EQC Act changes announced

Today "Minister Responsible for the Earthquake Commission Megan Woods announced changes to the EQC scheme. These changes relate directly to reforms that were announced in 2017 by then Finance Minister Steven Joyce and the Minister Responsible for the Earthquake Commission Gerry Brownlee. The 2017 announcement was supported with the following statement from Joyce: EQC has provided huge support to New Zealanders following the Christchurch, Seddon, and Kaikōura earthquakes..

The announce appears, at this stage, to mean little to those impacted in Canterbury from the 2010 / 11 quakes and from those impacted by the Kaikoura Quakes.

A two year option to raise a claim could present a risk to homeowners after future events, i.e. the risk that the damage is viewed by EQC as historic. 

The increase in cap, to $150,00,0 on the surface will mean little to many people, most will be more interested in any increase in levy. What many in Canterbury will be worried about is, if we still have a dysfunctional EQC then people are no better off - fighting the two fights, one with EQC and then with their insurers.  A higher amount might be worth considering in due course.

Nationals take on it:  http://www.scoop.co.nz/stories/PA1803/S00206/minister-should-release-treasury-advice-on-eqc-reform.htm

 

Melanie Tobeck