Police Home Insurance premium rates will be increasing from 1 October 2022.
Why are my premiums increasing?
Home premiums have been affected by an increase in the number and severity of weather events as well as various claims cost factors, including global supply chain constraints and an increase in cost of materials, leading to an increase on the cost of repairs.
A summary of primary factors affecting the upcoming home insurance rate change can be found below.
Change | Description | Standalone affect |
EQC changes | Levies have increased due to the 1 October EQC cap change. | The maximum EQC levy will increase from $300 (+GST) to $480 (+GST) |
Indexation increases | Sums insured have increased to support increased costs of goods and services | This has increased the sum insured you are covered for |
Reinsurance | Reinsurance costs associated with the 1 October EQC change have been updated. | This has changed premiums on homes to varying extents depending on how high the seismic risk is. |
Natural perils | The amount and severity of weather events is increasing. | NZI increased the allowance for future events which is impacting premiums. |
Claims | The frequency of weather events and the cost to repair homes is increasing. | This has increased premiums on home policies |
Helpful resources
We have prepared a number of helpful resources to help you understand the full scope of changes.
General FAQs - Home Insurance Premiums
How premiums are calculated
What makes up your insurance premium
Police Fire & General Insurance: Exclusively for PWF members and their families. Arranged by PWF General Insurances Limited and underwritten by NZI, a business division of IAG New Zealand.