S78WTK - Home & Contents Insurance....

[Shady7/8]

So I'm at renewal time and thinking fuck this is expensive.

I'm insured through a broker with CGU and I'm paying roughly $2,500/year. Is this what you'd expect?

I have a modest 280sqm house built in the 60's, well furnished, but nothing overly flash n fancy.
I did an online calculator for replacement building costs and it estimates my house at $525,000 including ground works licences etc... WTF?
Contents value estimated at $180,000 again WTF?

Who are you insured with and how much for what?

[Blazon]

that sounds extreme, or may be you have a shoe fetish Imelda
Definitely shop around

fwiw RAC for almost 20 years.

unit; Vic Park
3x1,carport, Dbl brick approx 17 yrs old

RAC insurance
value .....................premium
$395,000 house .........$ 453
$ 50,000 contents..... $ 250

total..........................$703

my contents may need upgrading though

[Stephan]

Maybe they forget that the land would not be in the evaluation. You can build a big house for 500k if you got the land already. My replacement cost for my house is about 290k from memory. I build my house for 180k including siteworks in 2009, 4x2 with fully lock up garage.

[Bushman]

You need to remember that they may need to clear rubble or whatever from the house site if it was to collapse in say an earthquake, so that forms part of the total sum insured value.....not that i'm wishing that on you just using that as an example

[Stephan]

You need to remember that they may need to clear rubble or whatever from the house site if it was to collapse in say an earthquake, so that forms part of the total sum insured value.....not that i'm wishing that on you just using that as an example

That's 20k...still not 525k...

[Lolly]

Check your policy fine print. From my experience of losing a home, insure it for its actual replacement cost plus an allowance of say 15%. The insurers will only pay you what it will cost to build the same home. So for eg, if your house is a 2 bed fibro home and you had it insured for $350K thinking that if your fibro burnt down you could upgrade to dbl brick, 4 bed, 2 bath - you won't. The insurance company will either rebuild you a 2 bed fibro house or pay you out the $$ equiv for a 2 bed fibro. So if that came in at $180K then thats all you'd be paid out.

Demoliton costs aren't that much. $13K to $20K depending on the size of the mess.

I just took out a new insurance policy with Aami and house and contents came in at $560. You are definitely paying too much, if your policy fine print is the same as mine.

Hope that helps.

[uomouse]

We are with Western QBE and it used to be 700-800 a year.

We've had 2 claims in 1 year for some unfortunate accidents and claimed over 80k worth for 2 incidents. They were quick, proactive and paid out everything sweet even during the last major storm.

However, our premiums are 1,100-1,200 now a year. Still a bargain compared to yours.

I would heartily recommend them still.

[shmoo]

So I'm at renewal time and thinking fuck this is expensive.

I'm insured through a broker with CGU and I'm paying roughly $2,500/year. Is this what you'd expect?

I have a modest 280sqm house built in the 60's, well furnished, but nothing overly flash n fancy.
I did an online calculator for replacement building costs and it estimates my house at $525,000 including ground works licences etc... WTF?
Contents value estimated at $180,000 again WTF?

Who are you insured with and how much for what?

How on earth did you expect an online guestimator to know that value of your contents?

but yes, $2,500 does seem high.

[HarleyR]

Fire your broker! 9 times out of 10 you are best off going the direct market for insurance, not through a broker. Unless of course you either have a heap of insurance or are happy to pay the extra monies for a broker as they take care of everything for you

[Dirty32]

+ 1.

Broker is doing a shiiiiiit job.

Not sure of the exact values my house & contents is insured for (about the same as the average punter) but paying circa $700 a year through Allianz.

1. Shop around,
2. Get a couple written quotes from different insurers,
3. Play the insurers off against each other for the best deal,
4. Profit????!