Buyout and protection plan announced
The Government has announced a buyout and protection plan for cyclone and flood affected properties, and Hawkes Bay property owners have been informed which category their homes fall into.
The Government has announced a buyout and protection plan for cyclone and flood affected properties, and Hawkes Bay property owners have been informed which category their homes fall into.
The Government has announced it will enter into a funding arrangement with councils in cyclone and flood affected regions to support them to offer a voluntary buyout for owners of Category 3 designated residential properties. It will also co-fund work needed to protect Category 2 designated properties, such as flood protection and other resilience measures.
There are no details yet on how the voluntary buyout process will work or how homes will be valued for the buyout.
Hawkes Bay property owners have been informed which category their homes fall into, giving clarity on the potential for rebuilding in areas badly affected by cyclones. Auckland Council and Tairāwhiti property owners in Category 3 will soon be informed also, with the remainder to be finalised over coming weeks.
The Insurance Council of NZ says that insurers will continue to work with customers on their insurance claims as normal, regardless of the category that their home falls into. However, some customers may still not have all the information they need to make decisions on their next steps, as more detail such as specific measures required by councils and additional council help is yet to be announced.
The Insurance & Financial Services Ombudsman Scheme recommends that customers continue talking with their insurer, who will help guide them through the process from here.
Read more:
Govt to support councils with buyout and better protection of cyclone and flood affected properties – Beehive NZ
Insurers welcome next step in climate disaster recovery – Insurance Council of NZ
Land categorisation Hawke’s Bay – Hastings District Council