Residential Rebuild Slows As Insurers Continue To Delay Settlements
Monday 9 May 2016, 8:31PM
By RedPR
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Canterbury Claimants is disappointed by the slowing progress of earthquake insurance rebuilds in Canterbury.
The Insurance Council has today announced that only 420 homes in Canterbury were repaired or rebuilt between January and March this year.
This compares with 679 homes in the previous quarter and 567 homes in the same quarter a year ago.
After analysing the statistics released today Canterbury Claimants spokesperson Cam Preston says “it is extremely disappointing to see insurers progress is slowing.”
“There are still 6,000 unsettled ‘over-EQC cap’ homes after more than five years, and at 420 homes a quarter, that’s at least another 3.5 years of waiting for Canterbury families at this rate,” he says.
Canterbury Claimants says the ongoing and unacceptable delays continue to put pressure on homeowners to cash-settle for earthquake damage, and settling under that kind of pressure after so long, can and is leading to homeowners settling for less than they are entitled to.
“Insurers are waiting for claimants to throw in the towel and accept a cash payment based on a lower standard or cheaper fix. After more than five years, is it any wonder people take the money in the hope of getting some control back in their lives? The insurers are further eroding trust and confidence with this behaviour and goodness knows there’s not a lot left to further erode,” says Preston.
Canterbury Claimants also continues to question the integrity of the unaudited data being supplied by insurers each quarter.
“Today’s Insurance Council release states 275 property owners are waiting on an offer from their insurer, however the data released by Southern Response on the same day shows that company alone has not made offers to 405 of its customers,” says Mr Preston.
Preston says he doesn’t understand why total transparency and clarity around the figures isn’t something the insurers seem to feel is important as the recovery continues.
ENDS
Note: the Canterbury Claimants Next Meeting:
What does the EQC Joint agreement mean for you?
When: Thursday, 12 May 2016 from 7:00 PM to 8:45 PM
Where: Transitional Cathedral - 234 Hereford St
Free tickets here: