PPOR insurance

Hi
I know alot of people use cgu for their ip but was wondering if anyone also insures their ppor with cgu. If so, I would appreciate any comments.
Thanks
 
Sorry, don't use cgu.

But I know people who have had properties insured with AAMI, who lost their houses in the Canberra fires.

AAMI have been fantastic in both cases. Payout was 10% over agreed value; settlement was quick; 12 months accommodation was included; alternate housing was provided quickly.

Sorry it does not answer you question- but good service merits some recognition.

For the record, I'm with NRMA. I have not yet heard stories about their performance.
 
PPOR and IP Insurance

Like Geoff, I dont have insurance with CGU but am with AAMI

I have a Class 1 rating which gives me Full No Claim Bonus = 40% off standard premium prices.

We have 2 cars, PPOR, PPOR contents and our 1 IP all with AAMI.

We have made no claims to date and have put our excess' up to keep the premiums down ($500 excess on PPOR and $200 on IP)

The property insurance value AAMI work on is the removal of old house and rebuild new. They also include $20m public liability on PPOR and $10m on IP.

The IP insurance includes fittings as well as the building.

All up for our properties (2) the total premium is just over $550pa.

Hope this helps

jocko
:)
 
The property insurance value AAMI work on is the removal of old house and rebuild new
Jocko,

An interesting point.

I understand that removal costs for the fore affected areas are $20K to $30K. It sounds excessive to me- but, if they are genuine costs in case of fire, I want to get them covered.
 
Geoff,

AAMI said that work on $11,150 per square for insurance value.

e.g. New 20 square house worth $150,000 (land not included).
AAMI will insure the same house for $223,000 to cover the costs of removal and reconstruction. I was concerned the effect on my premium would be significant using this formula but the cost is less then what i was paying on my previous PPOR.

Not sure if the other insurers use the same rules though as we had insurance with Allianz which only insured the capital value of the house and not the removal, reconstruction etc.

Good luck shopping around.

jocko
:)
 
Originally posted by geoffw
For the record, I'm with NRMA. I have not yet heard stories about their performance.

I use SGIC for an IP which is a NRMA subsiduary. Normaly takes them 6 go's to get the mortagee right on the policy:rolleyes: would hate to actualy make a claim with them...........well I have made a claim against their 3rd party division and there lack of keeping tabs on things cost them plenty.

War Service Homes do the PPOR building and RAA do the contents, WSH at next renewal will finaly cover both I think and there cover comes at a significant discount :D

CGU seem to be the default agents for the local banks and credit unions here.

bundy
 
Thanks for the feedback, I'm still really curious that so many people recommend cgu for their ip but don't use it for their ppor.
I will have a look at aami as well as cgu and will continue to ask around on cgu for ppor insurance.
Thanks
 
July,

cgu have reasonable ppor policies. What you need to decide is if you want a defined events policy or an accidental damage one.

While having the whole house destroyed by fire is issue at the moment, most homes only ever suffer minor damage. Every policy will give you fair cover for total destruction but for water damage, trees falling down, storm damage you should be looking at the cover each one offers. When a claim happens there is no point in asking for a payout when they weren't going to cover that in the first place.

Work out what you want first and then ring around insurers and even a few brokers.
 
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