My premiums over the last 3 years have gone up almost 50%.
Just me or is this everyone?
Home Insurance Premium Increases
afoveht on 26/05/2021 - 14:20
Comments
everyone.. mine went up last renewal because of the bush fires!
Get some quotes…
"Lead, follow, or get out of the way" is my fav. :+)My whole suburb got destroyed in hail storms - we're in for a giant increase I think
From memory 3 years ago mine was $800ish, next year $1050ish, last renewal $1300. On the plus side, I get earthquake cover, which is very helpful.
Insurance costs are increasing across the board. As ever, specific circumstances mean everyone's outcome is different, but increasing claims incidence and costs are driving up premiums everywhere.
Obviously someone will come here and blame QE. You know easy money leads to inflation. Apparently banks don't need to do credit checks and assess affordability.
Serious now: insurance companies are taking us all for a ride. Price rises are driven by increase costs (overheads or claims) or they just have really bad risk assessment models. If you think there is really not that many insurers and underwriters in the insurance market they must have all insured the same property at some point therefore can determine how many & much claims have been. You don't need a super computer to work out the risk.
Or it is like credit card sign up bonuses, new people get subsidised by those who are paying the loyalty premium.
Mine went down, mainly because I phoned them up and negotiated a better deal, mentioning all the other policies I hold with them and that I was prepared to move them elsewhere.
No changes in terms, conditions, or excess payable either.
Woolworths home and contents insurance.
2019 $66 per month
2020 $77 per month
2021 $95 per monthTime to have a look at a new insurer as I've never had a claim yet prices jumping up every 12 months.
Still it's cheaper than the previous Allianz. They were a real rip off at around $140 per month just before I dumped them and I switched to WooliesInteresting, we have Budget Direct for our home insurance and I am pre-empting their renewal by shopping around and found Allianz cheaper than my current policy.
You stumbled upon the loyalty premium.
Mine have not dramatically gone up, but I don't live in an area where the risk have changed - seems likely this depends heavily on whether you have flood or bushfire risk, which has been a massive problem in recent years.
Quickly it looks like mine was $964 this year and $924 the year before that.
Mine's stayed roughly the same but only because I shop around when I get the increase notice. Often a new quote on the insurer's own website would be cheaper than what they sent me. This year another provider was cheaper for equivalent cover, my existing provider wouldn't match it, so I cancelled and moved across. Yeah it's a hassle, but we're not talking cents here.
Considering not having insurance at all, it has been a gain for insurers only. My own little risk model tells me I don't really need it.
Obviously everyone's factors of consideration are different.
Here come the negs!!
with AAMI, last year was $1,097… renewal is $1,234….12.7% increase in one year, no floods as we are on a hill and rarely get hail storms
Its a lazy persons tax now
AAMI renewal notice 1.2k
AAMI new qoute online 900My insurance has gone up 28% with budget, yet to renew at this price, I called them and was told because of the increase in building materials my home would cost an extra $30-$40k to replace. I then asked so how does an extra 8% of home valve add 28% to my insurance costs…..they line went quiet then they couldn't fully explain the increase.
I think I will shop around over the next two weeks before renewal.
nope