Canterbury, New Zealand faces homeowners insurance hikes following earthquakes

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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New Zealand residents rally against insurers and government over unfair treatment in the wake of February earthquake disaster

Residents of New Zealand’s Christchurch are outraged at the treatment they have received from both the government and insurance companies in the wake of the devastating earthquake that struck the nation earlier in the year. Many homes and businesses were destroyed or left uninhabitable after the earthquake, leading government officials to designate the area’s most affected by the quake as a “red zone.” Former residents of the red zone are now calling for justice as many of the nation’s insurance companies refuse to pay claims. After February’s earthquake, many insurance…

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