BNZ offers insurance to home buyers

ALAN WOOD
Last updated 13:09 21/09/2012

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BNZ says insurance support will become available to a broader group of existing customers and some new customers in Canterbury from October 1.

For the first time since the September 2010 earthquake, BNZ, with the help of IAG New Zealand insurance, will offer cover to those wanting to build or buy a residential property.

The bank will also give contents cover for those wanting to rent a home and give cover for property investors and small-business owners.

All applications will be assessed on a case-by-case basis and be subject to IAG NZ underwriting criteria.

BNZ southern region head of retail Chris Gourley said: ''The breadth of changes also means customers will no longer have to wait for their existing houses to be demolished before they can get the right insurance for a new home.

''For customers and potential customers looking to buy, build, rent or who were looking to invest in property in Canterbury, BNZ, with the help of IAG, could now support them with appropriate insurance and banking solutions." 

BNZ's announcement follows moves by others in the market, including IAG brands such as State and NZI, as well as Westpac-Lumley and ANZ-Vero to widen their insurance cover for new homes.

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