Home and Contents - What Is Your Excess?

Ladomental on 28/04/2022 - 09:48

I'm just curious what other people set their excess at. We've never made a claim in the six years we've owned our place, so the $1,000 excess seemed a good trade off between lower fees and still being able to make a claim if disaster struck.

But now I probably will need to make a claim and the $1,000 seems quite high because the part of the damage they're willing to pay for will probably cost less than that.

All a matter of perspective I suppose.

So what's your excess set at and is it working well for you?

Poll Options

  • 6
    Between $100 & $500
  • 44
    Between $501 & $1000
  • 7
    Between $1001 & $2000
  • 8
    Between $2001 & higher
Home & Garden Home Insurance Insurance

Comments

  • jv on 28/04/2022 - 10:16

    so the $1,000 excess seemed a good trade off
    I probably will need to make a claim and the $1,000 seems quite high

    When you make your bed……..

    • adomental on 28/04/2022 - 10:18

      Yeah that's my point exactly. It all comes down to perspective, depending on whether you are looking at your fees or making a claim.

      • GG57 on 28/04/2022 - 10:24
        +2

        That is how it works. Your decision; you live with the outcome. It is called risk assessment.

        Saving money on your premiums is fine, unless you need to make a claim and the higher excess kicks in. If you think you won't make a claim, don't insure.

        • jv on 28/04/2022 - 10:26
          +1

          It's a bit like gambling…

        • adomental on 28/04/2022 - 10:30

          I understand how insurance works, I'm just asking in general what trade off do other people make.

          • GG57 on 28/04/2022 - 10:32

            @adomental: Most people's situation is different to other people's situation.
            So many variables to consider…

          • skid on 28/04/2022 - 10:56

            @adomental: Think I used the online quote and tried the different excess options vs the premium and decided off that. The premium didn't drop by much when the excess was over $1000.

            Also decided based off the value of the items that I thought I would want to claim on.

  • Some Human on 28/04/2022 - 10:52
    +1

    If the excess costs more than the damage, fix it yourself. Don’t even contact them about it, you don’t want your premiums going up.

  • tsunamisurfer on 28/04/2022 - 10:55
    +1

    In those 6 years you would have saved in premiums plus more the amount of excess today.

  • Ocker on 28/04/2022 - 11:01

    We have a lower excess of $200 on the contents, and $2,000 on the building.

  • Krankite on 28/04/2022 - 11:04

    I've got a sizeable offset on my mortgage so the insurance is only for a genuine disaster. Similarly I'm not covered for things like motor burnout or accidental broken glass.

  • Gros21 on 28/04/2022 - 11:18
    +1

    1000

    why bother making a claim for such a small ammount and have it on your record?

    I had a mate who use to have the extra coverage for items away from home and spent $250 on a claim of a pair of $400 glasses then wondered why his insurance went up and when getting new quote she had to tell them he made a claim in last xxx years so was screwed.

    Its good though that you knew your excess before hand.

    I remember when the cyclone hit here and people were crying blue murder and how could insurance companys charge an excess after such a loss.

    Its literary what insurance companys do
    Write car off have a total loss pay excess and make a claim
    House fire large loss pay excess and make a claim
    Break in loss of contenst pay excess make a claim

  • Donaldhump on 28/04/2022 - 13:15

    all a gamble, mine is 1k on car and house, for lower premiums, 1k isn't much to pay if the damage is 100k etc

  • Euphemistic on 28/04/2022 - 16:39
    +1

    If the claim is for close to your excess you are better off paying out of pocket. Making a claim will increase your premium (even if they say it won’t) because you’ll be a higher risk category.

  • miwahni on 28/04/2022 - 22:27

    I have $500 on contents and $1000 on house; I'm prepared to fix the smaller stuff myself. Even at $500 on contents though I'd probably think twice before claiming.

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