IAG eases cover for new homes

ALAN WOOD
Last updated 05:00 21/09/2012

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Insurance cover will become easier to obtain for new home build customers and wider areas of Canterbury following a period of less seismic activity, the country's largest insurer IAG NZ says.

IAG said it would make extra insurance options to new as well as existing Canterbury customers through its brands including State, AMI and NZI from October 1.

IAG's Canterbury recovery executive general manager Dean MacGregor said the easing of underwriting criteria marked IAG's commitment to Canterbury and support for the rebuild. "This is really about where we're prepared to write new business."

The insurance group employed over 1000 permanent and temporary staff in the region.

“Our focus remains very clearly on helping those of our customers with current claims," MacGregor said.

"At the same time we know that some existing and potentially new customers are keen to move forward with rebuilds and other initiatives that require additional insurance support,” MacGregor said.

From October 1 IAG would consider new personal home insurance on a case-by-case basis for:

Newly built homes in technical category 1 and TC2 land, rural & unmapped parts of the quake-hit region and Port Hills-Banks Peninsula, where the home received consent after January 2012. The insurance would be for both new and existing IAG customers.

Existing homes in TC1 and rural & unmapped land, where the home was built after 1935 and had no structural damage and no Earthquake Commission over-cap ($100,000) claim, for existing IAG clients.

Construction insurance was also available.

IAG would consider new contents insurance for any customers with a current relationship with IAG brands. For new clients with no existing relationship with IAG, the insurer would consider new insurance on a case-by-case basis, MacGregor said.

The insurer had also reviewed its commercial insurance criteria, which meant in some areas it would now consider new insurance exposure on a case-by-case basis.

MacGregor said IAG would not offer new insurance to properties or builds on TC3 land though it would continue to insure existing customers.

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- BusinessDay.co.nz

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