Given the GFC and the ensuing recession I wonder how many landlords have been scrimping on their insurance in Christchurch.
Many of the houses in the eastern suburbs are rentals. Generally its not the flashiest area of town.
If I look at one of my ex-rentals in a destroyed part of town it was a three bedroom with a current CV of $230,000. Land is valued at $133,000 with improvements at $97,000.
Would this property have been insured for $230,000? If so by the time the cost of land remediation is taken into account there isn't going to be much left from EQC or the insurer to rebuild.
Which makes me think Christchurch is at risk of creating modern slum neighborhoods in under insured areas.