EQC Insurance on Rentals

[minimoke]

^ In relation to Delmaine, the word on the street is that FBU has just bought every available section to house their national and international contractors

Word also on the street is that Delmaine is a shambles with developers putting in roads that are under spec and channeling with no resource consents. Sounds like a fair bit of the new stages have to be pulled up and started again.

[ronthepom]

If your full replacement insurance, and your loss of rent insurance, were with the same provider, then it would be interesting to see how they would treat a delay in rebuilding. Surely if you had a policy that required your insurance company to rebuild your property, and it tooko themover a year, then you'd have a case to request that they compensate you for lost rent for this extended period?

It's not your responsibility to obtain the resources to rebuild in a timely manner - that's down to your insurers.

Hi Serpie i've sent you a pm.

ron

[Oiler]

I am looking to buy a residential property in Christchurch (Green Zone) but have been told by all insurance companies that they are not writing any new insurance in Christchurch. AMI were allowing assignments to new owners but as of last Monday have stopped that as well.
So does this mean that there are no Real Estate transactions going through? Surely not! I would have thought there are companies out there that are prepared to take on risk at a price.

If there is anyone in Christchurch that has any ideas as to how to work around this fiasco, I would love to hear them.

G

[fungus pudding]

I am looking to buy a residential property in Christchurch (Green Zone) but have been told by all insurance companies that they are not writing any new insurance in Christchurch. AMI were allowing assignments to new owners but as of last Monday have stopped that as well.
So does this mean that there are no Real Estate transactions going through? Surely not! I would have thought there are companies out there that are prepared to take on risk at a price.

If there is anyone in Christchurch that has any ideas as to how to work around this fiasco, I would love to hear them.

G

Why on earth do you call that a fiasco? It's simply a commercial decision by insurers. You can always carry your own insurance, but you may have difficulty finding a source of finance.

[POSSUM THE CAT]

Oiler I will give you all the insurance you want the premium is 100%

[Oiler]

Oiler I will give you all the insurance you want the premium is 100%

LOL thanks for that idea Possum. Why dont i just pay cash, dohhh

[NZCH]

If your full replacement insurance, and your loss of rent insurance, were with the same provider, then it would be interesting to see how they would treat a delay in rebuilding. Surely if you had a policy that required your insurance company to rebuild your property, and it took them over a year, then you'd have a case to request that they compensate you for lost rent for this extended period?

I had the same issue but in the insurer's eyes they had done everything required of them in that timeframe. My rental cover was for 8 months and in that time they completed an evaluation (albeit with my "encouragement") and have offered me a payout on their share of the expenses (driveways, paths etc.)
My real problem is with EQC. I have two claims both under cap so they are going to repair rather than pay out. I do not want a repair done as my neighbours wish to buy my land. I'm losing money paying for an uninhabitable house while I wait for EQC to organise repairs which could be a couple of years away. If they just paid me out I could then afford to sell the land as is, and walk away. In it's current state the bank won't let me sell as I would be making a significant loss.
Does anyone know anyone at EQC who I can talk to. So far I've got nowhere and am still awaiting reply from a complaint I lodged weeks ago.

[peat]

i am only qualified to talk about Loss of Rents insurance. My understanding is that the indemnity period (time frame for rental cover) is totally fixed and is almost never extended, no matter what. The argument is that you chose the time frame, thats what you paid for, thats what you get. But as I only deal with commercial I have no comments regarding EQC sorry.