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A bipartisan NZ Select Committee report has said the government can’t afford to keep paying out to people who choose to remain in flood-prone areas.
A senate inquiry has heard that some residents are paying for risks that don’t affect the areas in which they live.
‘Ninety companies are on the sidelines right now and have been for well over a year,’ said an insurance agent representative at a legislative hearing.
‘It is absolutely unhelpful and it is disgusting for insurers to try and pass the buck away from their responsibilities to pay people their insurance premiums.’
Experts say insurers in the state are spending more in claims than what they collect from policyholders’ premiums.
The costs of homeowners insurance and car insurance are rising faster than the rate of inflation.
It’s time to know your home insurance inside-out to make sure you get the coverage you need.
The new rules will require insurers to carry 85 percent of their portfolios in high-risk areas, change how rates are calculated, and allow faster approval.
Two more insurance companies recently announced they will be dropping policies in California, meaning more than 50,000 families will have to look for new insurance options.
Approximately 1.3 million California homes are at risk of wildfire, which would cost more than $760 billion to rebuild, according to a recent analysis.
