One offer has already fallen through because of issues getting insurance for the house, which needs to be repiled. STUFF Wellington presents more of an earthquake risk to insurers than many other parts of the country. Until we know how the insurance market reacts to IAG's news it's hard to comment further." Craig Lowe, of Wellington firm Lowe & Co, said he had heard of people finding deals took longer to transact because of insurance problems. This raises the possibility of a collapse of the disaster insurance market in Wellington.

Source: Stuff March 15, 2019 02:03 UTC