home and contents insurance
- Thread starter Trickymac
- Start date
Minlak
custom titis
Who to use is a minefield to be honest. If you google any company you will find 50 people that hate them and 50 people that love them. A lot of the hate comes from misunderstood coverage. So now lets be helpful.
How I do it is make a list of what you expect from the coverage.
Rebuild the house cost
Site clearance coverage. (Some companies wont cover the cost of debris removal after a fire or whatever)
Accidental damage
Coverage per item (Some companies put a limit per item unless you name it so cupboard is 3000 they pay upto 1000 per item)
Flood cover
Storm cover
Excess
Fusion coverage(If the fridge motor burns out and I lose $1000 worth of food do I get covered for that)
Items away from the home (Take my laptop on a trip its stolen am i covered)
Bikes (some companies can add bike coverage very cheaply some need a separate policy)
What am i covered for?
Premium (how much am I paying)
This is not a comprehensive list you will need your own. If you think about having to replace every piece of clothing in the house you will surprised how much it all costs. Then just remember don't auto renew you can always get a better deal the next year. They often increase your policy automatically ever year by raising your coverage to cover inflation just remember to check the amount of coverage you need every year.
How I do it is make a list of what you expect from the coverage.
Rebuild the house cost
Site clearance coverage. (Some companies wont cover the cost of debris removal after a fire or whatever)
Accidental damage
Coverage per item (Some companies put a limit per item unless you name it so cupboard is 3000 they pay upto 1000 per item)
Flood cover
Storm cover
Excess
Fusion coverage(If the fridge motor burns out and I lose $1000 worth of food do I get covered for that)
Items away from the home (Take my laptop on a trip its stolen am i covered)
Bikes (some companies can add bike coverage very cheaply some need a separate policy)
What am i covered for?
Premium (how much am I paying)
This is not a comprehensive list you will need your own. If you think about having to replace every piece of clothing in the house you will surprised how much it all costs. Then just remember don't auto renew you can always get a better deal the next year. They often increase your policy automatically ever year by raising your coverage to cover inflation just remember to check the amount of coverage you need every year.
ozzybmx
taking a shit with my boobs out
The other revived thread on TPD insurance made me think what I did with my home insurance lately.
Just after x-mas, with all the building places going bust and the cost of building material sky rocketing, I had a good look at my H & C insurance for my house and holiday shack. Its a combined policy with accidental damage on my main property, mainly to cover 'sporting equipment'... aka bikes.
I added $300k to my main home building and $100k to contents. Also added $100k to the shack building and bumped my shack contents from $30k to $50k as there's nothing in there worth much but floor coverings and stuff would add up quickly. The cost only went up by $500 a year total for both.
Have a look burners, the cost of rebuilding a house is between 30%-50% more expensive than it was pre Corona, then you have to find and trust a builder to complete it.
Just after x-mas, with all the building places going bust and the cost of building material sky rocketing, I had a good look at my H & C insurance for my house and holiday shack. Its a combined policy with accidental damage on my main property, mainly to cover 'sporting equipment'... aka bikes.
I added $300k to my main home building and $100k to contents. Also added $100k to the shack building and bumped my shack contents from $30k to $50k as there's nothing in there worth much but floor coverings and stuff would add up quickly. The cost only went up by $500 a year total for both.
Have a look burners, the cost of rebuilding a house is between 30%-50% more expensive than it was pre Corona, then you have to find and trust a builder to complete it.
Calvin27
Eats Squid
I tend to be the guy that maxes out my excess to reduce my premium. My house insurance is something like $5k excess. I figure if it burns down, $5k is nothing compared to the payout figure.
What this means though is that the excess for claims on contents (i.e. theft) is also $5k. As a result I seperate the two. One policy for home and one for contents (which lets face it is just the bikes, nothing else really worth stealing these days). Turns out it works better for me. Something to think about particularly wrt the excess and home vs content value.
What this means though is that the excess for claims on contents (i.e. theft) is also $5k. As a result I seperate the two. One policy for home and one for contents (which lets face it is just the bikes, nothing else really worth stealing these days). Turns out it works better for me. Something to think about particularly wrt the excess and home vs content value.
My house insurance went up 25% and I asked why. They said building costs more. I said but you didn't increase my agreed value. Go figure. Probably subsidising someone else up north who built in a flood zone, a family living their best life in a bushfire zone. Yeah I'm salty.
ozzybmx
taking a shit with my boobs out
I haven't claimed off house or car insurance in 20yrs. Still doesn't stop them raising the premium.
We have it a bit easier than the QLD crowd but every time my insurance goes up, I ask why.
Not sure on NSW, Vic etc but QLD have mega premiums.
Calvin27
Eats Squid
Makes sense. Tell the sotherners, it goes up because insurance and risk is pooled. Then at the same time charge the northerners like wounded bulls.
silentbutdeadly
has some good things to say
I tried that trick last year. GIO (and Suncorp behind them) wouldn't consider an online quote over $620,000 without offline discussion for replacement of a 3 bedroom house, 400 sqm shed, 250000 litres of water storage and 4 kilometres of fencing in central western NSW. And if you can do that...for that sort of coin...then....how?
ozzybmx
taking a shit with my boobs out
My house is double brick, poured slab first floor, it was insured for $350k, no shed worth talking about and no water, really only the building. It was probably under insured by a bit before C19 but the realisation of builders going under and material cost made me rethink it realistically, now $650k building.