Homeowners Insurance Value

National slams Labour's EQC policy

Labour's plan for a universal Earthquake Commission levy individually set at a rate proportionate to the value of the home covered would see owners of more expensive homes pay more for the same cover, Earthquake Recovery Minister Gerry Brownlee says.

Labour leader Phil Goff today announced his party would make EQC levies compulsory for all home owners with payments made through local authority rates.

Announcing the policy at quake torn Seabreeze Crescent, in Christhchurch suburb Bexley, Mr Goff said while the EQC's $6 billion Natural Disaster Fund had largely met the challenge of meeting claims from the Christchurch quakes it was depleted, "and it is clear the system needs modernising."

Labour would ensure widespread EQC coverage by collecting levies through the local authority rates system rather than via an additional fee on private home and contents insurance as is currently the case.

Levies, which National has already said it would treble, leaving most home-owners paying $207 a year would be made proportionate based on the rateable value of homes.

"Everyone who owns a home will now be insured - eliminating the ``moral hazard" of covering uninsured homeowners, which penalises people who pay for private insurance cover."

Mr Goff also said a Labour Government would also increase the $100,000 cap on EQC cover after consulting with the commission and the insurance industry.

But Mr Brownlee said Labour's proposal "smacks of policy on the hoof"' and was poorly thought out.

"Why would anyone be comfortable with the idea you would be paying for the same EQC cover based on the value of your home?"

Under Labour's proposal the owner of a $1 million house on a small section in Auckland would pay more for the same amount of cover as the owner of a house on a large section worth far less in another part of the country, he said.

Labour's plan would "erode the structure" of the EQC which Mr Brownlee believed had generally served Christchurch homeowners well.

Homeowners Insurance Value - News

National slams Labour's EQC policy

Levies, which National has already said it would treble, leaving most home-owners paying $207 a year would be made proportionate based on the rateable value of homes. "Everyone who owns a home will now be insured - eliminating the ``moral hazard" of

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