Christchurch rebuild picking up as new homes insured

11:03 pm on 21 September 2012

On Thursday, the biggest insurer in New Zealand - IAG, which owns State, AMI and NZI - said it will provide home insurance to new customers from October, with some exceptions.

Last week, the insurer Lumley also offered insurance for new homes.

Rob Sloan, general manager of construction company Jennian Homes, says his business has grown by 20% and he is taking on new staff as insurers provide cover for new houses.

IAG's Dean MacGregor says his company is looking for new customers in Christchurch as seismic activity has decreased.

However, it is not offering policies for property on the worst damaged land, known as technical category three (TC3).

Carmel Jaggar, whose Riccarton property is classed TC3, says by taking on new clients it feels like the insurers are ignoring their existing customers.

"Why aren't they fixing the people that need to be fixed - it's people in TC3 having to overcome the stigma that is attached to TC3 land. The insurers don't have confience in it, and we're just in this continual holding pattern."