New home buyers in the Canterbury region are struggling to secure mortgages as all the major insurance companies are refusing to issue new policies.
State, AMI, NZI and Tower Insurance have placed a ban on home and contents cover for new customers, following the 22 February and 13 June earthquakes.
The Canterbury manager for residential real estate at Baileys, Richard Peter, says it has been very difficult for some people to get insurance and dozens of deals are falling through.
But Mr Peter says if people do their research there are ways around the ban, such as taking over the vendor's policy.
The Insurance Council says it is normal for companies to remove cover for a period of time after each major quake and some will lift the ban in coming weeks.
The restrictions affect those in Christchurch, as well as the Waimakariri, Selwyn, Hurunui and Ashburton districts.
