The bill clarifies regulations relating to repairing buildings and land following a landslip or other land damage. It also sets a date for the increased EQC cap of $300,000 to come into effect. Increasing the EQC cap should lead to reduced premiums for many New Zealanders as the Crown absorbs liability and risk from private insurers. This change means the Government, through EQC, will formally take on a greater portion of risk, although as the AMI example in Canterbury shows us, the Crown is often on the hook either way. I'd expect to see insurers reflect reduced risk in their pricing for residential property insurance purchased by New Zealanders after October 2022.