First-time home buyer beats insurance deadlock

8:54 pm on 16 September 2010

A first-time home buyer may have found a way to settle some of the 600 property deals disrupted by the issue of earthquake damage.

Insurance companies will not immediately cover homes in areas affected by the 7.1 magnitude quake which hit on 4 September and bankers will not lend on uninsured property.

On Friday the Law Society asked the Government to underwrite insurance, but ministers have not yet responded.

Christchurch real estate agents back the request, but say it would be complicated as each case is different.

After a week of trying, first-time buyer Amy Gregory and her partner managed to get insurance transferred from the owner of the house they are buying.

Ms Gregory says a workmate followed the same path - and both pick up the keys to their new homes on Friday.

She hopes her solution will open the door for other home buyers caught out by the quake.