If a property is TC3, is there an automatic pay-out for loss of value?

If a property is TC3, is there an automatic pay-out for loss of value?
If there is minimal damage on a TC3 property, why is it still categorised as TC3?

Asked: 25 November 2014

Category: Land claim

Answers

EQC

19 January 2015

EQC advises:

There is not an automatic payout by EQC for loss of value of a TC3 property. 
The TC3 category was not put in place by EQC and EQC does not determine which properties are categorised as TC3. 
Please refer the second question (regarding the categorisation of a property as TC3) to the Canterbury Earthquake Recovery Authority (CERA).

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