What are the excesses for an EQC claim?
" ... For land cover the excess is the greater of $500 multiplied by the number of residential buildings on the land or 10% of the amount EQC pays."Quite clear and precise. Also wrong.
On page 9 of the EQC booklet householders' guide to EQCover, under the heading Excesses, is the following:
"Land. If your claim is for $5,000 or less, EQC will deduct an excess of $500 and pay the rest. If your claim is for more than $5,000, EQC will pay 90% of it, deducting an excess of 10%. However, the maximum excess EQC can deduct is $5,000."This booklet is dated January 2008. According to the EQC website, as at this evening, it is still the current edition (download a copy here).
That last little bit makes a huge difference to both the financial and psychological challenge of contemplating how much excess and top-up monies will have to be found. I wonder how much else is not quite right in the FAQ?
An e-mail has been sent to EQC pointing out this discrepancy.
UPDATE - this has now been fixed. See the post here.