Insurance.......coming to $850 per house....
- Thread starter s050399b
- Start date
Most of my house insurances is via Honan....
Pay about $480 in SA, $480 in Vic, $530-580 in NSW, and about $500 in Qld.
This for contents, landlord, public liability for $10m, and 200k building. I get a pretty good discount as I have over 12 policies with them.
Pay about $480 in SA, $480 in Vic, $530-580 in NSW, and about $500 in Qld.
This for contents, landlord, public liability for $10m, and 200k building. I get a pretty good discount as I have over 12 policies with them.
Is it because building insurance covers externally, and content insurance covers internally?
I used to get landlord insurance with them as well until this year's renewal came around. Premiums around 15% higher than previous year. Mind you. no claims have ever been made and my properties are not in QLD or any flood affected region.
Started shopping around and found NRMA insurance 10% cheaper and they also offer 10% multi-policy discount. So that's a 20% discount to Honan's quote. So now my insurance premiums are actually cheaper than previous year.
I think it helps to shop around every time you get a renewal. I have noticed it time and again insurance companies think people won't bother shopping around every time and will just pay the premiums and therefore try and sneak in hefty (double digit) increases when it comes time to renew.
Cheers,
Oracle.
Most building insurances will cover upto 10% of contents. So if you have building insured for $300K. You can claim upto $30K on contents.
Cheers,
Oracle.
so how much in total do you pay for insurance per building?
- building
- content
- landlord insurance
Landlord insurance (include building cost for $300K) quote from Honan for a property (House) in Sydney was $778. I have other properties with them but still few months before their renewal comes up.
NRMA was $100 cheaper + got 10% multi-policy discount if I also insured my car with them (You get 10% off the car insurance quote as well).
Cheers,
Oracle.
I'd be looking at more than just getting the cheapest quote. They had a guy from Suncorp yesterday morning on TV talking about the Queensland flood claims. Suncorp have paid out 100% of claims and Westpac have paid out 97% of claims. He said other companies are able to offer cheaper premiums than them, but they are able to do so because of all the clauses they throw in. What good is paying cheaper insurance if you're not covered for what you need?
People are now complaining that policies with companies such as RACQ, AAMI etc. aren't paying out, but I guess if it's in their policiy that they aren't covered by these types of floods, then they really only have themselves to blame. Wonder how many will now pay extra for their premiums (assuming it does cost extra) to go with Suncorp, for example, if they are in a flood prone area.
By the way, I'm not implying anyone on here getting good rates is not fully covered, just pointing out I would be looking at more than simply the price.
All flood? Or certain types of floods? Some have definitions of what floods they cover. I thought this morning AAMI was one of the ones Victorian flood people were having issues with because it's riverine flooding, but I could be wrong. Of course, if this isn't an issue for the location of your property then it doesn't matter anyhow.
Nope only have a couple of properties. I never bother with the quotes online I just ring. I usually find I get better pricing dealing directly with the call centre. Also I never automatically renew off the renewal notice but call directly again and often it works out cheaper (saved about $60 as the difference between the renewal notice and the phone call).
Have to have a look but mine range from $450 to about $600 a year from memory with $200,000 to $240,000 building coverage. All are landlord including rent default etc.
Actually i was going to check all my coverage and rates to see if i can do better. Westpac rang me out of the blue and begged to have a chance at beating my NRMA quotes. I said sure have a go.
They rang back about 4 hours later and said they could not come close and i should stay with NRMA. Made me laugh a bit.
Cheers
yes and no...
As far as I'm aware, AAMI's Landlord policy covers flood (page 14 of the Landlords PDS), but AAMI's Buildings policy (for owner occupiers) doesn't (page 13 of the Home Buildings PDS).
http://www.aami.com.au/home-insurance/policy-documents
Go figure...
