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  1. #1

    Default How to manage earthquake risk?

    Hi, I'm thinking of investing in property in New Zealand and was wondering how I could manage earthquake risk. I guess this may sound silly, but are there any particular areas or cities in NZ which are considered relatively safe? I've read that nowhere in NZ is totally safe, but are there safer areas? And how can one mitigate the risk of an actual earthquake with insurance? Does the government aid in any way? Are there private insurance policies for this? Thank you!

  2. #2

    Default

    Is anywhere in the world safe??

    have you heard of tectonic plates?

    Auckland Northland will not get a severe earthquake as neither will Dunedin south but Auckland is made up of volcanoes and there is a risk of tsunami to the whole coast of NZ. This is what insurance is for?

    If you dont accept risk dont buy.

  3. #3
    Join Date
    Jan 2012
    Posts
    1,021

    Default

    They said Christchurch wouldn't have a big quake for another 100 years and then it had two in a matter of months. They say Wellington is 50 years overdue for a big one yet life carries on as normal. Mother Nature does as she pleases when she pleases. NZ is shaped by geological activity.

  4. #4
    Join Date
    Dec 2003
    Location
    Wellington
    Posts
    606

    Default

    Been major damage in Australia from earthquakes -tiny little shakes in NZ terms but the building code can't deal with them so all the old brick and stone fell down. Look at the Japanese building if you want to know about managing risk.

    Every property is different - but effectively bedrock is good - landfill not good - river flood plain - worst. You do know that we still have sum-insured earthquake insurance here - EQC covers you so long as you have building insurance. That's lot better than most places.

    In terms of worrying about your investment - earthquakes should be at the bottom of the list

  5. #5
    Join Date
    Sep 2007
    Location
    Auckland
    Posts
    8,305

    Default

    Yep Auckland is much better than most places. Check out this map: http://www.teara.govt.nz/en/map/4416...ground-shaking
    Squadly dinky do!

  6. #6
    Join Date
    Sep 2008
    Posts
    7,561

    Default

    ^

    interesting

    seems to imply rotovegas to taupo

    much higher risk than wellywood
    Last edited by eri; 28-02-2017 at 10:03 PM.
    have you defeated them?
    your demons

  7. #7
    Join Date
    Jun 2004
    Posts
    10,364

    Default

    How to manage the risk - insurance!

  8. #8
    Join Date
    Sep 2007
    Location
    Auckland
    Posts
    8,305

    Default

    Quote Originally Posted by eri View Post
    ^

    interesting

    seems to imply rotovegas to taupo

    much higher risk than wellywood
    Yeah true.

    Maybe it needs updating? Like maybe it was done before Wgtn got hit by the Seddon one?


    The 2010–11 Canterbury earthquakes are outside the areas of greatest statistical risk of high ground shaking. This illustrates the point that large earthquakes may occur anywhere in the New Zealand region, not just in the highest risk areas.
    So has to be taken with a grain of salt I suppose.
    Squadly dinky do!

  9. #9
    Join Date
    Oct 2013
    Posts
    1,613

    Default

    Statistics always do. I doubt the statisticians would dare say anywhere was "no risk".
    AAT Accounting Services - Property Specialist Accounting - AATAccounting.co.nz
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  10. #10

    Default

    Quote Originally Posted by Wayne View Post
    How to manage the risk - insurance!
    Yup!!... I was talking to a fellow chch investor over xmas, he “lost” 5 rental properties during the quakes… He now has 5 brand new houses instead of 5 much older houses and his insurance covered all the lost rent.
    As long as you have adequate insurance cover you could be hoping for a quake!


 

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