EQC’s insurance is called EQCover.
EQCover provides natural disaster insurance for residential homes, land and contents.
- You automatically have EQCover for your home and land (see details) if you have a current private insurance policy for your home that includes fire insurance (and most do).
- You automatically have EQCover for your contents if you have a current private insurance policy for your contents that includes fire insurance (and most do).
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.
If your home is covered by EQCover, then some of your land is also covered.
Your 'contents' means 'personal property' that is usually in your home. It includes contents that are temporarily removed from your home.
What is not covered
1. Any items excluded in your home and/or contents fire insurance policies;
2. Intangible property, for example, information stored on a computer;
3. Jewellery, precious stones, money, works of art, securities, documents or stamps;
4. Motor vehicles, or the parts or accessories of a motor vehicle;
5. Trailers, or the parts or accessories of a trailer;
6. Boats or other vessels, or the parts or accessories of a boat or vessel;
7. Aircraft or anything in or on an aircraft;
9. Any bush, forest, tree, plant or lawn;
10. Growing crops (including fruit trees and vines) or cut crops in the open fields;
11. Animals, including livestock and pets;
12. Tennis courts, whether inside or outside and whatever the surface;
13. Jetties, wharves or landings;
14. Roads, streets, drives or paths;
15. Any paving or other artificial surface;
16. Bridges or culverts more than 8 metres from your dwelling, or if they are on the main accessway, more than 60 metres from your dwelling;
17. Retaining walls - except for those mentioned on page 9;
18. Dams, breakwaters, moles, groynes, fences, poles or walls;
19. Drains, channels, tunnels or cuttings;
20. Reservoirs, swimming pools, baths, spa pools, tanks or water towers;
21. Burglary, theft or vandalism following an earthquake or natural disaster;
22. The costs of staying somewhere else temporarily after an earthquake or natural disaster;
23. Any contents used solely or principally for commercial purposes.
Items 18, 19 and 20 may be insured if they are part of the building that is your residential building.
Any of the above items might be insured by your own insurance policy. You should check your policy to see if that is the case or alternatively ask your insurance agent or insurance company.
An excess is the amount you have to contribute towards a claim that is accepted by EQC. The amount of the excess is deducted from the amount of your claim.
Your dwelling, or your dwelling and personal property If your claim is for $20,000 or less, EQC will deduct an excess of $200 and pay the rest. If your claim is for more than $20,000, EQC will pay 99% of it, deducting an excess of 1%.
Personal property only
Whatever the amount of your claim, EQC will deduct an excess of $200 and pay the rest.
If your claim is for $5,000 or less, EQC will deduct an excess of $500 and pay the rest. If your claim is for more than $5,000, EQC will pay 90% of it, deducting an excess of 10%. However, the maximum excess EQC can deduct is $5,000.
If your property can be repaired or replaced for less than the amount of the excess, then EQC will pay nothing. You will have to meet the cost of repairs or replacement yourself. Where EQC decides
to settle a Canterbury earthquake claim for damage to a residential building or residential land by reinstatement (usually through the Fletcher EQR process), EQC can invoice you for the excess.