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New sustainability benefit for Tower house insurance

Press Release – Tower Insurance

Tower Insurance has made a change to how it supports customers dealing with the total loss of their house from events like fires or floods to incentivise them to rebuild their houses more sustainably. A payment of up to $15,000, on top of their usual …Tower Insurance has made a change to how it supports customers dealing with the total loss of their house from events like fires or floods to incentivise them to rebuild their houses more sustainably.

A payment of up to $15,000, on top of their usual insurance pay out, is available for customers who have their homes severely damaged or completely destroyed by a fire or flood.

It is an incentive to choose sustainable building materials and features to their new homes, such as natural paints, water efficient taps or solar panels.
Tower’s Chief Executive Officer Blair Turnbull says that climate change along with more frequent severe weather events are presenting increasing risks for Kiwi homes.

“We have seen a rise in the number and severity of weather events in recent years that’s impacting our customers. This sustainability benefit reflects Tower’s determination to make meaningful contributions towards building a sustainable future for New Zealand homeowners,” says Turnbull.

Mike Burrell, Executive Director of the Sustainable Business Council, says energy efficiency and carbon emissions are becoming core considerations when building homes.

“Rebuilding homes more sustainably will result in people living in warmer, drier, and healthier homes that generate lower emissions and are easier to heat and cool.

“But we know that there is always a cost consideration for New Zealand when building or rebuilding properties, so any incentives from the private sector is a very welcome move.”

The benefit came into effect for new customers on 27 August and will apply for existing customers at their next renewal date.

It builds on Tower’s commitment to sustainability, which is backed by the insurer’s work with Universities to better understand the risks associated with climate change, its recent move to 6 Green Star rated building and its membership of the Sustainable Business Council.
About Tower Insurance
Born and bred in New Zealand, Tower has been supporting Kiwis when they need it most for 150 years. In that time, we’ve grown to operate across New Zealand and the Pacific Islands, providing our customers with cover for their houses, cars, contents, businesses and more.

While our heritage is important to us, we’ve also set our sights on the future. Our goal is to meet the 21st century head-on with customer focussed, digital-first insurance solutions for Kiwis and their communities.

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