June 2024
Reading Time: 2 Minutes
From 1 July 2024 the Fire & Emergency Levy (FENZ levy) is set to increase, and the Earthquake Commission will become the Natural Hazards Commission Toka Tū Ake (NHC). We look at the changes.
From 1 July 2024, the Earthquake Commission (EQC) will change its name to the Natural Hazards Commission Toka Tū Ake (NHC).
The name change results from new legislation, the Natural Hazards Insurance Act 2023, with any new claims for natural hazards damage on or after 1 July 2024 being managed under this act. Any damage before this date is still managed under the Earthquake Commission Act 1993.
The existing EQC levy will become the NHI levy. This levy helps to fund earthquake and other natural hazard insurance cover provided by the NHC.
The NHC will have a flat excess of $500 for all claims. Retaining wall claims will be capped at $50,000 and bridges and culverts at $25,000.
From 1 July 2024 the current maximum FENZ levy for residential buildings will increase from $106 to $119.50.
The current levy is set at 10.6 cents per $100 of sum insured and capped at $100,000. The current maximum level is therefore $106. The new levy is 11.95 cents per $100 of sum insured and capped at $100,000, making the new maximum $119.50.
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