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TOWER takes on new house insurance in Canterbury

Published: Mon 8 Oct 2012 11:09 AM
TOWER takes on new house insurance in Canterbury
TOWER, as well as its business partners Kiwibank and TSB, will be accepting new house insurance policies in Canterbury from tomorrow (Tuesday, 9 October, 2012).
This move reflects TOWER’s commitment to Canterbury and its commitment to the region’s rebuild. We are delighted to once again be able to insure more Kiwis in the region.
Each new house policy will be subject to underwriting criteria and will be assessed on a case by case basis. TOWER will continue to insure houses of existing customers in the Red Zone and TC3, however TOWER will not be taking on new risk in those areas.
TOWER will insure (on a case by case basis) new houses built and those that have received consent after May 2012, in TC1 and TC2 and unmapped / rural zones.
TOWER believes new houses built after May 2012, that have been approved under new building codes, are structurally safe due to the higher building standards that were introduced after the 2010 and 2011 earthquakes. These standards have significantly improved the seismic strength of new houses, and as a result are more resistant to earthquake damage.
TOWER will also consider insuring (on a case by case basis) existing houses built after 1950, in TC1 and TC2 areas.
TOWER will offer replacement house insurance for the Canterbury region with a capped limit of $2,000 per square metre. Customers will have the option to increase this cap by paying additional premium. A $5,000 natural disaster and flood excess for driveways, pools, pathways and fences on all house insurance policies will apply for new policies issued in Canterbury .
TOWER remains committed to meeting expectations of our existing customers in Canterbury.
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