Flood insurance reinstated at Freemans Park
19 December 2025
Flood insurance reinstated at Freemans Park after being excluded in 2023.
Improved maintenance, proactive water management works, and no recent claims key to insurer’s decision.
New cover provides NZ$2 million per event, with a NZ$25,000 excess.
Some ground-floor units at 79 Beresford St West remain excluded.
Freemans Park owners received a major boost ahead of Christmas 2025, with their flood insurance reinstated after more than two years of limited cover.
The improved terms followed extensive work with broker Marsh, Auckland Council and Vero. Key factors included a year without insurance claims, proactive water management works, major maintenance upgrades, flood mitigation works, and an unannounced inspection that found the property well-maintained.
The newly agreed policy provides a NZ$2 million sub-limit per event and annually, with a NZ$25,000 excess. However, the ground-floor units 1-8 at 79 Beresford St West remain excluded from flood cover. The reinstatement comes at a cost: An additional NZ$172,500 premium for the year, bringing total insurance costs for 2025/26 to NZ$477,709.
The Body Corporate paid the additional cost using contingency funds. This avoided the need for a special levy.
The Body Corporate Committee said its priorities remained protecting property values, stabilising levies, and gradually further improving insurance terms.
Background
Insurer Vero excluded all flood cover in 2023 following a series of significant water-related claims, including damage during the January 2023 Anniversary Weekend floods. Between 2023 and 2025, Freemans Park’s 201 units and common property were uninsured for flood damage. As a result of the improved terms, flood insurance is no longer an issue of concern for almost all of the units in Freemans Park.