EQC changes

 

Toka Tū Ake EQC is increasing the amount of cover they provide for natural disasters

When you insure your home, a portion of your cover is provided by Toka Tū Ake EQC, a New Zealand Government entity. This means in the event of a natural disaster, EQC pays for your claim up to their maximum limit and we cover the damage claimed above that, up to your sum insured amount.

You’ll still have the same insurance cover as you do now - all that’s changing is how much of your claim is covered by EQC, and how much is covered by us, in the event of a natural disaster.

From 1 October 2022:

  • The maximum amount of cover EQC provides on home insurance policies increases from $150,000 to $300,000 per dwelling, plus GST. 

  • The EQC levy, charged by EQC for this cover - is changing from a maximum of $300 to a new maximum of $480, plus GST.

  • The EQC levy you pay on your home insurance will change, this new amount is in the premium section of your renewal notice.

  • This change also applies to commercial and rural properties with residential buildings.

  • This nationwide change affects all insurers in New Zealand.

For more information on the EQC visit Toka Tū Ake EQC.

You can lodge all earthquake and natural disaster related claims directly with us and we will manage the EQC component for you.

If you are the owner of a separate self-contained dwelling or unit

If you have a property that includes self-contained dwellings or units, you will be charged an EQC levy on each one. However, you may not need to pay the maximum EQC levy on each one, depending on the sum insured.

If your separate, self-contained dwelling or unit has a sum insured less than $300,000, contact your adviser, broker, or call us on 0800 808 508 to ensure you're paying the correct amount in EQC levies.

If you need help to determine your sum insured, you can use the independent Cordell Calculator tool, visit vero.co.nz/cordell.

 

FAQs

What do these changes mean for my insurance cover?

Why has my premium changed?

There are several factors that can influence your insurance premium. The calculation of your premium this year includes an adjustment for the changes made by EQC, so you may find that your premium goes up or down depending on your home, location and how we calculate your property’s risk.

We continually check that pricing across all our products is sustainable, to ensure we can support our customers in the long term. We’re here to help protect New Zealanders, and we want to ensure that insurance remains accessible for as many New Zealanders as possible.

We’re here for you

If you’re facing financial hardship and are not able to pay your premium, or you’d like to discuss your payment options, please get in touch with your adviser, broker or call us and we’ll do our best to support you.

Call: 0800 808 508        Email:  CustomerSolutions@vero.co.nz