EQC levy cap is increasing

The EQC levy cap increasing from $150,000 to $300,000

Some important updates in the Fire & General industry are being implemented for any new business and policy renewals from 1st October 2022.

What's changing? 

The EQC (Earthquake Commission) cap is increasing from $150,000 (+GST) to $300,000 (+ GST) for residential homes and commercial buildings with residential aspects that are damaged from natural disasters like earthquakes, volcanic eruptions, tsunamis, natural landslips, and geothermal events.

How will it impact premiums? 

As a result of the increase to the EQC cap, the EQC levy that insurer's collect on behalf of the Government to help fund EQCover, will increase. The new maximum EQC levy will be $480 (+ GST) which is an increase from $300 (+ GST).

If you have any questions regarding these changes, please do not hesitate to contact us at any stage.