EQC Insurance
EQCover is the Commission’s insurance scheme for residential property.
Property Insured
- Dwellings (self-contained premises used as a home, including apartments);
- Most personal property but excluding some types (e.g. motor vehicles and art);
- The land immediately around the dwelling, main accessways, and retaining walls, within certain limits.
Types of natural disasters covered
- Earthquake, natural landslip, volcanic eruption, hydrothermal activity, tsunami;
- In the case of residential land, a storm or flood;
- Fire caused by any of these.
Extent of Cover
Dwellings are insured up to a maximum of $100,000 plus goods and services tax (GST) and personal effects are insured up to $20,000 + GST. EQC pays the value of damaged land at the time of the earthquake or natural disaster, or the repair cost, whichever is lower.
Dwellings are covered on a replacement value basis. Personal property is insured on the same basis as the household insurance policy covering the same property. Some retaining walls are covered, but on an indemnity basis.