Two more New Zealand insurers have announced new arrangements with banks to provide new insurance products for the earthquake-hit Canterbury region.

ANZ and Vero, as well as BNZ and IAG NZ, are now offering insurance for people wanting to buy or build homes.

Westpac and Lumley announced a similar deal last week.

The insurer/bank alliances are mainly offering bank customers construction and home and contents cover for owner-occupied and rental properties on a case-by-case basis.

“This will help people who do not have cover and want to rebuild on a new site, or on their existing [land],” ANZ New Zealand MD Wealth and Private Banking John Body said.

“While these options cannot cater for every circumstance, this is a step in the right direction for rebuilding Canterbury.”

Contents cover will also be available for renters, as will commercial property cover for investors and small business owners.

BNZ Southern Region Head of Retail Chris Gourley says bank customers “will no longer have to wait for their existing houses to be demolished before they can get the right insurance for a new home”.

Builders are reporting business growth of up to 20% as insurers return to the Canterbury market, but cover is still not being provided for the worst-hit land, classified as technical category 3.