Your home and property are one of your largest assets, therefore it’s important to understand what cover you are entitled to under Natural Hazards Cover (NH Cover, formerly EQC). Here’s how it works:
- Home Protection: NH Cover provides coverage up to $300,000 plus GST before your private home insurance policy will trigger.
- Surrounding Land: Cover is limited, but provides cover for land within 8 metres of your home.
- Driveway Coverage: Protects the land beneath your driveway, up to 60 metres from your home.
Stay Informed: Understand Your Coverage
It’s crucial to be prepared before a natural disaster strikes. Here are five practical steps you can take:
- Review Your Insurance: Make sure your sum insured is sufficient to rebuild your home in its entirety, including demolition costs and inflationary provisions.
- Assess Your Land: Identify parts of your land that may not be covered by NH Cover.
- Know the Risks: Educate yourself about the natural hazards that could impact your property.
- Consult Experts: Seek advice from professionals like builders and engineers to mitigate risks to your home and land. Speak to your broker and make sure your cover is adequate.
- Plan for the Future: Be ready for the aftermath of a disaster, as the process of making insurance claims and rebuilding can take time.
For further details, visit the Natural Hazards Commissions website.