Considering a cash settlement?

articferrit, Jun 23, 10:50pm
We went to a public meeting last night, admittedly run by a building company, about the issues around cash settlements. The didnt strike us as being too self promoting and had a lawyer there for legal advise. There are 4 more meetings and I thought it might be useful for anyone else struggling with making a decision or who is 'stuck'.


smoff79, Jun 24, 10:27pm
where would I find the information on he further meetings? Thanks

loose.unit8, Jun 24, 10:41pm
Yes, please share info :) sounds like exactly what I need

kellypchch, Jun 24, 11:46pm
I would recommend everyone takes the payout
With cash in your pocket you are better able to get good prices to do any work done and it will probably be at a lot better rates than the eqc repairers charge. which means more cash left over
Having said that, there will be some, probably elderly people that do not have the means to organise the repairs themselves and an insurance repair would suit

articferrit, Jun 25, 9:16pm
Its with a company called Build Right. They also had someone from Westpac and the lawyer there. The ad was in the press on saturday and the next meeting is 1st July 7-8pm at the Woolston Club. I dont work for them or anything but judging by some of the questions asked afterwards I think they can possibly help quite a few people.

loose.unit8, Jun 25, 9:24pm
Thanks Articferrit

wrinkles56, Jun 25, 10:40pm
My son took the payout because his Insurance would not give him a rebuild and the repair was going to take ages. He got a good price for his house so shifts into his new house tomorrow. Dealing with his insurance company was very stressful and ridiculous. Thank goodness he is now very happy.

davepro, Jun 26, 3:58am
We are in what might be an unusual position. Our house was to be rebuilt on TC3 land, so the IAG Cash Settlement offer of the actual cost of rebuild was quite high. More, I think, than the value of the newly rebuilt house may have been. Given that, and the ability to sell the existing house as-is, our decision was a no-brainer. We have now bought another house and are getting into the as-is sale.

It's only recently that IAG have been offering the rebuild cost rather than the policy wording of 'cost of an equivalent house' for cash settlement and many people aren't aware of that, so if you are a rebuild it's worth checking out. Unfortunately, that doesn't help those being cash settled for repairs.

David

david_270, Apr 1, 2:30pm
Yes, and plenty of other people in that fortunate position.
We rebuilt, and the new RV on our house and land is less than the build cost for the house.

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