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  1. #1

    Default Insurance for houses on TC3 land (Christchurch)

    This far after the quakes, insurers seem (understandably) nervous about taking on new policies on TC3 land.
    I have heard people mention offshore companies such as Lloyds to insure these sorts of properties, any other recommendations?
    Also, if anyone has some rough ballpark estimates of the markup these sorts of organisations typically charge that would be extremely helpful (+50%, +75%, +200%?!)

    Backround: I have recently inherited an as-is where-is in Richmond, Christchurch. I have contacts and quotes to perform the needed repairs but before we begin I would like to have at least SOME idea of the insurance situation. Every company I have talked to either won't offer new policies or won't give me any sort of indication as to cost until after repair work has been completed and signed off. I am totally new to the game, I have been trying to read up on PI but I haven't come across much in this area (I suppose the kinds of people who own as-is property already know all the ins and outs). It would also be good to find out if prospective buyers are likely to be put off by the insurance if it is a non-typical source.

    I'm new to the forum so apologies if this is in the wrong place, admins feel free to move or remove as needed.

  2. #2
    Join Date
    Jan 2007
    Location
    Christchurch
    Posts
    232

    Default

    Lloyds is vey expensive insurance and you can get cheaper insurance in NZ. I currently have insurance with Westpac for Rental properties in Richmond with premiums from $1200 to $1800 annually (depending on age of properties). Two have been purchased post Earthquake. You need to present the property to them in a repaired state as per the Scope of Works. The age and condition of the electrical system in the house will be of concern to them. Getting insurance in Christchurch is a long and frustrating process. You are insuring the house not the land.
    Maybe you need to be talking to an insurance broker for a general overview.

  3. #3
    Join Date
    Nov 2006
    Location
    Cyberspace
    Posts
    5,606

    Default

    From my neighbour who is a broker

    Quote Originally Posted by the neighbour
    as it stands they wont be able to insure it unless they do to lloyds - cost is 2-3x what you would expect to pay.
    once repairs are completed and they are shown to be of standard (post engineers report) they should be able to insure this locally again
    the key will be showing that discovered damage in the SOW the insurer / EQC completed is repaired


 

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