The New Zealand Government recently reviewed and updated the Earthquake Commission (Toka Tū Ake EQC) legislation. Effective 1 October 2022, Toka Tū Ake EQC has increased the maximum cover they provide for earthquake, tsunami, volcanic eruptions, hydrothermal activity and natural landslip claims on residential buildings from $172,500 (incl. GST) to $345,000 (incl. GST).
As a result of this increase in cover, the Earthquake levy has also increased from a maximum of $300 (+ GST) to a new maximum of $480 (+ GST). The changes will apply to all new Home and Landlord insurance policies from 1 October 2022, and to all existing policies on their next renewal after that date.
For more information about the EQC levy, please visit our levies page.