Home and Content Insurance

Hi I recently bought a house and am looking for insurance qoutes, I have got the below so far.

AAMI - $1,298.50
ING- $1063
Budget D - $1058
Virgin - $ 1082

Other than the cost comparison is there anything particular which would help me to choose between these providers based on Ozb previous experience.
The T&C's are more or less the same I havent compared that in too much detail .

Comments

  • +5 votes

    The T&C's are more or less the same I havent compared that in too much detail .

    That's where it will get you.

    Check claim process - what evidence you need to provide in the event of damage.

    Check exclusion, and definition of damage causes. E.g. flood due to rising water v.s. falling down rain (probably not this specific one , but check)

    Temporary accommodation - check how long and how much they cover you for.

    Check underwriter name (not the insurer) and their credibility

    Check general payout timeframe from the insurer (if available on the internet)

    Find out those small difference from the T&C

    •  

      Thats what am sort of looking for things which are not on internet , the individual experiences and reviews .
      Although a lot is claimed in the policy is that actually a smooth process to get the things done

      •  

        Yeah well hope someone else can provide you with their experience, althought type of claim affects the experience as well. Total lost claim would be different experience to say roof repair or theft claims.

        Another avenue to help you compare while waiting for another comment here is look at Choice review https://www.choice.com.au/money/insurance/home-and-contents/...

        I would imagine there are more ozbargainers who can share car insurance experience v.s. home and content insurance experience…

    •  

      Check underwriter name (not the insurer) and their credibility

      This. Was with Suncorp for car insurance and not long after they changed underwriters our renewal went up significantly. Looked around and switched to AAMI for much less. Funnily, AAMI uses the same underwriters as Suncorp - AAI. Their PDSs were pretty much copy/paste and apply appropriate company styling/colours.

  • +1 vote

    You should check with your bank to get a quote, if they offer insurance.

  •  

    Woolworths insurance has $100 rewards offer all the times.

    •  

      So does virgin, Woolworths quote is $500 more

  •  

    Check if it'll cover your electronics if they are stolen out of your car or suddenly get broken because you drop them. Even Apple Care won't cover that but home contents often does.

    •  

      That’s additional or optional, not included in basic for all I have seen so far

  •  

    For some reason I always go with the bank when I get home insurance. Its like car insurance, I stick with AAMI, RAC or SGIO, I just associate them with cars. For some reason I associate banks with home insurance. Also a plus is its added with your bank account/home loan/home insurance…all in one handy app.

  • +1 vote

    Get a quote from both Coles and Youi - they might be cheaper than your current quotes

    •  

      Not in my case ☹️

      •  

        That's a shame

      •  

        Coles was half price for me compared to all the other names in the post. So glad.

  •  

    What sum insured, excess?

    •  

      580K ,$500 excess

  •  

    There are a couple of major general insurers with many retail brands each (IAG - NRMA, RACV (JV), SGIO, SGIC, Coles, etc.; Suncorp - Suncorp, GIO, AAMI, Bingle, etc., Allianz, QBE) and challenger brands - smaller new entrants (Youi, etc.). The majors have cheap brands to compete with the challenger brands e.g. Coles and Bingle.

    If you can get a good price (not the lowest) with the premium brand of the one of majors, then go for it because you will get better and easier claims service.

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      IAG - NRMA, RACV (JV), SGIO, SGIC, Coles, etc.; Suncorp - Suncorp, GIO, AAMI — all minimum $1500

  •  

    Perhaps check Allianz as well

  •  

    I've had mine through NRMA for many years. About three reasonable sized claims over that time, probably totalling about $20k from memory and all pretty straight forward in terms of getting things fixed/compensated.

    •  

      Am in WA.

      •  

        I'm sure IAG would have a brand that services that market.

  • +1 vote

    Look at your excess figure as well for if you need to actually need to make a claim.

  • +1 vote

    As well as comparing price, have a look at the actual inclusions and policy wording which you'll find in the PDS, to be sure that you're comparing apples with apples. For example with some insurers if you insure your building for say $400,000 and it's destroyed, then $400,000 is what you'll get back. But another insurer may include an additional 20% for the cost of clearing the block and removing the debris, plus another 10% for architects' fees and council fees for plans, with another 20% for alternative accommodation on top. Yet another insurer may tell you that as your building was actually worth $500,000, and you only insured it for $400,000 or four fifths of its value, then they will only pay you four fifths of the insured amount ie $320000. With insurance, the devil really is in the details.

    Having said that, it comes down to the amount of risk you're prepared to take.

    •  

      they will only pay you four fifths of the insured amount ie $320000. With insurance, the devil really is in the details.

      Presumably its in the T&Cs, but that should be illegal. Sum insured is sum insured.

  •  

    Thank you all for the comments!

  • +1 vote

    Perhaps consider increasing the excess from $500 to a higher value.

    It's a good idea to consider a higher value excess, as it will result in a lower premium, and if you make a claim, future policy quotes will likely cost more due to having had a recent claim.

  •  

    Also, ensure you get a new quote in 12 months, especially for the existing company, to ensure you don't get charged the 'lazy tax'.

  •  

    St. George insurance!! Anyone has dealt with them?

  •  

    From memory more expensive than my NRMA cost.

  •  

    Or pay it monthly and cancel it after homeloan application.