Cost of insuring a home in NZ rises six times faster than incomes

Summarised by Centrist

The cost of insuring a home in New Zealand has surged 24.6% in the year to March, outpacing income growth by six times. Contents insurance premiums have risen even faster, jumping 28.0%, the highest annual increase since 1987. Insurers attribute these increases to the rising costs of replacing assets, repairing buildings, and reinsurance, which has surged by 25-40%. Rising insurance costs are becoming a significant concern for many New Zealanders, with some opting to let their policies lapse due to affordability issues.

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