These changes affect residential home or contents insurance, any residential cover that is part of a rural policy, and any commercial customers with residential aspects included in their policy.
The current $20,000 EQC limit for domestic contents will be removed, and damaged caused to your Domestic Contents, by a natural disaster event will now be covered solely by your insurer.
The cover provided by the EQC for domestic buildings will increase from $100,000 to $150,000 (ex GST). In the event of a natural disaster, insurers will cover losses above $150,000 (up to the policy sum insured).
The EQC Levies will continue to be charged at 20c per $100 of cover, and policy owners will see the following levy changes as a result of the increased of cover:
The changes will take effect for existing policies as they renew from 1 July 2019, and all new policies issued from that date, and our invoices will reflect same
Please note: The Earthquake Commission will now also accept claim notifications for up to two years after an event (previously this was three months), providing customers with more time to make claims. This is effective immediately.
If you have questions please contact your broker or visit the Earthquake Commission website to find out more on why EQCover is changing.