The FENZ levy rate will increase by 12.8% from 1 July 2024. The reason for this increase is to address a funding shortfall at FENZ. Levy is payable on all contracts of insurance that include the risk of fire where assets in New Zealand are covered. For contracts commencing on or after 1 July 2024, the levy rate will increase as shown in the table below. GST is payable in addition to any amount of levy.
Insurance on
Residential buildings and personal property
Prior to 1 July 2024 levy rates per annum
10.6c per $100 insured. Insured amounts capped at buildings $100,000 and personal property $20,000.
After 1 July 2024 levy rates per annum
11.95c per $100 insured. Insured amounts capped at buildings $100,000 and personal property $20,000.
Motor vehicles less than 3.5 tonnes
Prior to 1 July 2024 levy rates per annum
$8.45 (flat rate for each motor vehicle).
After 1 July 2024 levy rates per annum
$9.53 (flat rate for each motor vehicle).
Other property and vehicles over 3.5 tonnes
Prior to 1 July 2024 levy rates per annum
10.6c per $100 insured. No capped insured amount.
After 1 July 2024 levy rates per annum
11.95c per $100 insured. No capped insured amount.