May 20, 2024: Increased building costs, inflation and more frequent extreme weather events have caused the cost of home and contents insurance to spike. Therefore, it’s never been more important for Kiwi homeowners to ensure they’ve the right level of home and contents insurance in place, and that it comes at an affordable price.
So, to assist Kiwi consumers make the right decisions about their home and contents insurance, each year, Canstar compares and analyses all the main insurance players in the New Zealand market, to assess which provide the best value products and levels of customer service.
And this year, Canstar is proud to announce Tower as the winner of its Home and Contents Insurer of the Year Award. Our expert research panel noted the outstanding value offered by Tower’s insurance products, especially its Standard and Plus policy options, which feature comprehensive insurance cover at affordable prices.
Canstar’s panel also noted Tower’s strong performance when it comes to events cover – including floods, storms and earthquakes – which is particularly relevant for many Kiwi households.
Tom Slee, Canstar Group Manager – Wealth, Health & New Zealand said of Tower’s award win, “Over the past year, many Kiwi households have seen the cost of their home and contents insurance increase at rates well above inflation.
“Rising building costs, an industry-wide focus on risk-based pricing and extreme weather events have conspired to push up premiums for many homeowners. So, we hope our research and award informs New Zealanders about which insurance provider offers the best levels of cover, customer service and overall value for money.
“To this end, we commend Tower for its award win. It’s a great result for Tower’s range of insurance products, which help deliver Kiwi homeowners peace of mind in times of great stress.”
Blair Turnbull, Tower CEO said as a Kiwi born and bred business, Tower is committed to helping protect New Zealand communities with insurance now and in the future.
“In the face of climate change insurance has never been more important to ensure our personal and economic resilience. That’s why we’re offering customers innovative products and tools like our hazard
ratings, which give homeowners more information about the risks their homes face, and features such as ‘ways to save’ in My Tower, our self-service digital platform.
“Our teams work hard to deliver fair and transparent insurance products for our customers and are constantly reviewing our pricing to ensure insurance remains affordable and accessible for Kiwi households. We’re absolutely thrilled to be named Canstar Home and Contents Insurer of the Year.”
Canstar’s Home & Contents Insurer of the Year Award
Canstar’s Insurer of the Year Award is based its Outstanding Value Home & Contents Insurance Awards, which utilise a sophisticated and unique ratings methodology that compares both costs and features across insurance policies.
The Insurer of the Year Award recognises the insurer that provides its customers outstanding value through its product and service offerings, as well as its levels of customer satisfaction. The satisfaction component uses survey responses from home and contents insurance customers who have rated their providers across the five key customer satisfaction metrics of customer service, value for money, comprehensiveness of cover, communication and cost.
As the winner of Canstar’s Insurer of the Year Award 2024, Tower is also a recipient of one of Canstar’s Outstanding Value Home & Contents Insurance Awards.
