Quote Originally Posted by Asher View Post
So it's fair the council are increasing the rates for those properties that they have stopped people from living in?
I'm not surprised they are looking at selling assets, alot of their insurance policies finished just after the quakes and they probably can't get re-insured
or if they can it is cost prohibitive. Commercial insurance has become mind bogglingly expensive. I could give you examples galore but here are two: rebuild cost of a $1M commercial building. used to be $5k/year. this year it is $15k with the xs now being 5% of the cost. Builders risk cover used to cost a client $7k/year, for any job, any value, anywhere in NZ. Now each job has a separate cover, and the premium for one (build cost $1.2M) is $11000. xs for that is 5% of damage. Some companies are excluding EQ cover from commercial. Great till you need to borrow money.

Its fucked up is what it is and I am sick of dealing with it.