With New Zealand’s Natural Hazards Commission (NHC) struggling to rebuild its reserves after emptying its account to pay for rebuilding following two major earthquakes, ministers have signalled that homeowners who persist in living in known flood-prone areas may become ineligible for up to $300,000 (US$187,000) post-event payout in the event of a disaster.
New Zealand is one of the few countries in the world with access to government-funded residential land insurance. The fund was first created in 1945 and administered through what was then called the Earthquake and War Damage Commission.
