Earthquake repairs more than the payout?
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Purchased a home post-quake, but the earthquake repairs are more than the payout?
Keep reading.
On the 15 August 2019 The Earthquake Commission (EQC) announced the governments ex-gratia policy stating that owners of on-sold, over-cap properties can apply for an ex-gratia government payment to support their homes repairs.
This means that If you’ve purchased a home in Canterbury and discovered that the damage exceeds the EQC cap of $100,000, you may be eligible for an ex gratia payment to cover the cost of the repairs, but you must register your interest before October 2020.
The term “ex-gratia” means a moral obligation to support Christchurch homeowners who have found themselves in difficult financial situations in relation to their earthquake repairs.
The term “on-sold over-cap” means that the homes that originally had repairs scoped at a value under the liability cap threshold of $100,000, were to claim repair costs directly with EQC. However, if those costs were underestimated, and the new owner of the property has discovered that repairs are more than the liability cap of $100,000, the government exgratia policy is now in place to help homeowners in this situation that haven’t managed to get traction with insurance companies.
On-sold, over-cap homes also refer to earthquake-damaged homes that were sold after the 2011 and were later found to have been repaired incorrectly.
How do I register for the government on-sold ex-gratia payment? It’s via EQC, and Wrightway Construction isone of the few EQC approved earthquake repair specialists, so we’ll happily help.
EQC currently has 625 expressions of interest (EOI’s), and 561 have qualified for the ex-gratia package. If you think your home may be eligible, Wrightway Construction can easily guide you through the registration process and assess your repairs.
Wrightway’s experience in earthquake repairs and working alongside ECQ is vast, and our team of construction contractors have been allocated and managed over 500 EQC construction projects, since 2011.