What are EQC and EQCover?

The Earthquake Commission (EQC) is a Crown entity that provides insurance for natural disasters like earthquakes, landslips, volcanic eruptions, and tsunamis. This is called EQCover. It offers limited cover to: 

  • residential property owners with current private insurance, like Westpac Home Cover insurance
  • commercial property owners, whose property includes a residential component, like retirement villages or body corporates.

To pay for EQCover, the government sets the EQC levy, which makes up a portion of the premium you pay for Westpac Home Cover. IAG New Zealand Limited (IAG), the underwriter of your Westpac Home Cover policy, collects the levy and pays it to the EQC.

If you need to make an EQCover-related claim, your private home insurance policy covers the costs over and above the EQCover amount, less any applicable excess, up to your sum insured and subject to the terms and conditions of your policy.

What is changing?

Before 1 October 2022, the maximum EQCover amount was $150,000 (+GST), with the maximum levy applied to private home insurance premiums at $300 (+GST). 

From 1 October 2022, the maximum EQCover amount will increase to $300,000 (+GST) and to support this increase, the maximum levy applied to private home insurance premiums will be $480 (+GST). This change will be applied at your annual Westpac Home Cover policy renewal between 1 October 2022 and 30 September 2023.

You can find more information about EQCover at EQC.

We’re here to help.

If you’d like to talk to someone about this change, or how to reduce your premium while staying insured, give us a call on 0800 809 378 Monday to Friday 7:30am to 6.30pm, Saturday 8.30am to 5pm.

Things you should know.

Westpac Home, Contents, Vehicle and Boat insurance cover is arranged by Westpac New Zealand Limited (“Westpac”) and underwritten by IAG New Zealand Limited (“IAG”).

None of Westpac Banking Corporation ABN 33 007 457 141 (incorporated in Australia), Westpac, or any member of the Westpac group of companies guarantee the obligations of, or any products issued by, IAG or any member of the IAG group of companies. Westpac will receive commission payments as a result of the arrangement of IAG policies. See IAG’s financial strength rating.

The material on this webpage is provided for information purposes only and is not a recommendation or opinion in relation to Westpac Home, Contents, Vehicle and Boat Cover.

Any claim payment is subject to your claim being accepted.

Westpac accepts no responsibility for the availability or content of any third party websites and makes no representation as to the accuracy or currency of the materials.