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Wednesday, October 19, 2011

State Insurance - important information update

If you are a reader of Avenues Magazine you will find inside the October edition an 8 page insurance advertising and information brochure from State Insurance. You can also download it from the bottom of the page here.

The brochure first came out last month and, as you can see below, has a wide range of information. IAG, State Insurance's parent company, spent quite some time with staff from CanCERN in working through a series of questions and answers to establish the best questions to be answered. Credit to both organisations for taking a collaborative approach.

Repairing and rebuilding your house

  • How long do I have to wait before seeing some action on repairs and rebuilds?
  • Will State be offering or facilitating land and building packages?
  • Most homebuilders direct their work at the upper end of the market (big and expensive houses). Will State provide assistance with finding designs and builders for the modest end of the market (in the 90 to 150sqm range?)
  • How long do I have to decide where I want to build?
  • What support is available for me in making my decision?
  • Will State agree a mutually suitable start time with me, with no pressure to fit into a wider PMO project schedule?
  • I live in the residential red zone. If I take the government offer for my land and the State offer for my house repair, will the repair valuation include work to get my house up to the building code as required on that specific date?
  • Does the reinstatement price include building consents or are they separate?
  • Is it OK to rebuild in a different city in New Zealand?
  • How will repairs and rebuilds be prioritised?
Deciding how much your house is worth
  • Why is it that my neighbour’s building rate per square metre (sqm) is different to mine and our houses are similar?
  • Does floor area mean real ‘floor space’ (inside measurements)? Or does floor area mean the footprint (outside measurements)? 
  • Will the costings take into account the fact that people may not be able to complete work for years yet?
  • What can I do if I don’t agree with my assessment?
  • What is your expected timeline for finishing assessments of all customers?
  • Is there a standard costing for things like rimu panelling, which is built onto the price per metre? What if I don’t want to replace that special feature? Can I trade it for extra floor space, other rooms, etc?
Home and Contents
  • I would like to negotiate ownership of certain items in my home - is this possible?
  • Will State cover the replacement of carpets and curtains in total loss houses if they were undamaged?
Working with EQC
  • EQC says I’m a total loss but you say I’m a repair. How does this work?
  • I have an EQC claim that is yet to be processed (not even seen yet), am I able to change insurance companies?
  • We have a contents claim with EQC which will total over $20,000. Will State pay for the part of the claim that is over this amount and can you speed up EQC?
  • My insurance company won’t do any scopes or engineer’s reports because they believe I am under the $100,000 EQC cap. They still won’t help even now that I am in the red zone! How am I supposed to make an informed decision when I have to choose option 1 or 2?
Insuring construction and new homes
  • I am trying to build a new home in a safe area, will you insure me?
  • I’ve just moved back to Christchurch and can’t get contents insurance. What can I do?
  • If my house is demolished and rebuilt, can I still get it insured?
  • Will State provide insurance cover for the property being repaired or rebuilt from the start of the project, until the moment of the hand over?
  • What happens if there is another earthquake during the rebuild - who covers the insurance?

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