Your Home and Landlord Insurance premium includes an amount for natural hazards insurance, which is provided by the Natural Hazards Commission Toka Tū Ake (NHC) and is called Natural Hazards Cover (NHCover).
NHCover provides a maximum cover of $345,000 (incl GST) for residential buildings. If a natural hazard damages your home, the NHC will pay up to this amount to repair or rebuild your home. Your Home or Landlord Insurance Policy will then top this amount up, to a maximum of your sum insured, if it will cost more than this to reinstate your home. NHCover also provides cover for your land within certain limits and conditions.
When making a claim which involves NHCover, you may also need to pay a separate excess. Find out how this is calculated here.
For more information about NHCover, please visit the NHC website.