Request for Home Insurance Renewal Assistance

[Deactivated] on 07/12/2019 - 18:59
Last edited 07/12/2019 - 19:02

I'm reviewing my parents home insurance - adequacy of insured amount & value for money - as it is up for renewal in the next 2 weeks.

Current insurer (Suncorp)
- increased sum insured by 3%
- annual premium has increased by 15.8%.

Claim history
- 1x small claim (<$1k - hail storm damage to windows approx. 15 yrs ago) in 40 yrs+ home insurance

Research thus far
- Checked Cordell Sum Sure Building Insurance Calculator & interestingly, this site's estimated cost to rebuild their home (less GST) is the same as the total sum insured per Suncorp's renewal.

Prior to obtaining comparison quotes from a few insurers, I'm requesting OzB advice in terms of any handy hints/suggestions/insurer recommendations, etc that would assist.

Many thanks in anticipation.

Financial Home Insurance Insurance

Comments

  • datafellows on 07/12/2019 - 20:36
    +1

    Very happy with Coles Insurance.

    They covered without questions hail damage to our house, roof replacement, internal redeco, asbestos removal etc.

    Project was about $60,000 in total.

    • [Deactivated] on 08/12/2019 - 08:14

      Thanks @datafellows

      Coles was included in a finder.com.au comparison. Good to know that they came through for you when you claimed.

  • Jade81 on 08/12/2019 - 13:42

    I've been with Aami for years, always been good. Less happy with some others

    They were helpful about going through and adding up everything for contents from underwear to curtains, and adding up the full cost of rebuilding your home assuming it totally burnt down including relaying slabs.

    Then they said I could reduce the premiums by decreasing the amount, but advised not past the basics, ie you can live without expensive curtains but probably not walls amd insulation.

    Look for at least 3 quotes, annoying I know and factor in who was most help ful on the phone. Also if theyre a third party check who the underwriter is. The less shortcuts you take the more likely you'll be happy

    I don't trust brokers and I don't trust companies only offering insurance for only a few years, sorrycoles/ww.

    Bear in mind if you hate them you can change it next year!

    • [Deactivated] on 08/12/2019 - 16:17

      Thanks Jade81

      Just finalised the insurance cover earlier this afternoon. It's extra pressure when you're arranging things on behalf of others!

      I ended up getting 4 quotes (1 extra to appease the parents) online and all were higher quotes than the renewal premium - range was $100-$275 more expensive. I called Suncorp just to see whether they could better their premium and the consultant reduced it by $50 (better than nothing) so parents were happy to renew overall. Found out from the consultant that the bush fires have already impacted insurance premiums which explains the higher quotes from the other insurers.

  • Jade81 on 09/12/2019 - 13:35

    Unfortunately the bushfire angle makes sense.
    I'm in SA and we had the same issue after major flooding in a very unusual area a few years back.

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