EQC Contents Claims

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#80263 29-Mar-2011 20:45

Anyone had their contents claim processed from the 22nd earthquake?

Apparently they dont do new for old and Ive been hearing some horrendous stories of depreciation on items claimed for where they are giving a fraction of the value it would cost to replace the item.

Shoes2468

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Ultimate Geek
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#453270 29-Mar-2011 20:52

Good Luck, I only just got mine settled from the first earthquake before the 22nd earthquake. That was a contents only claim, and only 3 items 1 being a tv. Cant remember how many times I had to Resend Photos. Wanting to replace your goods already? I feel your pain.

sbiddle

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#453277 29-Mar-2011 21:08

webup: Anyone had their contents claim processed from the 22nd earthquake?

Apparently they dont do new for old and Ive been hearing some horrendous stories of depreciation on items claimed for where they are giving a fraction of the value it would cost to replace the item.

If I recall correctly whether goods are replaced at new replacement value or agreed value depends on the type of insurance cover you have.

I'm not from Chch so obviously I'm not an expert of these things however!

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Ultimate Geek
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#453280 29-Mar-2011 21:17

Interesting.

Im with AA who do have new for old replacement policy.

sbiddle

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#453289 29-Mar-2011 21:48

From the EQC site

How much cover do I get?

EQC insures your home on a replacement value basis, but there are limits to the amount you can claim (and on which you pay premiums).
These limits are the least of the following :

the amount for which you have insured your home on a replacement basis (i.e. the replacement sum insured);

if your fire insurance policy does not have a replacement sum insured, an amount specified by you in the policy for EQCover on your home or holiday home (which cannot be less than $1,000 per square metre of floor area);

$100,000 (+ GST) per dwelling.

EQCover also insures your personal belongings and gives cover on the same basis as the fire insurance. So, if your personal belongings are insured against fire on a replacement basis, EQCover will also be on a replacement basis; but if they are insured on a less favourable basis than replacement value, then EQCover will be on the same basis.

The limit of EQCover for personal belongings is the lesser of:

the amount for which your belongings are insured against fire;

$20,000 (+ GST).

CADMAX

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#453308 29-Mar-2011 22:22

well we got EQC out for the 4th September quake about 2 weeks befor the 22nd one.
we have full replacement thing going on, so we got new stuff for old.

or will do once we get paided out.
total bill for the first one was over $40K.

push them for replacement items our nabour got a new LCD for a old CRT

cgrew

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#453377 30-Mar-2011 08:54

Shoes2468: Good Luck, I only just got mine settled from the first earthquake before the 22nd earthquake. That was a contents only claim, and only 3 items 1 being a tv. Cant remember how many times I had to Resend Photos. Wanting to replace your goods already? I feel your pain.

Exactly the same situation here - 6 emails later and only in the last couple of weeks, I finally received my contents claim from EGC from the September earthquake.