Heritage properties face 500% increase in insurance bills
Most affected will be Auckland suburbs such as Ponsonby, Mt Eden, Grey Lynn and Remuera, says James McGhie, of insurance brokers Apex General.
He said many of the commercial buildings in those suburbs were built before 1935 and would be hit by insurance premium increases of up to 500 per cent.
But McGhie warned that even if landlords themselves could pay the premiums, they might find it hard to pass them on to tenants.
He said Ponsonby Road would be heavily affected as there were lots of old, wooden buildings. Also under the spotlight would be reclaimed land in lower Queen Street and Wellington's Lambton Quay.
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