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.