Major changes to EQC cover announced
by Pam Marshall
The start of July saw substantial changes made to the way the Earthquake Commission (EQC) covers Kiwi property owners affected by natural disasters.
From 1 July, the maximum cover that the EQC offers for New Zealand homes increased by 50%, from $100,000 to $150,000 (excluding GST). From the same date, the EQC has stopped providing cover for contents.
For privately-insured property owners, the change means there will be a significant increase in their premium as insurers seek to recover an additional $95 paid to the EQC for every home insurance policy. Offsetting this, the existing $40 EQC contents levy will no longer be payable as part of private contents insurance.
For more information about the changes, visit the EQC website.
