Householders identified at being at risk of increased flooding vulnerability as a result of the Canterbury earthquakes will be sent individual letters to inform them of their status of their land claim in the New Year but will be largely responsible for their own protection following cash settlement that will follow when the process is completed.
EQC is using data from six flood models that include the major rivers, creeks, culverts and catchments to identify properties at greater risk of flooding following the Canterbury earthquakes. Engineers will then ground truth (view) the properties and confirm whether or not they qualify for IFV or Increased Flooding Vulnerability. Independent Valuers will then establish the minimum lot size value of the properties to establish the cap, and then establish the Diminution of Value (DoV) i.e. the discount a prospective purchaser would apply to the property as a result of it having IFV. EQC’s settlement will be the lesser of the cost to repair (where possible) or the DoV up to the cap.
The cash settlement from EQC will allow those affected to look at options to protect their homes e.g:using the settlement money to lift the house. CCC is planning off-site options to protect against flooding but probably will not carry out area-wide remediation of land.
Based on a report in the Cancern Newsletter
