Types of cover

Replacement sum insured
With this level of cover, your house could be rebuilt or repaired to the same size and specifications as before the loss, up to a maximum cost of the nominated sum insured. However, this type of cover may not available for some older houses, or poorly maintained houses.

Present day value
Your house is covered for the cost of repairing or rebuilding to the same condition it was in immediately before the loss occurred. Any cash settlement will include a deduction for depreciation, and the most that will be paid is the lesser of the market value of the house (without the land) or the sum insured.

With both levels of cover, if the house is rebuilt or repaired, building materials and construction methods will be used that are commonly available at the time of the claim.

Full replacement for fire
If your home suffers loss or damage due to fire (excluding fire caused by natural disaster), we’ll replace your house regardless of what your sum insured figure is. (This benefit does not apply to Present day value policies).

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How am I protected?

House Insurance provides cover for sudden and unforeseen accidental physical loss or damage to the house unless excluded by the policy, and also provides cover for:

  • Loss of income from rent

    If your house is being let, lent, leased, rented or tenanted at the time of the loss, and suffers loss or damage for which a claim is accepted, you are covered against loss of rental income for up to six months (maximum $15,000) if your house becomes uninhabitable as a result of the event giving rise to the claim under the house policy.

  • House owners’ liability

    You are covered up to $2,000,000 for your legal liability as owner of your house, for claims made on you as a result of accidents at the house that cause damage to other people’s property which happen during the period of insurance.

  • Gradual damage

    You are covered for up to $5,000 to repair resulting damage (but not the cost of locating and repairing the leak) for gradual damage to your house caused by a permanent and hidden internal water supply or waste disposal pipe or an internal water supply tank provided the leak first occurred during the policy period.

  • Landscaping

    If your house suffers loss or damage as a result of fire or impact by a vehicle for which a claim is accepted and at the same time your lawn, flowers, trees, hedges or shrubs are also damaged, this additional benefit pays up to $2,500 towards their replacement.

  • Temporary accommodation expenses

    If your house becomes uninhabitable as a result of loss or damage for which a claim is accepted under your policy, the additional reasonable cost of temporary accommodation will be paid, up to a maximum of $25,000 in total. This also includes the reasonable boarding out fees of your domestic pets.

  • Earthquakes and natural disasters

    If your house is insured for loss caused by natural disaster, the Earthquake Commission provides cover of up to $100,000 plus GST against certain natural disasters such as earthquake and landslip.

    A $5,000 excess will apply for driveways, fences, pools and paths that are damaged by natural disasters. This excess will apply instead of your usual voluntary excess. This $5,000 excess only applies to natural disasters - for all other events your normal policy excess will apply. If you do not have damage to a driveway, fence, pool, or path this excess will not apply.

  • Automatic extension of cover

    With TSB Insurance, your policy is automatically extended to include cover for those parts of your house not covered by EQC (such as paths, tennis courts, swimming pools and spa pools)



Special conditions

Old houses
In some cases, the age and/or condition of your house may affect the premium or the level of cover available. To find out more, contact TSB directly.

Tenanted houses
Loss by burglary, theft or intentional damage by tenants (other than by fire or explosion) is not covered and an additional excess of $400 applies to all claims. Also, your appliances, furniture, and chattels which are not permanently fitted or fixed which remain in the house are covered for their present day value up to $3,000.


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Optional special benefits

  • Excess refund

    If you select this benefit and your claim meets the minimum amount for which the claim is payable, you will not pay any excess.

  • House under construction or alteration

    This policy can be extended to cover your house for damage while under construction or alteration, occurring during the period shown in the certificate of insurance. An additional excess of $500 applies to all claims.

  • Landlord’s fixtures and fittings

    Your cover will be increased to $10,000 for loss or damage to your home appliances, furniture and chattels, (including drapes), that are contained within your house, while it is let, lent, leased, rented or tenanted.

Please note: Additional premium applies for optional benefits.



  • Terms and Conditions

    TOWER Insurance Limited underwrites all contracts of House, Contents and Motor Cover, and the contracts of insurance are between you and TOWER Insurance Limited. TSB Bank Limited receives a commission from the sale of insurance policies sold on behalf of TOWER. TSB Bank Limited does not guarantee these insurance products marketed on behalf of TOWER Insurance and is not liable if the insurer declines to pay a claim. Any claims issues are between the insured person(s) and TOWER Insurance or any involved third party. 

    Full terms, conditions and exclusions are available in the Policy Wording. TOWER’s Credit Rating can be viewed here


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