Anyone else been staggered by the increase in house and contents insurance?
Our renewal is up $2000. Thought I was paying the lazy tax, so started looking around getting quotes and it is still the cheapest.
Anyone on to any good deals?
Home and Contents Insurance Price Increase
madreece on 06/01/2023 - 14:57
Comments
i moved from comminsure to QBE was about $400 less
It is not compulsory.
Often is if you have a mortgage.
Might want to read the terms of your loan contract.
Car insurance as well.
Also optional if you talk to Neoika.
Ours went up just a little, went shopping around and figured AAMI was still the best price, entered as a new customer and got it a little cheaper. Increased our excess by a bit to drop it to <$1k all up
I’m with AAMI and was shocked the insurance had gone up by $600. Then I shopped around and did quotes with RACV and some others and they all wanted an extra 3k on top of what I was already paying. I guess because I’m in bushfire zone they see me as high risk.
Ours is not due until June 2023, but I got a quote from the same insurer and it has gone from about $2,000 to $2,700. Just a bog standard home in the Eastern suburbs of Melbourne
My premium also went up and found out material part of increase was due to increase in building and contents cover (inflation). Called NRMA to reduce the building cover but they would only reduce a little (not as much as I would like to).
Asked her the question - if there is a claim - can i get the amount paid out as cash such that i hv flexibility to decide how i play with the money?
What answer did you get re getting the amount paid out in cash? If you are talking about home (building) insurance and you have a mortgage, usually the funds will go to your bank and not to you. In the case of contents it very much depends on the insurer and the type of contents that you're claiming. My son was with NRMA when his house was burgled. For small things eg watch, fitbit etc he was given cash but his Macbook Pro was replaced with the comparable current model.
NRMA rep didnt know - suggested claims would be able to answer. In scenario of say house worth $100 insurance of $30 (insured building value), Mortgage $10. In this case, insurance will pay out mortgage of $10 and the $20 will go to cash account i suppose?
Yep. I thought it was because we made a claim on an optional insurance last year, but nope - our insurer still the cheapest with our excess.
Compared with loads of other insurers and they were all either slightly cheaper, but excess was insane, or their terms were shit.
Global warming in action/ someone has to subsidise QLD and NSW properties everytime it floods :)
Also fat insurance companies will look for any excuse to screw over everyone.