Cover for land is more limited. For storm and flood events the commission covers residential land only, leaving building damage to the private insurer. Land cover generally applies to the area immediately around the home, up to eight metres, and retaining walls are covered to a maximum of $50,000 plus GST per dwelling, with bridges and culverts to $25,000 plus GST, per the commission. Rising construction costs mean more claims breach the cap, ICNZ said, transferring a larger share of each loss to private insurers.
