The Importance of Natural Hazards Insurance Act 2023 to Property Owners
The Natural Hazards Insurance Act 2023 represents a significant amendment to the current natural hazard insurance system of New Zealand. Coming into effect from July 1, 2024, it will replace the EQC Act 1993 and create the Natural Hazards Commission , providing a wider coverage for various natural hazards.
The act improves the provisions regarding mixed buildings, clarifies the process of calculating insurance excess, and makes the procedure of repair after the event of landslides and damage to the land more transparent. At the same time, it still covers earthquakes, tsunamis, volcanoes and geothermal activity.
Whichever property you have, either a family house or an investment property, the knowledge about the amendments to the insurance system is critical. You can always consult an insurance broker to check your property insurance and its compliance with the new Natural Hazards Insurance Act 2023.
#InsuranceNZ #NaturalHazardsInsurance #EQCUpdate #HomeInsuranceNZ #PropertyInsurance #EarthquakeCover #NaturalDisasterInsurance #InsuranceBrokerNZ #ResidentialProperty