Is this home insurance a rip off?

Hi

My PPOR home insurance renewal is in, and it's $1,840! (This includes about $85 broker fee, through OAMPS, the main policy is with QBE)

The coverage details are:
Buildings cover - $600k
General contents - $56k
Specific valuables - $23k (wedding/engagement rings)
Public liability - $3m

This seems very expensive to me - my landlord insurance is less than half this! But the renewal needs to be paid today as it's way overdue, I forgot to pay it previously!

Should I be shopping around?

Cheers
Jonathon
 
No wonder it's so high, I was just reading the document and I noticed this line (which is on top of the broker fee of $75+gst)

We will receive commission from the insurer identified above of $352.15 inclusive of GST
 
i'd be shopping around via the internet with the major players. that is way expensive - although you have nominated a high rebuild fee. would it really cost that much to rebuild your house?

also, what is your inital excess? i usually have around $1,000 because anything less than that is not really worth claiming for.
 
Good point about the excess - I'll jack it right up.

The house is a character 4*2 in Northcote, in fact I doubt $600k would be enough, I'd probably need more like $750k for a full demolish and rebuild.
 
is it architect designed or something? a pretty flash 4x2x2 to be build by a spec home builder is around $400k max.
 
Check all the fees and levies.

By the time you pay fire services levy, stamp duty then GST on these charges, they often amount to more than 50% of the bill.
Marg
 
By going to AAMI we knocked about $400 off the cost, roughly equal to the broker fee I was previously paying to OAMPS.

However the much bigger saving is taking off the coverage for my wife's rings outside the home. They were specifically covered for about $20k, but that component was costing about $600!

Self insurance is definitely the answer here, a complete no brainer, rather than spending $600 to insure $20k.

Cheers
Jonathon
 
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