EQC, fire levies, industry cover due to rise by halfTOM LEE/FAIRFAX NZ The cost of insurance may be high but so is the devastation of not having any cover. But equal or bigger rises were the result of the 40 per cent rise in fire service levy and 33 per cent rise in EQC cover, she said. The fire service levy rise of 40 per cent to $106 and the EQC rise of 33 per cent to $200 was collected by insurers when they billed homeowners. The effect on commercial properties would be significantly higher because the fire service levy was not capped but set at 10.6 cents per $100 of cover. This meant the fire service levy alone on a $10 million building would be $10,600, or on a $100m building $30,000, Crick said.

Source: Stuff August 29, 2017 02:15 UTC