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, the 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:
For more information on EQC visit Toka Tū Ake EQC.
You are able to lodge all earthquake and natural disaster related claims directly with us and we manage the EQC component for you.
If you have a property which 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 you need help to determine your sum insured, you can use the independent Cordell Calculator tool, visit vero.co.nz/cordell.
Toka Tū Ake EQC covers damage to your home caused by natural disasters like earthquakes, volcanoes, tsunamis, landslips and geothermal events, as well as fire resulting from any of these. It also covers damage to your land caused by a natural disaster, storm, or flood. When you purchase your home insurance with us, you automatically acquire EQC cover.
You’ll still have the same insurance cover that you do currently – all that is changing is how much of the claim cost is covered by EQC and how much is covered by us in the event of a natural disaster.
From 1 October 2022, the changes will apply to your next renewal. It will also apply to any new home insurance or commercial, rural or farm insurance with residential buildings purchased after this date.
There are a number of 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.
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 AMP adviser, broker or contact us and we’ll do our best to support you.
AMP general insurance products are issued and underwritten by Vero Insurance New Zealand Limited.