1 in 2 kiwis think they’re paying too much for home and contents insurance

More than half of New Zealanders feel they are paying too much for their home and contents insurance, according to our survey results.

While price is an obvious sore point for many customers, 88% of New Zealanders agreed that the service they received from their home and contents insurance provider was ‘good service’.

Results also showed that insurance comparison websites have been utilised by 17% of respondents (and a higher 28% of Generation Y Kiwis) to help select an insurance provider.

When we compared New Zealand home and contents insurance providers, Westpac received five star ratings across all criteria. and have been awarded our most satisfied customers award for home and contents insurance.

State Insurance, Vero, ASB, AA Insurance, BNZ, AMI, Tower and NZI were also rated.

Canstar Blue commissions Colmar Brunton Australia to survey 2,500 New Zealand consumers across a range of categories every few months to measure and track customer satisfaction. The outcomes reported are the results from customers who have a home and contents insurance policy within the survey group – in this case, 1,116 people. To qualify, the customer must currently have an active home and contents insurance policy in their name and pay the bills. Brands must receive at least 30 responses to be included.

Results are comparative and it should be noted that brands that received three stars have still achieved a satisfaction measure of at least six out of 10.

Overall satisfaction

Westpac received five stars for overall customer satisfaction with their home and contents insurance. Next in line were State Insurance, Vero, ASB, AA Insurance, BNZ and AMI with four stars each; then Tower and NZI with three.

Value for money

For their home and contents insurer’s value for money, Westpac received five stars. They stayed ahead of four star recipients State Insurance, Vero, ASB and BNZ; and three star recipients AA Insurance, AMI, Tower and NZI.

Service

Customers of Westpac were most satisfied with their insurance provider’s service, followed by State Insurance, Vero, ASB, AA Insurance, BNZ, AMI and Tower with four stars; and NZI with three.

Claims process

The claims process can be the make or break factor when it comes to satisfaction with your insurer. Westpac received another five star rating for how they processed claims, and were followed by four star recipients State Insurance, Vero, ASB and AA Insurance. BNZ, NZI, AMI and Tower each received three stars for this criteria.

Clarity of policy

Customers of Westpac were most satisfied with the clarity and transparency of their insurance policies, earning the brand five stars. They were followed by State Insurance, Vero, ASB, AA Insurance and AMI with four stars; and BNZ, Tower and NZI with three.