Premiums charged by New Zealand’s Earthquake Commission (EQC) have risen by one-third, in line with an increase announced in this year’s budget to help rebuild funds depleted by the Canterbury and Kaikoura catastrophes.

The total EQC annual premium rises to a maximum of $NZ276 ($248), up from $NZ207 ($186).

It is calculated at NZ20 cents per $NZ100 ($89.9) on the first $NZ100,000 ($89,911) of home cover, and on the first $NZ20,000 ($17,982) for contents. That is up from NZ15 cents.

The commission says the higher premium, effective from last Wednesday, will help rebuild the Natural Disaster Fund.

“The increase also ensures the EQC continues to provide cover for smaller-scale natural disasters, such as the recent Edgecumbe floods, and invests in research into natural hazard risks and potential mitigation.”

Former finance minister Steven Joyce said in May the rise would put New Zealand “well on the road” to restoring the disaster fund to about $NZ1.75 billion ($1.57 billion) in 10 years.