Christchurch Home Building Company to Insure New Homes

Christchurch Home Building Company to Insure New Homes Themselves

A Christchurch based homebuilding company, frustrated at the delays caused to rebuilding caused by insurance companies, has solved the problem for its clients by arranging its own insurance.

Stonewood Homes are now able to offer those who build with them insurance so they can move into their homes. This will kick in once the homes are completed and builders insurance has expired. An added benefit of the insurance is that it provides reassurance for banks considering lending.

“We have found the delays caused by insuring new homes post-quake to be enormously frustrating,” explains Stonewood Homes Managing Director Brent Mettrick, “so imagine what it must be like for the home owners! Their lives have been put on hold for months now, and with the insurance companies’ reluctance to insure new homes in Christchurch I think many of them were starting to feel like there was no end in sight. Hopefully now things can start to move more quickly for them. “

Stonewood have been able to provide cover for themselves through its key contacts in the industry and will in effect become the insurer. The policy will cover 12 months from possession date by which time it’s widely believed regular insurance policies will be back in place for the city.

Mr Mettrick is confident of Stonewood clients qualifying for the special insurance cover. “There’s nothing certain in this life and our insurers reserve the right to turn applicants down, but they have explained this will only be in very rare cases where applicants would be unlikely to secure insurance anyway, even under normal circumstances, so we’re confident none of our clients will be affected.

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