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  1. #1
    Join Date
    Dec 2010
    Location
    Christchurch
    Posts
    42

    Default Loss of Rent claims - CHC EQ - 22 Feb

    Hi all,

    I am having some problems getting my loss of rent claim across the line with my insurance company. The property is uninhabitable (as deemed by their assessors) and I am now waiting for a claims handler from the insurar to be allocated to assess the claim.

    My question is - how long is it taking most people to get their loss of rent claims approved & paid? I have now been waiting 2 + months with no indication that my bank (Westpac) will help out as I am not occupying the property. I ring the insurer every week and seem to be getting nowhere.

    Cheers,
    syd2chc

  2. #2
    Join Date
    Sep 2004
    Location
    Central Otago, ChCh, AKL
    Posts
    2,443

    Default

    do you have an insurance broker? which company are you using??

    My last conversation with my broker I been advised it could take time 2 -3 month etc. this is low priority for them im afraid. -- We taking a tenant to tribunal as she left with no reason, the property is inhabitable and now re tenanted.

    will try and get the bond and then we will be short or around a week of rent, so if this will not be resolved under the Tribunal then I will pursue the insurance company NZI. (Via a Broker )
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  3. #3
    Join Date
    Dec 2010
    Location
    Christchurch
    Posts
    42

    Default

    Hey Orkibi, I am with Tower. Seems yesterday's rant may have worked as someone from Tower rang me this morning and have since emailed me with approved claim status - yay! The squeaky wheel gets the grease!
    She said I could be waiting 2-3 weeks for the payment but as long as I know it's progressing that's all good. Now just have to wait for EQC to send me my cheque for emergency repairs. Feels like I'm bleeding cash at the moment.
    Last edited by Perry; 04-05-2011 at 06:35 PM.

  4. #4
    Join Date
    Sep 2004
    Location
    Central Otago, ChCh, AKL
    Posts
    2,443

    Default

    Now just have to wait for EQC to send me my cheque for emergency repairs. Feels like I'm bleeding cash at the
    Yes Im also still waiting for them....
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  5. #5
    Join Date
    Jan 2011
    Location
    Christchurch
    Posts
    834

    Default

    Quote Originally Posted by Orkibi View Post
    Yes Im also still waiting for them....
    Up to about $4.5K, most of it waiting since September. So far, they have paid me about $190 for a picture frame and sewer waterblasting. Nothing from the larger items.

  6. #6
    Join Date
    Sep 2004
    Location
    Central Otago, ChCh, AKL
    Posts
    2,443

    Default

    hammm they are slow but they will pay - hang on there.
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  7. #7
    Join Date
    May 2004
    Location
    Christchurch
    Posts
    563

    Default

    We have a block of 12 flats that sustained damage in September (repairs to 4 units needing tenants to vacate) and then it was totalled in February.

    We are insured by Vero and we received loss of rents in early October after the first event. For the second event we had built up a relationship with the Loss Adjustor and we were paid 13 weeks rent in mid March which takes us through to late May. I found you have to be on their case otherwise you are lost in the sea of claims. Be polite but insistent. If someone gives you a timeframe for something to happen, follow it up immediately if it isn't met. Try and meet the person responsible as you become a human face rather than a number.

    With the EQC, the same stuff applies except the human contact as no-one is responsible for anything with EQC. Take the name of the person who gives you any information or gives you a timeframe. Don't be fobbed off by the front line staff saying they'll get someone to ring you back. It won't happen!!

    After the first earthquake we were paid out on all ten damaged units by mid-January. The amusing part was they were all assessed on the same day by the same team but the ten cheques arrived over a period of ten weeks and the later ones only after numerous follow up calls. Claims stall for no obvious reason (EQC staff can't tell why) so you must follow up on deadlines that they give you.

    The emergency repairs took a bit longer to get reimbursed but the $9000 odd dollars came through before the February quake. Payments appear to be run out of Brisbane and if you can speak to them directly it works better.

    For the February earthquake we hope to be paid out the full sum insured + GST in the next couple of weeks. EQC still require one piece of paper from a field officer. Because of the nature of the building EQC are the insurer for the full sum insured and then Vero are responsible, for the policy additions like loss of rents, landlords chattels, paths & driveways and retaining walls.

    Due to the difficulty rebuilding anytime soon Vero are offering cash settlements for the full amounts of these benefits.

    Now all we have to do is work out what to do with the money in the short term. Then try and work our way through CERA / Christchurch City Council to see what they'll let us rebuild on the site as the land isn't zoned for high density housing.

    Good luck guys. Remember polite but insistent.

  8. #8
    Join Date
    Sep 2004
    Location
    Central Otago, ChCh, AKL
    Posts
    2,443

    Default

    Thanks for that Neil,

    I think I will get on the phone tomorrow.
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  9. #9
    Join Date
    May 2004
    Location
    Christchurch
    Posts
    563

    Default

    Hi

    It didn't help to hear the CEO of the EQC on Morning Report this morning. He was responding to reports that tradesmen won't do EQC work because they hadn't been paid he said that there wasn't a problem and everybody was being paid within two to three weeks!!!!!!! He is in cloud cuckoo land. Every single one of the tradesmen I deal with is owed large amounts of money and the smaller ones have had to get bank loans to provide cashflow. Some feel morally obliged to do EQC work and wait for the payment while others will only do work if the customer pays and then claims the reimbursement themselves.

    With this head in the sand attitude we will get no-where. The biggest problem is there is no one person you can deal with about your claim. They try to fob you off but can't tell you what they are waiting on to process your claim.

    There is also a complaints process you can use. We used it to dispute the Rapid Assessment on one of our properties. (Assessed as minor damage, the reality is a bill of $105,000 to fix the foundations alone). At least you get a 'Case Manager'. Unfortunately it only sped things up marginally and we are still waiting for the reassessment that was promised three weeks ago that should have happened within ten working days. I just keep ringing as the deadlines fall due.

    We'll get there in the end.

  10. #10
    Join Date
    Jan 2011
    Location
    Christchurch
    Posts
    834

    Default

    Quote Originally Posted by hawkeye View Post
    Now all we have to do is work out what to do with the money in the short term.
    I did get paid $9500 for painting / plastering for one of the investment properties. I put it in a share fund and currently it's at $10050. Waiting for the next tenant change before doing the work.

    Quote Originally Posted by hawkeye View Post
    There is also a complaints process you can use.
    Did that and never got a response. Much like most things with EQC. Fortunately, my investment properties only have minor damage, it's just my PPOR assessed as severe damage.


 

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