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 Rocked by More Earthquakes and Aftershocks
Christchurch, New Zealand, has suffered two more earthquakes, followed by aftershocks on Monday, June 13, 2011, bringing down one of the last remaining buildings that still stood within the devastated downtown, while sending thousands of homes into blackout. The Christchurch city center has already been cordoned-off following the devastating earthquakes in February of this year, but it saw further damage and setbacks to the recovery and repairs with the additional quakes on Monday. Two hundred people were within that area when the earthquakes hit, sending them to seek protection from…
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