New Zealand homeowners insurance – massive change on the horizon

September 3, 2012April 30, 2013

The repeated earthquakes and aftershocks are about to alter the face of this coverage. Homeowners insurance owners and shoppers are being cautioned that it may not be long before this type of policy no longer covers the full cost of a rebuilt house, should disaster strike. Fixed cover policies may be the direction in which the industry is shifting in the near future. The homeowners insurance industry has been leaning toward fixed cover policies, with Government valuations to be the foundation of future cover. According to Chris Ryan, the Insurance…

New Zealand’s Canterbury gets limited insurance after the majority of companies flee the market

July 3, 2011 H. Cutner

Good news for New Zealand’s insurance industry has been scarce. The country has been struggling with continuous aftershocks after the disastrous quake that struck Christchurch in February. The situation has been so taxing on the country’s insurance industry that many companies have pulled out completely. Now there are more than $3 billion worth of uninsured assets in Canterbury, the region in which Christchurch resides. The city council has been scrambling to obtain some kind of insurance coverage. The majority of insurance policies in the Canterbury area expired a few days…