'Enormous' Wellington inner-city insurance problem sparks survey
"Worst I have heard so far are premiums for one building increasing from $17k per year pre-earthquake to $217K after 2 years. Spread over only 17 units, too."Featured comment
Wellington’s inner-city insurance woes are in the spotlight, as city council officials examine the fallout from the Canterbury earthquakes.
More than 7000 commercial building owners have been sent a survey by the council asking about issues they face when financing quake strengthening and insurance premiums.
The surveys are expected back around mid-November and the council’s number crunchers will then take time to collate the information.
Councillor and built environment portfolio leader Iona Pannett told NBR ONLINE she has received plenty of anecdotal evidence of people having enormous problems with their insurance.
“It is absolutely the top issue in the quake strengthening area because premiums have just gone through the roof. What we’re hearing is it’s not just for quake-prone buildings.”
She wants information on what people think about earthquake strengthening, what advice they have been given and information on how much people are paying in premiums.
“We are asking building owners to let us know what the problems and barriers are for them to be able to complete strengthening works and, if they are planning work, how quickly they plan to do it.”
Ms Pannett hopes to use the information in the council’s review of its earthquake-prone buildings policy and its advocacy to government when the royal commission into the Canterbury quakes reports back later this year.
The city council has identified 570 inner-city commercial buildings which need quake strengthening.
If you are a building owner with concerns, contact email@example.com