Ripped off by insurance on EQC Levy for house.Charged double!

[mrsaneperson]

I have recently been reviewing/renewing my insurance policies due to the fact premiums across the board have increased dramatically . I have a couple of rentals where it is 1 house but rented out top & bottom separately .Council have it down as 2 dwellings,1 house,1 address.Very common type of situation. Insurance company have been charging me 2 lots of EQC levys , $300 as compared to 1 EQC levy $150 per annum over the last 6 years. I rang up EQC who told me that as it is 1 physical dwelling & 1 street address that the EQC levy should only be charged as 1 even though it is able to be used as 2 dwellings.

I'm looking at renewing with Tower who told me that their policy is too charge only 1 EQC levy for the 1 building as per EQC policy.

This also applies to a home with a granny flat that is not physically separate, 1 EQC levy must apply.

The EQC levy is a set government charge . AMI the culprits have wrongfully charged me so i will apply for a refund.

I'm wondering how many other policy holders "out there" are in the "dark" about this?

[hawkeye]

If there is a disaster you will find it is an advantage to have double the EQC payout as if it takes years for the insurer to rebuild as at least you will have $230k sitting in your bank account/mortgage earning interest while the insurer fluffs around. (In our experience).

Our block of 12 had 12 EQC premiums paid so EQC paid out 12 x the cap 9 months after the disaster (based on floor area not $100k) but had we only had 1 EQC premium paid on the block we would have got $100k and been in deep trouble as there is no sign of being rebuilt any time soon because we are on TC3 land.
LJ

[mrsaneperson]

If there is a disaster you will find it is an advantage to have double the EQC payout as if it takes years for the insurer to rebuild as at least you will have $230k sitting in your bank account/mortgage earning interest while the insurer fluffs around. (In our experience).

Our block of 12 had 12 EQC premiums paid so EQC paid out 12 x the cap 9 months after the disaster (based on floor area not $100k) but had we only had 1 EQC premium paid on the block we would have got $100k and been in deep trouble as there is no sign of being rebuilt any time soon because we are on TC3 land.
LJ

OK, i see your point but i wasn't given the option.AMI had said i had to pay 2 lots of EQC on the 1 house. And a block of 12 units that presumably have individual titles & can be sold off separately is very different from my situation where its just 1 house with 2 lots of tenants.

[Keys]

A work colleague has a property which is a write off. The new insurance premium came and included an EQC levy of $150 even though they fully admitted it was no longer a property which they would pay out on. The ombudsman is very interested.

[mrsaneperson]

I'm slowly realising that the insurance companies are rogues. Checked my invoices again & find that i have also been charged 2 fireservice levys for the 1 property.

[DBrown]

I'm slowly realising that the insurance companies are rogues. Checked my invoices again & find that i have also been charged 2 fireservice levys for the 1 property.

After paying 6 years worth??