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Get the latest news and tips about mortgage finance and the property market. Scott Miller, mortgage broker from Advanced Mortgage Solutions comments on housing and lending.

Important updates relating to "House Insurance" in the South Island and lower North Island.

Published by Scott Miller on Tuesday, November 15, 2016 in

Important updates relating to "House Insurance" in the South Island and lower North Island.

I thought it would be a good idea to provide an update on the domestic insurance situation, following the large earthquakes earlier this week.

At this point, there is an embargo in place on new domestic insurance applications across our region. This applies to new house, contents, vehicle & boat applications and applications that have been approved but are not yet in place.

Please note that existing policies that are in place are unaffected and remain in force.

This embargo is expected to remain in force for the next few days while the risk assessment is completed. After this time we are hopeful that things in greater Christchurch at least will revert back to normal.

Because the domestic insurance market is temporarily locked it is paramount that existing policy holders do not let their cover lapse, so if you are a home owner please make sure of this.

For new home purchasers, we are confident that these restrictions will soon pass provided nothing further occurs locally.

All other insurance cover remains unaffected – in fact this is a great time to make sure your "Life & Mortgage Protection" cover is in place and that you have the right protection at the best possible price.

Please feel free to contact me if you have any questions at all or if I can be of any assistance.

Call Jason on 021 018 9178, or email jason@aisnz.co.nz


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