7 Nov 2012

Inner-city apartment owners crippled by insurance

11:00 am on 7 November 2012

Inner-city apartment owners in Wellington struggling to get earthquake cover say lack of regulation in the insurance sector is financially crippling.

About 200 people on Tuesday night attended a meeting on earthquake strengthening, organised by and the Inner City Association, the Body Corporates Chairs group and Wellington City Council.

Association president Gus Charteris said some people who own apartments in heritage buildings have been hit with premium rises of up to 800%, while others are unable to get quake insurance at any price.

He said the Government must step in and regulate the industry.