Most insurance claims arising from the 2016 Kaikoura earthquake have now been settled, with less than 100 claims still to be closed, according to the Earthquake Commission (EQC).
As of July 22, the commission said the insurer managed portfolio is 99% assessed and 98% settled, while the EQC managed portfolio is 98% assessed and 97% settled. There were a total of 38,758 residential claims that resulted from the Kaikōura event. It has paid $515 million to insurers who manage EQC customers, and $38.9 million to EQC customers (land and/or properties with open or unresolved other claims for prior natural disaster damage).
Alongside its settlement progress report, EQC is urging people to use their EQC settlement payment for actual repairs or replacements related to the earthquake damage to their properties. In some circumstances, any future EQC claims may be affected if an EQC settlement payment is not used for this purpose.
“You’ll also need to keep in mind that costs generally increase over time so you probably don’t want to leave the repair or rebuild work too long,” EQC said. “If you choose to delay your repairs, increased repair costs are generally not a reason to request a review of your settlement.”
Homeowners can access the “Rebuild with confidence - A guide for homeowners rebuilding after the Hurunui/Kaikoura Earthquake” booklet at the MBIE or their council’s website for additional information on rebuilding and repairing their properties, it added.
