Premiums for your house insurance include an amount for natural disaster insurance, which is provided by Toka Tū Ake EQC (EQC), called EQCover.
If your home is damaged or destroyed by a natural disaster (such as earthquake, tsunami, or a natural landslip), ECQ provide cover for your home to be repaired or replaced up to a certain limit. This portion of cover is referred to as the ECQ Cap.
From 1 October 2022, the Government is increasing the ECQ Cap from $150,000 to $300,000 (excluding GST).
The annual ECQ levy that all New Zealand general insurers, including MAS, collect on behalf of EQC will increase to cover the cap rise from a maximum of $300 to a maximum of $480 (excluding GST). You can find more information on what the EQC levy covers here.
The levy change will be applied at the time of your annual house insurance policy renewal that comes into effect from 1 October 2022.
For more information about EQCover, please visit the EQC's website.
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