Christchurch insurance premium hike of 440 per cent to $12,800 baffles homeowner
(WorldNews New Zealand)

An insurance company may be attempting to freeze high-risk properties out of the market by increasing their premiums, an earthquake claims advocate claims. A Christchurch man was left stunned after his insurance premium rose by 440 percent after Tower insurance decided his property was at a higher risk from earthquakes. Strowan homeowner Roy Howell, whose property sustained minor damage in the quakes, was shocked to discover Tower was going to increase his insurance premiums from $2300 to $12,843 a year. `Tower [has] decided instead of spreading the risk, that people in high-risk areas are going to pay the high premium. After 30 years [of being a customer...