Both EQC and NZI have been terribly slow. In fact 6 months after being assessed as overcap (NZ$120,000) we still don't have payouts on 2 claims from EQC. On a further 4 we have received nothing after 3 months.
All we have so far is 2 overcap payouts for properties wrecked in Sept. We expect maybe 12 will be overcap with current damage. No repairs have been done, no schedule to repair anything even presented to us.
NZI have appointed assessors to some properties but one property had the assessor from NZI visit about 9 Sept and NOTHING further has happened. It's nearly impossible to make any progress, the insurers just make excuses which initially were that they had to wait for EQC, now it is that they have to wait for the government land reports.
NZI told us they will not do any repairs or rebuilding except in the outer NorthWest (ironically where they have no or very little damage, and most repairs are under EQC caps).
Interestingly today the assessor told us that he reckoned the vast majority of people he is dealing with can't hold on and are desperate for any settlement. Probably hundreds if not thousands of business and property owners will be forced to walk away because delays in dealing with insurers, demands from CERA to demolish and constant bills on unusable buildings (which have no income in the forseeable future).
There is an unbelievable lack of recognition of any of these issues by authorities, and worst of all they are imprisoning people in their wrecked homes because of the inaction.
There's no way land can be repaired and rebuilt on in any reasonable period of time. Yet they delay as if a solution is only moments away.
Of note in last week's Property Press (published before Monday's quakes), of the 60 ads from one agency, 13 mentioned the vendors were leaving town. One was a wrecked property being sold as is. 4 were deceased estates or moving to retirement villages. 5 were currently (or were previously) rented. 4 were new builds. 7 said the vendors were seriously motivated without giving a reason. Just 26 had no mention of vendors intentions.
So 27 out of 60 ads were for sales where the vendor wouldn't be rebuying in ChCh. How many of the 33 that didn't give the a reason were actually leaving too? I suspect that well over half of all sales will likely be "end of chain". Most ChCh people won't consider moving North either, after being dealt with like this by the Government most will bypass Auckland and head straight to Australia.
I can't see any salvation any time soon.
Updated: Just a note on the "red residential zone": there are literally hundreds of homes in the red zone with little or no damage. As noted in this morning's press they will not get any replacement insurance payout, so will be forced to take GV which in many cases bears no relationship to market value. Even worse some will benefit because there GV's are very high where as a large number will be much worse off.
If this plan proceeds (I think there are too many problems with it) 5100 houses will be demolished, plus most of the 10,000 in the orange zone, plus there is perhaps another 15,000 in green zones that will be uneconomic to repair.
So that's perhaps 30,000 that will go eventually (many more than John Key's 12,000). Then why on earth is the Government rushing to condemn probably around a 1000 houses in the red zone that are virtually untouched?
You can feel the seething anger from people over the Governments continued ill-conceived plans.
First we had Fletcher's tie up the recovery process by locking people into doing repairs. The we had house buses and temporary homes. CBD lockdowns and forced demolitions. Now we have mass abandonment. Not one decision has moved thing forward in a positive way, there has just been a total avoidance of consultation and a complete lack of acknowledgement of the real issue which is sorting out insurance and getting insurers to pay up.
Clearly Gerry thinks that because the insurers are telling him they are doing a good job, that they are doing a good job!
* ChrisJ is a regular commenter on Interest.co.nz and a Christchurch resident who owns several properties.