In the wake of floods this week the Insurance Council has issued another warning that some properties may find it harder to obtain insurance against coastal conditions and flooding.
Monday, April 4th 2005, 8:03AM
by The Landlord
In a statement today, the council said the flooding of seaside settlements along the lower East Coast of the North Island was another wake up call for all of New Zealand.
The coastal township of Castlepoint was one of the worst affected this week, with part of its road being swept away and baches on the beachfront being inundated with water.
Among the baches flooded was one which recently sold at auction for a record $690,000.
Insurance Council chief executive Chris Ryan, said that climate changes were working against many properties in low lying areas of the country and the latest storm was just the beginning of winter floods.
He is calling on all New Zealanders to check they have adequate insurance and for local authorities to ensure they have adequate flood protection and recovery procedures in place.
"The massive increase in the popularity of coastal and rural properties may have failed to take into account the known risks of placing properties in flood prone area," Mr Ryan said.
