WARNING - Insurance!

[tubs]

Hi all

We have a house insured with AAMI (I dont have a problem mentioning them, after all the story IS true) and we have two policies. One is a building policy and the other is a contents policy.

The other night we were doing some checking on the policies and they had the building policy on the system. They said we didnt have any other policy. So we physically located the other policy and gave them the number. They found it based on the number we gave them.

So, we got to thinking:
What if our house burnt down and AAMI didnt have our contents policy coming up under our names? We wouldnt have the paper copy any longer so we'd just have to assume that we didnt renew it or pay it (whatever) and we weren't insured. They say we dont have a policy, and we wouldnt be able to prove otherwise.

So we've now got a copy of all these policies away from the house.

Make sure you all keep a record of these policies somewhere else too.

Tubs

 

[Dazz]

So we've now got a copy of all these policies away from the house.

Make sure you all keep a record of these policies somewhere else too.

....and maybe your will / testamentary trust / title deeds / share certs / passports / cash....and anything else that is made of paper that is either difficult or costly to replace in case of fire, theft or other events that destroy your paperwork.


We find a bank vault deposit box does the trick nicely. The Bank let's us have one for free. A floor safe at home might do as well.

Also, importantly, let someone you trust, know about the existence and location of said vault.

 

[Ricardo29]

why wouldnt you combine the 2, u get at least a 10% discount and save aami work, yourself work,and save danger such as your example.

 

[tubs]

We have now combined them (that was part of the outcome) but the scary bit is that if you lose your proof of insurance, the insurance companies dont always have a good system in place to record that you even had a policy.

 

[agent 86]

tubs and others,

Had a fire a few years back. (never happen to me )

Making an insurance claim was a nightmare.

Took me a couple of days to sift through the (apparently carcinogenic, loss adjuster told me after ) remains.

Then took me weeks come up with explanations re purchase dates of items, amounts etc etc. Amazing how much 'stuff' you collect over the years.
It's on your head to prove everything that has disappeared in the event of a fire.
Pretty hard, when for eg bookcases full of a few hundred books are gone.
In my case it was a shed full of stuff. Even a few years later you wonder where something is, then remember. Unfortunately didn't claim on everything as I couldn't identify it all (well, not until a few years later).

The 'Loss Adjuster' told me a good idea is to take a video of everything by walking around the house & sheds etc with a running commentary on what things are and any other details. Then state the date and store off-site. Add a written note or photograph every so often to keep it up to date.

 

[Fester]

I take a video of everything around the house every 3 months and transfer it over to DVD. I also photograph items around the house if something has changed. I keep a copy of these and my old photo negatives and a backup of all the digital photos from the cameras in my locker at work.