14 May 2014

EQC prepares to pay out on sunk land

11:21 am on 14 May 2014

The Earthquake Commission is preparing to compensate up to 9,000 Christchurch property owners whose land has sunk following the earthquakes and is now more vulnerable to flooding.

The Earthquake Commission has been carrying out modelling to establish exactly how much of the city is now more vulnerable to flooding.

It will start telling affected residents from the end of this month.

The Commission will use valuers to determine how much the affected properties have devalued by, and will compensate homeowners accordingly.

It's likely to be several months before any payouts are made, as the Commission seeks a court judgement to ensure its methodology is robust.