Triple jump for EQC levy

Insured homeowners currently pay 5c per $100 of insurance cover and from February 1 next year that figure will rise to 15c per $100 of insurance cover, with an annual cap of $207 (including GST).

The proposals were announced by Finance Minister Bill English, who said the increased funding would also more realistically reflect the EQC's operating costs.

"The levy increase is a responsible step to ensure EQC can meet its long term costs and continue to provide disaster cover around the rest of New Zealand in a sustainable way.

"Strengthening EQC's finances will provide additional confidence to homeowners throughout the country that EQC has the capacity to meet its obligations now and in the future," English said.