Premiums across house, car, and contents insurance generally shot up at a higher rate than inflation did, with variances per region and the insurance company surveyed. In 2021, a Consumer NZ price survey of home and contents insurance found that premiums for a standard-sized house insurance policy could vary by up to $2000, while another survey conducted late last year found that 7% and 17% of Kiwis cancelled or did not renew their house and contents insurance policies, respectively, for cost-related reasons. Not everyone was willing to pay substantially more, Quashed insurance data revealed, as a minority of people had opted to find insurers through the Quashed insurance comparison website willing to offer them a lower premium, as reported by stuff.co.nz. Whereas customers from Auckland paid premiums higher than last year’s by $262 on average, those from Wellington were paying premiums higher by a full $504. Contents insuranceAlmost three-fourths (74%) of all customers experienced an increase in their contents policy premiums, with an average annual increase of 12%, or $74.

Source: Stuff February 13, 2023 18:36 UTC