Homeowners in Canterbury, New Zealand are facing aftershocks of a financial kind, following the earthquake that struck the area, as the areas insurers hike the rates by up to 30 percent. Insurance companies were slammed by claims for damage from the quake, and by fees from international reinsurers. These insurers say that they are working hard to balance the tremendous costs against their dedication to keeping prices as affordable as possible. However, the most recent renewals for policies, where the terms begin February 1 or afterward, will also include an…
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Homeowners to be paid to leave earthquake-hit zones in New Zealand
The federal government of New Zealand will be offering to give money to homeowners in the areas of the country that were most heavily hit by earthquakes, if those residents will agree to leave those regions. The second-largest city in New Zealand is Christchurch. This city was the hardest hit in two recent major earthquakes, including one in September 2010 with a 7.1 magnitude, as well as one in February 2011 with a 7.1 magnitude Much of the city was left in ruins, and 181 people died as a result…
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