After the massive earthquake experienced by New Zealander’s this week, insurance companies have announced that they will not be taking on any new customers located in Central New Zealand. The regions that have been affected are those stretching from Malborough to Taupo.
John Lucas is the manager of the Insurance council and he has advised that this is a normal process after an big earthquake has hit. Mr Lucas has said some of his 27 members are not taking on new insurance policies just yet and may not take anymore new business on for weeks.
As with all earthquakes, the real costs to the insurers is not known for weeks or months after the event as people lodge their claims. It is therefore impossible to know what exposure the insurer has until this point. Many insurers however, have a set date to claim for the earthquake damage so check with your insurer what date yours is.
Companies like EQC cover earthquake damage up to $100,000 and those that have more damage than that will be hit hard.
