How the New FENZ Levy Rates Could Impact Your Insurance Costs
The revised Fire and Emergency New Zealand Levy pricing rates shall be effective as from 1 July 2024. These changes in rates may affect the price of many insurance policies. The FENZ Levy is collected through the insurance companies and helps fund the emergency response services in New Zealand.
In accordance with the rate schedule, the insurance policies concerning fire risk will see an increase in the levy from 10.60c to 11.95c per $100 sum insured. For motor vehicles less than 3.5t gross laden weight, there will be an increase in the levy amount from $8.45 to $9.53 per vehicle. Further, the maximum levy charges for buildings and content insurance have been revised to $119.50 for buildings and $23.90 for contents.
If you are renewing your policy for home insurance, contents insurance, motor vehicle insurance, or even business insurance, these levy rate revisions will have an impact on your total insurance premium costs. Consulting an expert insurance broker may help clarify the matter.