Changes to PremierCare insurance

IAG New Zealand Limited (IAG) is introducing brand new Home, Contents, Landlord, and Car policies. They come with enhanced online features and functionality to manage your insurance policies.

What to expect

IAG will transition existing PremierCare policies to new policies as they come up for renewal. This will start in January 2026. Policyholders will receive communications about their new policies before they are moved from their existing ones. If you replace or make changes to your PremierCare insurance before then, you may move to a new policy.

What’s changing

There are changes in the new policies, including to some of the cover. Some changes are outlined below, but it’s important to review the new Policy Wording and your Policy Schedule (when you receive it) alongside the Change Summary document. This will help you to understand the features and benefits of your new insurance product.

Updates to excesses

IAG has updated its standard excesses. Make sure you view all applicable excesses in your new Policy Schedule. For car policies, also check what excess applies to you and any additional drivers.

When you receive your Policy Schedule, you can adjust your excess in your IAG dashboard in the BNZ app or Internet Banking.

View the updated policies

Changes to policy limits

Some of your policy limits will change. Read the new policy wording to learn how this affects you.

Specified items are valuables that will cost more to replace than IAG’s policy limits allow. Items like jewellery and cameras are only covered up to a certain amount. If you want to cover something that’s worth more than its policy limit, you’ll need to list it in your policy as a specified item with a corresponding specified sum insured.

Changes to discounts

Some discounts that were previously available will no longer be offered. Instead, you will receive an upfront price that reflects your cover and benefits.

Find out what discounts are being removed

Home and rental home basis of settlement

Your home or rental home is covered for ‘Sum insured replacement’ basis of settlement unless your Policy Schedule shows otherwise. This means your policy will cover you up to your total sum insured amount shown in your Policy Schedule.

There is also a new basis of settlement called Replacement cover. This means if your home or rental home is damaged by fire or explosion, IAG will pay for the costs to repair or rebuild up to the entire floor area - even if it ends up costing more than your home sum insured.

You may qualify for Replacement cover if you use the Cotality Sum Sure calculator and choose a sum insured that’s equal to or greater than the estimate for your home, or if you provide an insurance valuation from a professional property valuer or quantity surveyor. For homes with a replacement value over $1.5 million, an insurance valuation will need to be provided. Limits still apply to certain items. For more information about your cover and basis of settlement, read the new policy wording.

Landlord insurance

IAG’s new Home insurance policies are not designed to cover residential rental properties. If you have previously stated that your home has tenants, IAG will provide you with a new policy that has cover specifically tailored for landlords.

If you previously had the Landlord’s protection optional benefit on your PremierCare Home policy, IAG will provide you with a new Landlord’s Home and Contents policy. If you receive a new Landlord policy but your home doesn’t have tenants, IAG will need to update your policy. Call the team at IAG on 0800 808 618.

Additionally, a Contents insurance policy is not designed for contents that you, as a landlord, provide for your tenants to use, such as furniture, electrical appliances and other household goods. Cover for landlord’s contents at your residential rental property is available under the Landlord Contents insurance policy.

Car insurance

Supreme cover is now called Comprehensive cover, and the ‘Excess-free glass’ optional benefit may have been automatically included in your policy, if your vehicle type qualifies. This optional benefit will give you excess-free cover for your vehicle’s windscreens and windows. In addition, ‘Trailer cover’ is no longer automatically covered and is now an optional benefit. When you move to your new policy, you can add or remove optional benefits in your IAG dashboard.

Third Party, Fire and Theft insurance no longer includes cover for damage caused by natural hazards like earthquakes and landslides. If you want cover for sudden and accidental loss or damage, including damage caused by natural hazards, consider upgrading to Comprehensive car insurance.

What you need to do

It’s important to review your Policy Schedule, new Policy Wording and the Change Summary document to understand your insurance, and to make sure your cover is right for you. Check that all policyholders are listed on your Policy Schedule. Contact IAG if you would like to add any additional insured persons, trustees, or company representatives to your policy. To keep your cover active, make sure your payment details are correct and complete.

Choose a payment option

Direct debit using your bank account, credit, or debit card is the easiest way to pay for your insurance. Choose fortnightly, monthly, quarterly, or annual instalments with no additional cost.^ Direct debit is the only way to pay in instalments.

If direct debit isn’t your preferred payment method, you can also pay annually by:

Learn more about managing your insurance online

Check your sums insured

It is recommended that you regularly review your sums insured to make sure they’re up to date and that you have the right level of cover. IAG may have adjusted your sums insured to factor in increases in repair or rebuilding costs for your home, increases in repair or replacement costs for your belongings, or vehicle value changes from our external provider. When you move to your new policy, you can adjust your sum insured in your IAG dashboard found in your BNZ app or Internet Banking.

Managing your insurance online

You can manage your new and renewing insurance policies in the secure IAG dashboard. You can do this by logging in to the BNZ app or Internet Banking, and selecting Insurance in the menu. Some changes may affect your premium, and you’ll see any difference in premium before finalising your updates. If you have multiple PremierCare Home, Contents, or Car policies with us, only when you move to a new policy will it show in your online account.

If IAG has your email address on file, you’ll receive your policy documents via email. To change your communication preferences, visit your IAG dashboard.

Get in touch

Call IAG if you’d like to discuss your insurance options. The IAG team are available Mon-Fri, 8am-6.30pm, and Sat-Sun 8.30am-5pm. They’re closed on public holidays.