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EQC insurance

EQC staff inspect earthquake damage with homeowner

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).
  • If you own a farm or rural property which has been damaged following a natural disaster, read our guide Damage to your farm - what EQC covers. It explains what EQC covers and doesn't cover and sets out specific issues to be aware of.

Natural disasters that are covered

EQCover insures you against loss or damage from:

  • an earthquake
  • a natural landslip
  • a volcanic eruption
  • hydrothermal activity
  • a tsunami.

It insures your residential land (within limits) against storm and flood damage.

It also insures you for fire resulting from any of these natural disasters.

If your home isn't damaged after one of these disasters but damage is imminent as a direct result of one of them, EQCover may also apply.

What EQCover costs

EQCover costs 20 cents (+ GST) for every $100 of home or contents fire insurance that you have. You pay this amount to your private insurance company, who pass it on to EQC.

The most you can pay, per year, for one home and its contents is $240 (+ GST). This would give you the maximum cover of $100,000 (+ GST) for your home, $20,000 (+ GST) for contents, and cover for your insured residential land. This amount of insurance is available for each event of natural disaster damage.

Government guarantee

EQCover is government guaranteed. This provides assurance to consumers that if EQC has a very large number of claims – for example, after a major natural disaster – and cannot cover its obligations from the Natural Disaster Fund and its reinsurance, then the Government will pay the shortfall.

Direct EQCover

If you are unable to obtain EQCover for your residential building or personal property (contents) in the usual way (through the purchase of a private insurance policy that includes fire cover) you can apply for Direct EQCover against natural disaster damage.

Direct EQCover is the same as the EQCover anyone with a private insurance policy, that includes fire cover, receives automatically. The only difference is that the Direct EQCover levy is paid directly to EQC, whereas the EQCover levy is paid through a private insurer when the customer pays their premium for private cover.

You will need to apply for insurance though the private market before applying for Direct EQCover. We will consider all applications on a case by case basis where customers would otherwise be unable to obtain natural disaster insurance because of factors not relevant to natural disaster risk.

For more information about Direct EQCover please contact EQCover@eqc.govt.nz

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