Enhanced premium cover for needs beyond off-the-shelf

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NZI relaunches its Distinction premium personal lines suite with enhanced limits, broader protection and broker-developed features for high-value clients

THE PERSONAL LINES insurance market has always had a tier of customers whose assets have demanded higher levels of cover. As these assets become increasingly diverse and rise in value, coverage needs evolve too. The February relaunch of NZI’s Distinction suite – a comprehensive set of personal lines products designed specifically for clients whose insurance needs extend well beyond standard policies – meets this evolution in need directly. It’s a deliberate repositioning in a market serving a growing

Established in 1859, NZI is New Zealand’s leading provider of business insurance. We are proud of our more-than-165-year history of supporting customers in their time of need. NZI is proudly backed by IAG New Zealand, the largest general insurer in the country. IAG New Zealand also trades under the State, AMI, NAC, Lumley and Lantern brands and provides the general insurance products sold by ASB, BNZ, Westpac and The Co-operative Bank. IAG New Zealand employs over 4,000 people, holds relationships with one in every two New Zealand households and insures over NZ$1.07 trillion of commercial and domestic assets.

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NZI Distinction – some key features

Can go beyond the sum insured (non-natural hazard events) to rebuild to the same floor area with an NZI-approved rebuild valuation newer than 3 years Complimentary rebuild valuation by a registered quantity surveyor or valuer Up to $150,000 for alternative accommodation at a similar standard ‘Match’ cover so undamaged areas are replaced if matching materials can't be found Up to $30,000 for sustainable upgrades Holiday home: up to $150,000 lost rent (including confirmed bookings) for rentals up to 28 days Lifestyle block: fencing cover up to $25,000, and up to $25,000 for professional tools, plant, machinery and animal feed No excess for glass-only claims

Home – rebuild without compromise

“We conducted focus groups to understand what brokers and their clients were looking for in their personal lines cover and to uncover any specific pain points”

Garry Taylor, NZI

segment of New Zealanders. NZI Distinction covers home, contents, vehicle and motorcycle insurance with substantially expanded limits and greater additional benefits than its predecessor.

A key feature of the redevelopment process was that it began not in an underwriting department but in focus groups of brokers in Auckland and Christchurch. NZI wanted to understand what advisers were hearing from clients with significant assets. “We conducted focus groups to understand what brokers and their clients were looking for in their personal lines cover and to uncover any specific pain points,” says Garry Taylor, executive general manager at NZI. That collaborative approach shaped both the product structure and the white-glove service model. NZI Distinction products are designed around the real-world scenarios brokers encounter when advising clients with valuable portfolios. The result is a suite that addresses evolving coverage needs and maintains the flexibility advisers require to tailor protection to individual circumstances. It acknowledges that lifestyle blocks, art collections, collectables, classic vehicle enthusiasts and frequent international travellers exist within the same client base, often within the same household.

Beyond policy wording, NZI Distinction emphasises the claims and service experience. Taylor describes tight time frames, concierge-level service and flexibility as core components. Where time, privacy and peace of mind carry particular weight for clients, the approach aims to remove friction from the process. “The NZI Distinction claims experience is seamless, built on expedited time frames, close relationships and flexibility,” Taylor adds. A complimentary home-rebuild valuation service connects clients with independent registered quantity surveyors or valuers. It’s designed to ensure properties with unique or bespoke features are insured for their true value rather than off-the-shelf estimates, providing confidence that every detail is accounted for in the sum insured. That valuation becomes particularly significant given NZI Distinction’s commitment to rebuilding homes beyond the sum-insured amount when necessary. For covered events other than natural hazards, NZI will repair or rebuild to the same floor area even if labour or material costs have increased – something that is highly likely in a more inflationary world. An optional PhotoSecure service, included at no additional cost for NZI Distinction clients, creates documented records of prized possessions through professional photography and videography. In a high-value home, many items are one of a kind; from fine art to heirloom jewellery, the service establishes a permanent, curated record should claims arise.

Building from broker insight

Service as substance

Published 23 Feb 2026

“The NZI Distinction claims experience is seamless, built on expedited time frames, close relationships and flexibility”

Garry Taylor, NZI

Automatic contents sum insured of at least $1 million Global cover for personal effects on trips of up to 90 days High limits and optional uplift for art, jewellery, watches and collectables Identity theft cover up to $5,000 Cover for items in safe-deposit boxes or storage units; emergency sporting equipment hire up to $1,000 per event

Contents – curated and protected

Optional two-year agreed value lock; brand-new replacement if written off within 24 months Up to $10,000 for alternative transport 24/7 roadside assistance Up to $20,000 spare parts cover Laid-up and classic vehicle cover options

Vehicles – prestige and classic

hold around two-thirds of all household wealth, with a median net worth of about $2.4m

Top 20% of households

New Zealand high-net-worth snapshot

control about 49% of all net worth

Top 10% of households

Source: StatsNZ data (year ended June 2024)

Available through brokers across New Zealand, the policy improvements are extensive. Temporary accommodation cover reaches $150,000, ensuring clients displaced from their homes can maintain a similar standard of living during repairs. For holiday homes rented out for up to 28 days that suffer damage, lost rent cover extends to $150,000, including confirmed bookings during repair or evacuation periods. NZI Distinction also tackles the aesthetic challenges that come with partial damage. When a bathroom or kitchen suite,

Coverage that reflects reality

Some features address niche scenarios that reveal the breadth of client lifestyles NZI Distinction serves. Score a hole-in-one during tournament or club play and NZI contributes up to $1,000 towards the traditional celebration. Insurance for hiring replacement equipment while competing in a sporting event is also covered. “If you’re participating in a sporting event and your equipment gets stolen, lost or damaged, we’ll pay up to $100 per day towards equipment hire,” Taylor says. Somebody took valuables from your offsite safe-deposit box? You’ll receive the same protection level as if the items were at home. Even identity theft is covered, with up to $5,000 for legal costs and government document replacement fees. Professional tools at home, lifestyle-block equipment, plant and machinery, plus animal feed for livestock receive up to $25,000 in combined coverage. It’s a recognition that many high-net-worth individuals maintain working properties or home-based professional operations. The value of a new vehicle drops significantly as soon as the car is driven off the lot, but NZI Distinction vehicle cover includes an option to insure without depreciation for two years. For vehicles under 24 months old that are damaged beyond repair, a brand-new replacement is provided. Alternative transport cover reaches $10,000 when a vehicle can’t be driven due to a covered event, encompassing hire cars, taxis, rideshare services and public transport. Spare parts stored for vehicles receive up to $20,000 coverage per incident.

The details that distinguish

curtains, carpet or fitted flooring is damaged and an exact match can’t be found, NZI Distinction will cover the additional cost of replacing undamaged elements. “If we can’t find a match for your damaged bathroom or kitchen suite, carpet, curtains or fitted flooring, we’ll pay the extra cost to replace undamaged parts so your interiors remain cohesive,” Taylor explains. Environmental considerations feature prominently too. If a home is destroyed, NZI Distinction provides up to $30,000 to upgrade with sustainable products during the rebuild. For lifestyle-block owners, fencing cover extends to $25,000. The contents offering begins at $1 million and scales upwards as needed. Jewellery and watches receive automatic cover up to $100,000 across multiple pieces, with individual items under $25,000 requiring no specification. Art coverage reaches $100,000 per item and $500,000 in total for unspecified works of art, with the option to increase both limits. Lost one half of a set of expensive earrings? NZI Distinction will replace the full set. For artwork valued within the last three years that’s damaged beyond restoration, NZI Distinction may cover market value increases up to 25% above its specified sum insured, capped at $250,000. It’s an acknowledgement that art markets move and insurance needs to keep pace.

The February 2026 launch arrives during a period that many hope is the cusp of a long-awaited economic recovery. Taylor acknowledges the broader context but frames NZI Distinction as a response to genuine need rather than aspiration. While only a small slice of households are considered truly high net worth in New Zealand, their insurance needs are correspondingly large, complex and often underserved by standard personal lines. According to StatsNZ data, the top 10% of households controlled 49%

Timing and context

of all net worth in the year ended June 2024, with median household net worth growing 33% since 2021. For clients with significant assets, inadequate insurance often proves more expensive than comprehensive cover. The question becomes not whether premium protection costs more but whether standard policies provide clients enough cover for the risks they actually face. As asset values rise and the asset mix broadens, the gap between standard and required cover widens. NZI Distinction targets that gap. It’s positioned for New Zealanders whose homes feature custom finishes, whose collections include valuable art or jewellery, whose lifestyles involve international travel or sporting pursuits, or who maintain lifestyle blocks with associated equipment and livestock. For advisers with wealthy clients, NZI Distinction offers a consolidated solution to needs that are currently served with a patchwork of standard policies shoehorned into bespoke situations, or are simply not served at all. “The new NZI Distinction products deliver tailored protection and expert support for clients with complex insurance needs, setting a new benchmark in personal lines insurance,” Taylor says.

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Regular Contributors

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Construction & Engineering

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