Screwed in the arse by insurance companies (house)

[jonbuoy]

A banker underwriter is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain.

[Oscar]

A banker underwriter is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain.

You'll be canceling your cover, then?

[flyingcrocodile46]

You'll be canceling your cover, then?

Oscar, what is your view on DD's chances of bashing the insurance company into submission with their failure to honour their offer of insurance?

[flyingcrocodile46]

Screw the softie run for cover buggers D - dunno what they've done with all MY money I've paid in over the last 30+ years and never claimed (Like a gazzilion others...)

Why can't they say "OK, we'll insure - but it will cost ya heaps" - at least then you have a choice & chance.

Build if you can somehow still talk the bank into lending you the dosh then insure for fire and theft, save a fortune for the rest of your life.

They probably would if they could get away with a premium equal to 10% of replacement cost. It's unlikely that more than a 25% of houses would be written off by a repeat event so in theory 5 or 6 years of premium income would cover it. But that won't happen because too many people would kick up a stink and allege callous profiteering.

[Oscar]

Oscar, what is your view on DD's chances of bashing the insurance company into submission with their failure to honour their offer of insurance?

If he has something, anything in writing - very good.

[timg]

My understanding is that insurers were looking after their own in chch. Ie if you are a customer and moving houses they would continue cover at your next place if it has a satisfactory geotech and structural report, and a CoC for new homes. I suggest you go back to your insurer and demand to speak to a senior underwriting or business aqusition manager (not a counter clerk or a call centre chick) and politely (a tough call for you I know ) put your case including their initial assurances of cover subject to the geotech report etc. If you have names of the staff you spoke to previously, documents or quotes use them to support you. If you get nowhere tell them that you will be taking this further unless they can provide a satisfactory solution within a couple of days. If you need showers or anything else give us a call.

[jonbuoy]

You'll be canceling your cover, then?

Nope - better than nothing.

[JMemonic]

Sorry to hear this D, sounds like a right mess and I hope this works out for you in the long run.

There must be some recourse after you made the purchase in good faith based upon information given to you by your insurer.

I wonder if you could get builders insurance, get the house to a point where you can live in it yet still keep building, would that maintain some insurance for you?

If there was some way we could help you know we would in a moments notice.

[dangerous]

yeah as said, they will give us building risk insurance... BUT with out cover at the end of the build they wont, no ins NO loan, NO BUILD.

As a plus our builder who can get builders risk from eqb (I think) have said eqb or who ever it is may look at extending the builders risk in the provido that we keep seeking full cover... I may find out today, heres hoping.

[Brett]

No - you (and Phil Goff) don't get it.
You could build it out of titanium with fifteen geo tech reports, but there is no insurance.

Reason 1: The ground is still shaking. Until you can find a way to make it stop, there will be no new EQ cover available in Christchurch (and very little in Wellington, for that matter).

Reason 2: There is no money, and no appetite for the business. At about the time of the last US hurricane, Reinsurance Companies ran out of reserves and started into capital, so Global Catastrophe cover is nix. If you can't buy EQ cover in Japan and California, and Hurricane cover in Florida, what chance have we got?

As difficult as this is to hear, it does seem to be the truth. IMO a solution might be for the govt to take control of AMI and put together a special package for Chch so that people can move forward and build new houses.

[Brett]

yeah as said, they will give us building risk insurance... BUT with out cover at the end of the build they wont, no ins NO loan, NO BUILD.

As a plus our builder who can get builders risk from eqb (I think) have said eqb or who ever it is may look at extending the builders risk in the provido that we keep seeking full cover... I may find out today, heres hoping.

Pretty much every house I have built for myself I have moved into prior to getting a Final Inspection and a subsequent CCC. My understanding is that the Building/Contractors Insurance (as long as it is in your name) will cover you until you a) get sign-off b) get full house insurance. My understanding is that while under builders risk insurance, only something like 80% of the building cost is covered. Someone with insurance knowledge able to clarify?

[dangerous]

Well fuck this shit, just a note people.. Living in a caravan with a 1yr old and a 2yr old DONT bloody and will never bloody work.

Been on the net looking for a rentel... A few there but if not gone then no mutts alowd, what a mish, but we have to do something so if any ones in the know of a place please let us know.

As for the insurance , more kicks in the face today come on you fuckers life HAS TO GO ON, sort ya shit out and get insuring.

On a different note Im typing this shit out on a Ipad gizmo thing that Rashika brought after having internet withdraws, to bloody small for my liking but shit what a wee dobie it is, quite amazing really.

[cruza]

Well fuck this shit, just a note people.. Living in a caravan with a 1yr old and a 2yr old DONT bloody and will never bloody work.

Been on the net looking for a rentel... A few there but if not gone then no mutts alowd, what a mish, but we have to do something so if any ones in the know of a place please let us know.

As for the insurance , more kicks in the face today come on you fuckers life HAS TO GO ON, sort ya shit out and get insuring.

On a different note Im typing this shit out on a Ipad gizmo thing that Rashika brought after having internet withdraws, to bloody small for my liking but shit what a wee dobie it is, quite amazing really.

I feel for ya D . Still thought you were nuts or had farkin big balls doing what ya did for new house build at the moment. Guess you have to try aye, dream been on hold for a while now.
Good luck with rental , man market has changed since feb and prices

[Grumph]

Where are you trying for rentals ? There's a couple local to me - one empty after external cladding repairs - don't know if it's available yet.One in use till the renter's house fix is completed - should come up shortly.
Several in Darfield too I see. See the local Darfield based rags for the ads.

Sorry D - just been and asked re the two local houses - one taken long term, the other has a waiting list for short term rentals while houses are fixed...bugger.
Still the odd one coming up in Darfield.

[Swoop]

"Get insuring"?


I have had a re-insurance bill arrive from my company, AFTER getting a "heads up" warning letter from them saying "for fuck's sake, be sitting down when you open the real bill" as there was going to be a SUBSTANTIAL increase due to Chch.

Well, an increase of over $300- was noted, so yesterday was time to phone around different insurers!
Oddly a competing company was able to be over $300- cheaper for the same level of cover, so a call back to ask whether my current provider would like to shapen their pencil.
Oddly, they magically could do a far better deal.

Shop around folks!