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Natural Hazards Insurance Act 2023

From July 2024, Toka Tū Ake EQC will have new legislation, the Natural Hazards Insurance Act 2023. The Act sets out our primary objective, to reduce the impact of natural hazards on people, property and the community.  

Why the Act has been introduced 

The Act has three key objectives:

  • enabling better community recovery from natural hazards  
  • clarifying our role and the cover provided by the Act 
  • enhancing future durability and flexibility of legislation.

What is changing

Changes to natural hazards insurance cover include the Act making the rules for mixed-use buildings clearer, simplifying excesses for claims, and changing cover for retaining walls, bridges and culverts. 

Support for homeowners 

The Act introduces a Code of Insured Persons’ Rights which sets out the rights of insured persons to have their claims managed and settled in a fair and timely manner.  Toka Tū Ake EQC will also participate in a scheme for resolving disputes about our decisions on the validity or settlement of claims. 

Our new name – Toka Tū Ake Natural Hazards Commission   

Our new name, Toka Tū Ake Natural Hazards Commission, better reflects the role our scheme plays in supporting New Zealanders and the range of natural hazards our scheme provides cover for, beyond earthquakes.

How the Natural Hazards Insurance Act 2023  will affect claims    

The NHI Act will replace the Earthquake Commission Act 1993 for new claims for natural hazard damage to residential properties that happens on or after 1 July 2024.  
Claims lodged under the Natural Hazards Insurance Act 2023 will be known as ‘Natural Hazard Cover’ or ‘NHCover’ claims.  

Under our insurance partnership, if you have a current private insurance policy for your home, you’ll still have a single point of contact and be able to lodge your EQCover or NHCover claim directly through your private insurer.

Your private insurer will assess, manage, and settle the entire claim – including the EQCover or NHCover portion of a claim – on behalf of Toka Tū Ake EQC.

EQCover claims can still be lodged after 1 July 2024, for damage prior to that date. The relevant EQC Act entitlements will apply for damage prior to 1 July 2024. However, the Code of Insured Persons’ Rights (established under the Natural Hazards Insurance Act) will apply to any interactions around ongoing EQCover claims from 1 July 2024.