Homeowners can now access more information about a property’s previous Earthquake Commission claims.
The Government’s Earthquake Commission Amendment Act empowers EQC to share more information about previous claims on a home.
“Previously homeowners and prospective buyers could only get information about claims on a property where there was a deed of assignment from the former owner. This meant people couldn’t find out what EQC claims there had been on a property they owned or were looking to buy,” said Minister for Greater Christchurch Regeneration Megan Woods.
“The changes we have made also allow EQC to share information to prevent or lessen a threat to public health or safety.”
It means insurers will also be able to access more information about a property.
She said it was one of four changes made to the Earthquake Commission Act.
The Government had also increased the time limits for claim notification to up to two years. Claimants will still need to show that the damage was the result of an event covered by EQC.
Further changes increasing the EQC cap on new claims and removing cover for contents – leaving it entirely to insurers - will come into effect from July 1 as house and contents policies are renewed.
“Increasing the cap EQC can pay on new claims to $150,000, from $100,000, recognises the increase in building costs and means less over-cap claims will need to be passed onto private insurers,” Woods said,
“We have also removed EQC cover for contents and personal property, which will be picked up by private insurers. Removing cover for contents will focus all EQC’s claim management resources on resolving residential building and land damage claims.
“These four common-sense changes will improve the efficiency of New Zealand’s natural disaster insurance scheme and focus EQC’s claim managers on helping people fix their homes.
“We’re making these changes ahead of the inquiry into EQC and a further review of the EQC Act, as they are straight-forward improvements that fix identified issues with the scheme. These changes means that if the worst happened and there is another natural disaster, claims can be managed more efficiently,” she said.
