House insurance

[want2bewealthy]

So, as Ive just purchased my first 'house' as opposed to holding units with body corporate Im looking into the insurance side of things,

Just got off the phone to my insurance broker who is looking into options for me and didnt offer any advice,

Im guessing I will need to have building insurance that covers cyclone, flood, fire etc etc,

anything I need to know? is it expensive?

Thanks guys.

 

[Y33]

Terri Scheer & CGU handle a lot of Darwin properties.

 

[Raddles]

Hi there
insurance for a house is dependant upon its size and what it would cost to rebuild in your particular area, also don't forget to cover the fences and removal of debris from the site
most of the insurer websites have calculators that you can use to work out the insurance
thanks

 

[burty85]

So, as Ive just purchased my first 'house' as opposed to holding units with body corporate Im looking into the insurance side of things,

Just got off the phone to my insurance broker who is looking into options for me and didnt offer any advice,

Im guessing I will need to have building insurance that covers cyclone, flood, fire etc etc,

anything I need to know? is it expensive?

Thanks guys.

TIO will cover flooding, where a lot of other insurance companies will not... I switched to them from ANZ just for this reason,

 

[Y33]

W2BW,

Who did you decide on for insurance and why?

 

[want2bewealthy]

W2BW,

Who did you decide on for insurance and why?

Hi Y33 and Burty, I chose TIO because Im covered for 2 other things with them thus get a discount and also what Burty said, the flood cover, I went for 400k of building insurance, a little more than I paid for the property and also took out disaster cover for an extra $100 per year, that boosts my building cover to 530k should a disaster strike and labour costs go through the roof.

 

[Boof]

I can recommend insurance to steer clear of! (dont know if can mention names?) Pay a premium, had a burst water pipe in ceiling in Feb, still waiting to finalize claim. Only had a handfull of contents destroyed (only just moved in and was waiting for removalist) Waiting on builders repairs to be repaired and have sent in quotes for contents that they say have not been received!
Very frustrating!
Now in the process of interigating/researching other companies to make sure of there processes!

 

[ChrisLang]

I can recommend insurance to steer clear of! (dont know if can mention names?) Pay a premium, had a burst water pipe in ceiling in Feb, still waiting to finalize claim. Only had a handfull of contents destroyed (only just moved in and was waiting for removalist) Waiting on builders repairs to be repaired and have sent in quotes for contents that they say have not been received!
Very frustrating!
Now in the process of interigating/researching other companies to make sure of there processes!

Great idea! I think we should start a separate thread and list all the "steer clear of" insurance companies. It's not that easy to compare what various policies cover and don't cover, but it's impossible to know such things as how efficiently they handle claims before you actually make one, and then it might be too late.

 

[sparky23]

I was very happy last week to discover that AAMI now operate in WA as I have them for all of my NSW insurance including car and our PPOR. We once had a car claim which was settled within the week and I don't bother to look elsewhere now for quotes at renewal time as it is a waste of time no-one is cheaper.

To give you an idea my renewal for one of the WA properties (3 bed townhouse 2 storey) came in at $548 through St George underwriting, I had thought it included the tenant damage and rent default but discovered that in fact it hadn't which is very frustrating and lucky we didn't need it. However my cost with AAMI is only $380 and covers replacement cost and furthermore it includes my tenant insurance plus the $10,000,000 liability cover.

I don't know if you can find them in NT though.

 

[Minxdamanx]

Thanks for that Sparky.

I've got an IP due for renewal in a couple of months.

Would you mind telling me what sort of excess you have on that policy?

All the best,

 

[sparky23]

Thanks for that Sparky.

I've got an IP due for renewal in a couple of months.

Would you mind telling me what sort of excess you have on that policy?

All the best,

I chose the $500 excess, I did another one today that had been with QBE at around $720, this one is a 4 bedder free standing dble garage ensuite etc and this time as we are still struggling with money I put in a $1,200 excess and it will cost $309. The great thing is that they have a great website which enables you to change the excess amounts until you find numbers that you like. The website is:http://www.aami.com.au/

Good Luck!

 

[Minxdamanx]

Thanks very much Sparky. I'll check it out.

 

[Boof]

Great idea! I think we should start a separate thread and list all the "steer clear of" insurance companies. It's not that easy to compare what various policies cover and don't cover, but it's impossible to know such things as how efficiently they handle claims before you actually make one, and then it might be too late.

is there any way of declaring "who to steer clear of" without getting shut down or sued? I am fairly easy going, dont like to complain, dont send a meal back at a resturant unless it is really bad, but gee this insurance claim is really doing my head in! If they havent finalised the claim by Feb 16, I am going to send them a bottle of wine as an annivesary present! As the saying goes if you are happy with the service tell your friends if your not tell the provider, have tried that but apart from one customer service person saying that they are gob smacked at how badly the claim has been handled, they really dont care! I just hope other people dont have to go through the same thing!!

Anyway I am now looking at Westpac (cant change company's untill claim is finalised!) I havnt heard anything negative so far! Have changed IP's to Westpac, but havnt had a claim as yet, so I guess time will tell!!

 

[Y33]

Boof,

You can always write the story but call the company X until you settle.

There is an excellent thread somewhere about a swimming pool claim that is well worth reading.

 

[MikeF]

Hi Y33 and Burty, I chose TIO because Im covered for 2 other things with them thus get a discount and also what Burty said, the flood cover, I went for 400k of building insurance, a little more than I paid for the property and also took out disaster cover for an extra $100 per year, that boosts my building cover to 530k should a disaster strike and labour costs go through the roof.

Taking out building insurance for $530K seems a bit high because if you paid "a little more than" $400K for the property then I'm guessing that the land component will be a sizeable component of the total cost.

As Raddles said, "insurance for a house is dependant upon its size and what it would cost to rebuild in your particular area, also don't forget to cover the fences and removal of debris from the site".

Remember there is no need to insure the land value, you only need to insure the building replacement value and associated costs

 

[sparky23]

This is why I like AAMI as they insure for rebuild costs with no amount required to be specified.

 

[Minxdamanx]

Sparky when I filled out the questionnaire on the AAMI site it didn't ask me for value of the property - just of the contents. Is that what you mean by your post?

The quote was good, but I want to get a PDS so I can see what it covers and I can do a direct comparison with current policy (GIO).

Thanks for the tip.