Is your insurance policy coming up for renewal? Here's a quick rundown on what to expect.
What's a policy period of insurance?
When you sign up for an insurance policy with us, it's a one-year agreement. This means your policy's terms and conditions stay the same until the same date next year, unless you tell us about any changes in your situation that might affect your policy. So, if you start a policy on December 15, 2024, it'll cover you until December 15, 2025.
What's a renewal process, and what does it involve?
A month prior to the end of your policy period, we start the renewal process. This is when we review your policy, calculate your new premiums, and apply any necessary changes to the policy for the next year.
How do I know when my policy is due to renew?
A month before your policy is up for renewal, we'll send you a letter or email to let you know. This will include any changes to your policy, like premium changes or policy adjustments.
If you don't receive your renewal pack, just get in touch and we'll let you know the status of your policy renewal.
Can I make changes before my policy renews?
Renewal time is perfect for checking that your policy is up to date and ensuring you have the cover you need.
You can request changes to your policy at any time during the year, right up until the renewal date. If you want to upgrade your cover or make adjustments to your policy, you can do this easily in My Tower or by calling us on 0800 379 372.
What should I look for in my renewal document?
When you get your renewal pack, check for any changes to your policy, new premium charges, and your personal details. If anything's changed, like if you've bought new jewellery, you can add it to your contents policy. Or, if you've renovated your home, you might want to increase your sum insured on your house policy. It's a good time to make sure everything's up to date!
Why has my premium increased or decreased?
Premiums can change for a number of reasons. They may include:
- Changes to your policy, such as changing your excess.
- Your eligible discounts, such as the multi-policy discount. This may change if you've added or cancelled some policies.
- Your sum insured automatically increases each year to account for general inflation and rising building costs. You can change your sum insured at any time, but please consider the total cost to rebuild your home.
- Your location may be of higher risk due to natural hazards such as floods and earthquakes.
- Changes in claim costs due to inflation-related price increases and/or the cost of repair and labour.
- Levies such as the Natural Hazards Insurance levy and the Fire and Emergency New Zealand levy, which help fund emergency services for accidents.
If you're worried about the cost, there may be ways you can reduce it.
Just log in to My Tower and send us an email or give us a call on 0800 379 372, and we'll guide you through your options.
What should I do when it's time to renew my policy?
It's important to read through your renewal pack carefully. Make sure all the details are correct and that you're happy with the type and level of cover you have.
If it all looks good, just keep paying your premium, and your cover will renew automatically. That's it!
If something doesn't seem right, or you're unsure and have questions, simply get in touch. It's always best to talk it over with us.
When will I get my renewal pack?
We'll send your renewal pack about four weeks before your policy renews, either by email or post.
If you don't receive it, we might have the wrong email or postal address for you, so please get in touch if it doesn't arrive.
You can make changes to your policy anytime during the year, even on renewal day. Log in to My Tower to make adjustments or give us a call. You can choose to have these changes take effect straight away or after your next renewal, depending on what works for you and our cover options.
What will Tower do at renewal time?
When it's time to renew your policy, we'll make some automatic adjustments if needed. For example, if your car's value has gone down over the past year, your insurance cover will reflect that.
We'll also usually increase your house and contents sum insured to keep up with inflation.
If you have any questions or want to make changes, just get in touch.
How important is it to keep my details up to date?
It's really important to keep your details up to date so there are no surprises. We want things to run smoothly for you, and to do that, we need your current information. This will help at claim time!
Check your email and postal addresses, the things you insure, and your customer declaration are all correct. If anything's changed, let us know so we can make sure your policy has you covered properly.
What should I do if I've lost my renewal pack?
If you've misplaced your renewal pack, don't worry. You can request any information about your policies at any time, and we can send these by email or post, whichever you prefer.
If you have any more questions about renewing your policy, reach out through My Tower or call us and we'll be happy to help.
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