Toitū Te Whenua Land Information New Zealand has finalised its insurance claim with the Earthquake Commission (EQC) for Crown-owned land in the Christchurch residential red zones.
Toitū Te Whenua took over management of this land in December 2015. The final Crown offer closed in 2019 and LINZ has been engaging with EQC on behalf of the Crown to close out the claim for over 7,000 properties.
Toitū Te Whenua Head of Crown Property Jerome Sheppard is pleased the EQC claim is now finalised.
“Following the 2010 and 2011 earthquakes, the Government offered to purchase properties in the red zones to allow those in the worst-affected areas to move forward with their lives. Closing out the Crown’s claim with EQC marks the end of this process,” he says.
“To support property owners affected by the earthquakes, the Crown encouraged EQC to prioritise finalising individual claims first.”
The Crown offer involved the sale and purchase of properties at the 2007/08 rateable value and all land claims with EQC were assigned to the Crown.
Under Option 2 of the Crown offer, former owners were entitled to a top-up if EQC’s insurance payment for land damage was greater than the purchase price paid by the Crown.
Former red zone property owners eligible for a top-up payment have been notified.
If you are a former red zone property owner with questions about this please contact email@example.com