Changes to premiums.

Our underwriter, IAG New Zealand Limited (IAG), use underwriting and pricing disciplines to calculate a fair price for insurance cover. Because of this, premiums could change every year as a result of factors like:

  • Claim costs;
  • Reinsurance costs; or
  • Government levies and taxes.


Your premiums are calculated based on the information you give us, but also can be affected by:

  • The number and severity of claims made over a year;
  • Increasing home and vehicle repair costs;
  • Your own claim history;
  • Excesses and discounts;
  • Changes to your home or contents sum insured or vehicle value; or
  • Changes in your circumstances, such as renting out your house, moving to a new address or no longer needing to cover an under 25-year-old driver on your vehicle.


Reinsurance is a form of insurance bought by insurance companies to help cover the cost of claims if there’s a major disaster, such as an earthquake. The cost of this reinsurance is heavily influenced by natural disasters and unfortunately, the number of natural disasters over the past few years has caused reinsurance costs to rise.

New Zealand can be a risky place to live, with floods, storms, and earthquakes and some regions being more prone to natural disasters. If you live in an area at higher risk of a natural disaster, you could pay more for your home and contents insurance than a like-for-like home in a lower risk area.

Tax and Levies.

Any increases to your insurance premium, including any levies charged, mean you’ll also be paying more GST.

Levies also form part of your insurance premiums and are paid to the Government. They help cover the cost of services such as the Earthquake Commission (EQC) and Fire and Emergency New Zealand (FENZ).

  1. EQC Levy

    EQC is a Crown entity that provides natural disaster cover for residential homes and land where you hold a current private insurance policy (such as your Westpac home insurance). EQC levies are collected by IAG as part of your home insurance premiums and passed on to the EQC. The amount is set by the EQC.
  2. FENZ Levy

    Responding to rural and urban fires across New Zealand, FENZ is mainly funded by levies on property and motor vehicle insurance. IAG collect this levy as a part of your home, contents or vehicle insurance premiums and pass this on to FENZ. The amount is set by FENZ.

We're here to help.

It’s important that you have the right level of insurance cover in place to suit you. Over time, the things you own and your circumstances can change, so it’s a good idea to review your cover from time to time. If you’d like to discuss your cover, give us a call on 0800 809 378. We’ll help to find the best solution for you.

Things you should know.

Westpac Home and Contents insurance cover is arranged by Westpac New Zealand Limited (“Westpac”) and underwritten by IAG New Zealand Limited (“IAG”). None of Westpac Banking Corporation ABN 33 007 457 141 (incorporated in Australia), Westpac, or any member of the Westpac group of companies guarantee the obligations of, or any products issued by, IAG. Westpac will receive commission payments as a result of the arrangement of IAG policies. See IAG’s financial strength rating.

The material on this webpage is provided for information purposes only and is not a recommendation or opinion in relation to Westpac Home, Contents, Vehicle and Boat Cover.

Eligibility criteria apply to discounts. Discounts are applied to the base premium before add-ons, levies, and GST are added. If you get two or more discounts, these will be calculated consecutively. Any discount may apply in part, or not at all, if your premium is below our minimum level.

The availability of any insurance cover is subject to the acceptance and approval of a complete application.

Any claim payment is subject to your claim being accepted.