Wellington apartment owners walking away from insurance
Rob Mitchell, The Dominion Post, 4 May 2019
Wellington apartment owners are turning their backs on costly natural disaster insurance, putting at risk millions of dollars worth of city property.
They have decided against the insurance because of rising premiums and others are considering it or substantially reducing their cover.
One body corp chairwoman says it's the "tip of the iceberg".
Dropping insurance could put owners in breach of their mortgages and the Unit Titles Act, which requires that body corporates organise full cover.