthquake Top-Up CoverAfter 60 days an additional excess appliesAfter 60 days cover is limited to fire explosion lightning or Earthquake Top-Up CoverAfter 60 days an additional excess appliesAfter 60 days cover is limited to fire explosion lightning or Earthquake Top-Up CoverLimited perils-based cover after 90 days unoccupiedLimited perils-based cover after 90 days unoccupied
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Financial Strength Rating
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Initio Limited policies are underwritten by NZI. NZI is a business division of IAG New Zealand Ltd. IAG has received a financial strength rating of AA- from Standard & Poor’s (Australia) Pty Ltd, an approved rating agency.AA Insurance Ltd has an A+ (Strong) Insurer Financial Strength Rating given by Standard and Poor’s (Australia) Pty Ltd.AMI is a business division of IAG New Zealand Limited (IAG). IAG has received a financial strength rating of AA- from Standard & Poor’s (Australia) Pty Ltd, an approved rating agency.AMP polices are underwritten by Vero. Vero Insurance New Zealand Limited has been given an A+ insurer financial strength rating by Standard & Poor's.State is a business division of IAG New Zealand Limited (IAG). IAG has received a financial strength rating of AA- from Standard & Poor’s (Australia) Pty Ltd, an approved rating agency.Latest Tower Insurance Group Financial Strength Rating from A.M. Best Company
Tower Insurance Limited: financial strength rating A- (Excellent), stable outlook (effective April 2024).		Trade Me Insurance is underwritten by Tower Insurance Limited. Tower Insurance Limited has a financial strength rating A- (Excellent), stable outlook (effective April 2024).
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Disclaimer: This policy comparison is not intended to be financial or insurance advice. It is a summary of the various policy terms of coverage only. For full details of policy coverage, terms, benefits and exclusions please refer to the specifc policy wording document.
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