How EQCover works for your building
Under EQCover, your building is generally insured up to a maximum of $100,000 +GST and is covered on a replacement value basis.
How much can be paid out
EQCover for a building is the least of the following:
- Any replacement sum for which your building is insured against fire by your private insurer; or
- Any amount specified in your private insurance policy for which your building is insured under the Earthquake Commission Act; or
- The amount arrived at by multiplying $100,000 by the number of homes in the residential building.
If your private insurance policy specifies an amount for which your building is insured under the Earthquake Commission Act, that amount must be no less than the amount arrived at by multiplying $1,000 by the area in square metres of the residential building.
If you incur GST repairing your property, EQC will also pay the GST amount.
If your loss is greater than the amount that is paid by EQC, you should talk to your private insurer.
Flats and apartments
A building may contain more than one home and is generally eligible for cover up to $100,000 (+GST) multiplied by the number of homes in the building. If you own a building – or part of a building – with multiple homes in it, you must inform your insurance company of the number of homes in the building. Otherwise, you will have cover for only one home.
- The EQC excess for a claim on a home is 1 percent of the amount payable for the claim, with a minimum of $200 multiplied by the number of homes in the building.
- The EQC excess for a claim on a home and contents in or on that home is 1 percent of the amount payable for the claim, with a minimum of $200 multiplied by the number of homes in the building.
What is and isn't included
As well as your building, EQCover includes cover for:
- separate buildings or structures that are “used by the household of the occupier” (eg, sheds and garages)
- services that you own (eg, water pipes and electrical cables) up to 60 metres from your home.
EQCover doesn't cover:
- a building that wasn’t insured against fire at the time of the natural disaster
- a building for which the private insurance policy had lapsed or been cancelled at the time of the natural disaster
- ‘consequential’ losses that might occur after a natural disaster – such as theft or vandalism
- the cost of staying somewhere else temporarily after an earthquake or natural disaster.
See the Householders' Guide to EQCover to find out more.
Private insurance cover
Your private insurance may cover items that aren’t covered by EQCover: check your policy or phone your insurer to find out.
Conditional building consents
Some property owners have an entry on their certificate of title which indicates that the land is likely to be subject to specified natural hazards. This can affect your EQCover and cover from your private insurer – read about conditional building consents to find out more.