Hello.
I am seeking competitive Home and Content Insurance.
Is there a website/calculator that compares multiple policies?
So far I have been quoted:
Name = NRMA Home Plus
Cost = $1500
Building = $600K
Contents = $60K
What kind of premium are you paying?
Thank you
In the past I've found there's no cheapest H&C insurer - they all differ based on what/where you're insuring. For my situation I was surprised to find AAMI was the cheapest that gave me what I was after, so I went with them. I'd recommend you manually shop around and try use identical details for all of your quotes.
Only insurer I'd warn against is youi - they're expensive and use aggressive sales tactics. They won't stop calling you if you request a quote.
FWIW I think a lot of folks project the building insurance at what they feel the market price for the property is e.g if it were to sell tomorrow it'd be worth $600k.
However in a worst case scenario, say your home is razed to the ground by fire - you'd still have the land it's built upon - which generally is more than 50% of the properties overall market value.
So you'd really only be looking to insure for the cost of rebuilding a dwelling to the standard that you'd be happy with - and also a marginal amount on top of this for the costs of clearing any debris from previous building (though really I doubt this would be overly costly).
I'm not saying the OP is doing this as their property may be a $1m one - and the building replacement alone is 600k worth BUT the vast majority of folks insure a property for it's FULL market value and unless it's taken by a sinkhole or nuclear contamination etc I think their approach likely only benefits the insurer - as your premiums will be significantly higher. Just an idea anyway….bear in mind most people underestimate contents replacement costs (as too many little items of smaller value not taken into account with very high overall replacement costs).
Great points, Nikko,
We'd add the following for anyone interested:
1. If you have a mortgage your mortgagor (i.e. the lender) will likely have a minimum amount that they require you to insure your home structure for. So it is worth usually checking with them or your mortgage broker (if you used a broker to arrange the loan, helping get these figures are typically part of a broker's service).
2. There are some useful online tools that can automate the calculation process for determining insurance levels, an example here.
Hope this helps.
they all differ depending on location etc etc
but for me, coles was approx 1/2 the price of the others for 'home and contents' insurance
I generally do an extensive quote comparison (normally at least 10 different companies) each time I renew insurance and they always vary considerably. I've never found one company to generally be cheaper, but the difference between companies can be considerable (more than $1000 in some cases) so it pays to shop around. It's also worth doing a 'new customer' quote with your existing insurance company as often you will be slugged with a 'lazy tax' on a renewing policy. Generally if you mention the 'new' quote they will quickly apologise for some system error on their end and then match the new customer quote price. I've also had some success with negotiating premiums (by about 5% - 10%) once I've found the lowest prices based on what the two lowest competitors have offered if you're willing to haggle / name drop competitors / ask if they can price-beat the other.
I also avoid Youi like the plague. They are dreadful and use high pressure sale tactics. Even if you start an online quote, you will end up getting someone calling you (persistently) because you are a 'preferred customer'. If you do want to get a quote from them, be upfront with the agent and say you want a link to be emailed to you for the completion of an online quote which they are able to do. Be upfront by saying you will not be purchasing a policy over the phone and any attempt to pressure you will result in the conversation ending. Don't forget to be polite though; they are just doing a job after all.
Thanks. Yeah I do the comparison every year for car insurance (multiple cars), home insurance, health insurance, landlord insurance etc.
Its a lot of work every year.
Was hoping for an easier way.
Keep a spreadsheet. Get an auto-form filler extension for your browser.
There's no such thing as free money..
Great advices!
I am with Allianz and with that same policy it comes out at $1300pa