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 paid to the Natural Hazards Commission Toka Tū Ake (NHC). This covers the first $300,000 + GST for home damage from disasters like earthquakes and landslides, with your private insurer covering costs above this limit.
Key points to note:
- Damage to your home from floods or storms is covered by your private insurer, not the NHC.
- The NHC provides separate, limited cover for land damage.
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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