Buying guide
Does home insurance cover natural disasters?
It’s worth getting your head around this stuff.
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AI summary
In New Zealand, home insurance includes a mandatory Natural Hazards Insurance (NHI) levy. This funds cover from the Natural Hazards Commission Toka Tū Ake (NHC) for the first $300,000 + GST of repair costs for specific disasters like earthquakes and volcanic activity.
Your private insurer covers damage exceeding this cap. However, the NHC scheme does not cover:
- Damage to your home from floods or storms
- Home contents
Limited cover for land damage is also provided by the NHC.
What do we mean by “natural disasters” in the context of home insurance?
Natural disasters are many homeowners' worst nightmares.
Understanding home insurance and natural disasters: The Natural Hazards Insurance Levy (NHI)
What if the damage is more than $300,000?
Flooding can be a bit of a special case when it comes to home insuance.
What about insuring my land against natural disasters?
What about flooding or a storm?
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