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Thread ID: 112552	2010-09-11 02:32:00	Earthquake questions	beetle (243)	PC World Chat

Post ID	Timestamp	Content	User
1136401	2010-09-11 08:08:00	Depends on the Insurance Company and what the small print says. Some people I know have already been told that they might be able to rebuild on the existing site or they can build else where. One person we know had already sold there house and were only a week from moving out when there house got gutted by the shake. Buyer has already quit the contract. The reason for selling is that they are moving to Brisbane and already have a house there. Insurance company has given a early indication that they will not get paid out any insurance as in cash, rather they will have the house rebuilt which they will then have to sell.....again.	PinoyKiw (9675)
1136402	2010-09-11 08:49:00	It should be a long time for a new fault to make any appreciable movements, but since it's apparently an unexpected area that the fault occurred its future behaviour may not be as predictable as the current ones. Not an expert on geology, but that's my thinking after taking a couple of geology papers dealing with a lot of NZ geology.	qazwsxokmijn (102)
1136403	2010-09-11 11:56:00	It can be rather complicated - and even after working with and for insurance co's and EQC over the past 10 years I have learnt that you cannot come up with a "one size fits all" solution. Essentially (and very generally speaking) though; * Your insurer covers your home, not the land it's built on. * EQC covers the land under and around your home - no limit on the value * EQC covers your home ($100,000 plus GST) and contents ($20,000 plus GST) in an EQ * EQC is not obliged to actually fix your home. If they establish that there is more than their financial obligation damaged, they can just give you the money (less the excess) and walk away. * Likewise the land. EQC will work out what the cost to fix the land would be, and compare this to the value of the land. They use experts to determine the costs and values. Then they can just pay you the lower of the amounts - less the excess. * EQC can and has been involved in repairs - usually when there is a public interest in them doing so, but according to the EQC Act 1993, they are not obliged to be involved. * Unlike an insurer though, EQC will determine the maximum they can pay you, as the money in "the pool" is ours to access - EQC is not a profit making organisation. They are limited by the Act, so cannot bend rules unless the Govt changes them. * Your insurer also isn't obliged to actually fix your home. Insurance is essentially a method of putting you back in the same financial situation that existed prior to the loss. * Your insurer covers the amount over and above the $100K for the House damage, but as they don't insure the land, you would have to use the EQC money you received for the land to create a building platform. * Alternatively you could build somewhere else, as you've been paid for your land and will get a new house out of it you may not have actually lost anything - and in fact could make money if you were to sell your (now useless) section. * Your insurer will expect you to spend the first $100K plus GST you received from EQC on the new house before it opens its wallet. I think it's wise to keep in your mind that those who are able to manage their own rebuild / repairs (with their insurer's blessing) will have a swifter solution than those who wait for insurers to do everything. We have every available assessor in the area from NZ now, are dragging personnel from Aussie, the USA and Canada (most of us have just come back with helping out Aussie from their hail storm in March). Our main push will be to visit everyone before we can even consider repairing homes. It's going to take many long months - if not years. As far as whether the area remains a risk and is insurable ... time will tell what insurers do there. I don't sell the policies - just pick up the pieces!	Jester (13)
1136404	2010-09-11 21:24:00	The next quake for that faultline is once every 16,000 years. Where did you get that idea? www.geonet.org.nz Take a look at the Wairarapa for instance. Beetle. Wellington is right in the middle of the main fault line - didn't stop anyone building there, nor making it the capital, nor putting civil defense in a hole in the ground there. And as for building certain types of houses, yes you can take precautions but you get a large quake, right in your zone, nothing people can build will stand up to it.	pctek (84)
1136405	2010-09-12 00:58:00	www.nzherald.co.nz	prefect (6291)
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