Source: Earthquake Commission – EQC
Time is running out for Canterbury homeowners who unknowingly bought a house with missed earthquake damage to apply for the Government’s On-solds support package.
Administered on behalf of the Government by EQC, the $300 million On-sold support package is aimed at eligible homeowners who bought a house before 15 August 2019 with a settled under-cap EQC claim, but have since discovered missed earthquake damage that would require an over-cap settlement to repair.
“Prior to the On-sold support package being announced in August 2019, eligible homeowners who found themselves in this position essentially had no way to repair missed damage without it coming out of their own pocket as they had no recourse with their private insurer,” says Pip Andrews, EQC’s Head of On-solds.
“Repairs that take a home’s settlement over EQC’s cap – typically $100,000 for Canterbury earthquake properties – are more than a big cost, they’re often significant and complex.”
“This support package potentially gives eligible homeowners the financial means to manage their earthquake repairs, helping to resolve the earthquake damage to their home once and for all,” adds Ms Andrews.
Eligible homeowners who believe they have, or may have, bought earthquake damaged homes must apply with EQC by 14 October 2020 to ensure they can be considered for the support package.
A recent mailout to more than 44,000 Canterbury homes purchased since 2011, and additional advertising since applications were extended by two months to 14 October 2020, have resulted in more than 2,700 applications to date.
“We want people who may be eligible to apply with us by 14 October 2020. If there’s a chance you’ve bought a home in Canterbury that may have missed earthquake damage, don’t miss out on having this option available to you,” says Ms Andrews.
“We know this work is important to home-owners and it’s important to us to, as it is about getting earthquake damage to properties repaired as soon as possible and ensuring Cantabrians do not continue to live in earthquake damaged homes.”
Homeowners can apply and find eligibility information on our On-sold over-cap properties page or call 0800 DAMAGE (326 243).