The Earthquake Commission (EQC) levy - Changes effective 1 July 2019

News
01 Jul 2019

What is the EQC levy?

The EQC levy contributes to earthquake and other natural disaster insurance provided by the EQC.

This levy is included in the premium you pay to insurance providers, it is paid by all insurance providers nationwide who collect this levy on behalf of the government and pay it directly to the EQC.

Anyone with household insurance policies pay the EQC levy, no matter which insurance provider they’re with.
 

The EQC is changing effective 1 July 2019:

1. The EQC will no longer provide Contents Cover and as a result, there will be no EQC levy charges on Contents Insurance policies. 

2. The EQC cover has increased to $150,000 on Dwelling policies.

 

What this means for you:

1. Your insurance company will now fully cover the total amount of any contents claim resulting from a natural disaster (subject to applicable policy terms and conditions). This means you will no longer pay an EQC levy on your Contents Insurance policy.

2. Your next Dwelling Insurance policy renewal will reflect the increased EQC limit and levy. The current maximum levy for an owner occupied home is increasing from $200 to $300. This increase is industry-wide and is the same through every insurance provider in New Zealand. At Vercoes, we personally look at every renewal to ensure that premium increases are minimal and can provide solutions to homeowners that are looking to reduce their Dwelling Insurance premiums. 

 

If you have any questions, our team are on hand to help:

Morrinsville 07 889 4480

Matamata 07 888 5550

or via emai: info@vercoes.co.nz

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07 889 4480
info@vercoes.co.nz
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