As well as covering buildings EQC also covers damage to residential land. Homeowners need to progress these claims now. These claims expire if the homeowner does not sue EQC within 6 years of the land damage. The primary claim is for the cost to restore/remediate the land. Do not believe EQC when it tells you that it only needs to pay a difference in value of the land between now and before the earthquakes.
EQCover for land is limited to land that is within the property boundary – and includes:
- the land under the home and outbuildings (eg, shed or garage)
- the land within eight metres of the home and outbuildings
- the land under or supporting the main accessway, from the boundary up to 60 metres from the home (but not the driveway surfacing).
EQCover also provides some cover for:
- bridges and culverts within the above areas, and
- some retaining walls that are necessary to support the home, outbuildings or insured land.
EQCover pays the lesser of either:
- the cost to repair the damaged land, or
- the value of the damaged land, or the value of 4,000 square metres, or the value of the minimum-sized building site allowed in the area in which you live – whichever is the lower.
Bridges, culverts, and retaining walls that support the home or insured land are covered by EQCover for indemnity value. This means the valuation takes into account their age and state of repair.
