We have just received our yearly Home Insurance account and it almost blows our minds.
We are with QBE and have been for decades. The next year's insurance will be $1119.00 as compared to last year's $808 which is an increase of $311. This equates to a massive 38% increase.
Now I have read that we can expect a huge increase in our insurance policies, but 38% is daylight robbery.
The reasons no doubt will be all the floods and bush fires and other mother disasters.
We are going to shop around.
Almost tempted to have no insurance, but!!!! you know there's such a thing as Murphy's Law.
Jay&Dee
Possum3 said
06:36 AM Apr 13, 2021
Possum's Law - Murphy was an optimist.
Totally agree both Home and contents insurances have increased around the 30% mark - worse still Motor Vehicle Policies increased closer to 40% and the insured value decreased as well.
rgren2 said
06:40 AM Apr 13, 2021
Im with QBE and I rang them about the price of my policy, they gave me a large reduction.
Whenarewethere said
06:52 AM Apr 13, 2021
Be careful when you shop around. We found out that when ask too many insurance companies for quotes that you go onto a black list they all have access to.
Our block of units could not get insurance anywhere. Over the previous 20 years we had made $5k of claims, annual premium $7k at that time, well run building, also do maintenance, regularly do major maintenance like replace windows balustrade etc, large sinking fund, not in any high risk area.
We did get insurance via a contract of a contact in the end, but it should not be allowed how they all nod & wink to each other.
Pick a maximum of 3 companies. You will still go onto a central data base but after that you are stuffed. That is what we were told by someone who knows the system.
Good luck.
Mike Harding said
06:55 AM Apr 13, 2021
I ditched both building and contents insurance many years before I sold the house and saved thousands but it is a risk....
Maybe drop contents and just keep the building cover? In the unlikely event of total contents loss you could restock with secondhand stuff for a reasonable sum and I wonder how much the insurance would actually value your contents at anyway? In any event the really important stuff (photographs and such) is not covered by any insurance.
msg said
07:54 AM Apr 13, 2021
Yep, I'm on the black list. Seems that no one has made any money out of me.
We've had bad hail storms here. So, Car, house and Motorhome have all had claims. After 12months still sorting MH. Getting a little testy with that to say the least.
Roadside assist well it cost them a bit to sort me out.
Car, they have put a max value of $5,800 and want $1400pa premium. So had to cancel comprehensive and go with 3rd party only.
MH agreed value reduced, premium increased by $300pa and excess increased $50.
I'm supposed to have full no claim bonus.
House not due till June.
Worst is the feeling of powerlessness. No matter what I do, insurance, rates, power and medical are necessities and we have no control over any of these costs. Big Business wins every time.
TheHeaths said
08:26 AM Apr 13, 2021
We have all the necessary insurances, but I still consider them no more than a legal Ponzi Scheme.
I cannot believe how fine they can make the fine print to wriggle out of things!
bgt said
08:59 AM Apr 13, 2021
Yes if you shop around they know. They all use the same big data bank. Just like the credit cards do.
Insurance companies work backwards. They determine their profit then figure out how much needs to be passed on in the policies to get that profit.
I hate insurance. Avoid it all cost. Traveled the world with no insurance and took the risk. Worked out well. Then on our last trip I ended up in hospital in the USA. HUGE bill. No insurance. Then the light bulb went on. Credit cards have built in insurance if used the right way. So we looked up the credit card terms and BINGO. I was covered. That was about $100000.00 in medical bills ago!!
Yes don't have insurance but you take the risk.
peter67 said
10:31 AM Apr 13, 2021
Having worked in the automotive industry all my life repairing cars etc I HATE insurance companies with a passion. Two major players own 99% of all those companies you seek quotes from.
ps not meaning to hi-jack this thread but insurance companies dictate terms such as mandatory drug testing, sounds reasonable until you get to THC which remains in your system for months so what do most FIFO workers do when they come home? they switch to meth/ice which is flushed out of your system very quickly.
dogbox said
10:39 AM Apr 13, 2021
you could try dealing with a broker
Whenarewethere said
10:54 AM Apr 13, 2021
Still doesn't get around the black listing issue.
Are We Lost said
12:27 PM Apr 13, 2021
If you are considering dropping home insurance due to premium cost, try increasing your excess and deleting any optional extras. It may drop the premium enough to swing the decision back to positive.
msg said
01:02 PM Apr 13, 2021
Are We Lost wrote:
If you are considering dropping home insurance due to premium cost, try increasing your excess and deleting any optional extras. It may drop the premium enough to swing the decision back to positive.
Have been doing that for a few years now. Refuse to do that any more. The insurance companies just want to rake in huge premiums with no risk. Isn't that why we have insurance? To mitigate the risk? Silly me. That's what I thought anyway.
msg said
01:03 PM Apr 13, 2021
Do I sound upset with Insurance Companies? You betcha. I'm having one hell of a blue right this very minute
Dicko1 said
02:24 PM Apr 13, 2021
JayDee wrote:
We have just received our yearly Home Insurance account and it almost blows our minds.
We are with QBE and have been for decades. The next year's insurance will be $1119.00 as compared to last year's $808 which is an increase of $311. This equates to a massive 38% increase.
Now I have read that we can expect a huge increase in our insurance policies, but 38% is daylight robbery.
The reasons no doubt will be all the floods and bush fires and other mother disasters.
We are going to shop around.
Almost tempted to have no insurance, but!!!! you know there's such a thing as Murphy's Law.
Jay&Dee
Lucky you dont live in North Qld...you,d have a heart attack at some of the premiums.. $3-5,000 PREMIUMS ARE COMMON.
msg said
03:03 PM Apr 13, 2021
The councils and developers will insist on building in flood zones. Then there is the issue of development and redirection of water making it flood where it hasn't for 100 years. Good way of clearing people out to make way for new development.
-- Edited by msg on Tuesday 13th of April 2021 03:04:24 PM
Greystone said
03:24 PM Apr 13, 2021
The cost of climate change.
https://www.theguardian.com/australia-news/2021/mar/02/climate-change-could-put-insurance-out-of-reach-for-many-australians
Collo said
03:42 PM Apr 13, 2021
Our daughter has just bought a home in FNQ...$3600 for insurance, we live in southern Vic in a bush fire zone...$2600 full replacement cost.
Expensive but I couldn't start again.
Collo.
Brodie Allen said
05:07 PM Apr 13, 2021
bgt wrote:
Yes if you shop around they know. They all use the same big data bank. Just like the credit cards do.
Insurance companies work backwards. They determine their profit then figure out how much needs to be passed on in the policies to get that profit.
I hate insurance. Avoid it all cost. Traveled the world with no insurance and took the risk. Worked out well. Then on our last trip I ended up in hospital in the USA. HUGE bill. No insurance. Then the light bulb went on. Credit cards have built in insurance if used the right way. So we looked up the credit card terms and BINGO. I was covered. That was about $100000.00 in medical bills ago!!
Yes don't have insurance but you take the risk.
Please tell us how !!!
Brodie Allen said
05:11 PM Apr 13, 2021
Greystone wrote:
The cost of climate change. https://www.theguardian.com/australia-news/2021/mar/02/climate-change-could-put-insurance-out-of-reach-for-many-australians
Who would ever believe anything in the Guardian?
Nearly as wokey as the ABC.
Craig1 said
05:55 PM Apr 13, 2021
In Albury ours is $1200 approx house and contents, but $1000 excess, so really for serious issues. Plus a local owner agent who absolutely pays on any genuine claim. We are about 50 metres above the highest recorded flood and any predictions if the Dam Wall (Hume) broke, but now automatically have flood cover.
Bicyclecamper said
10:07 PM Apr 13, 2021
Brodie, at least it is not SKY Where they LIE. We had to lower our house value down 120k, to 200K value. to be able to afford our insurance this year. One thing people don't understand, if they get rid of contents, they are stuffed if a fridge, freezer, or ho****er heater burns your house down, you won't be covered by your house insurance. Contents cover your appliances and what damage they do to your house.
oldbloke said
10:53 PM Apr 13, 2021
Just 2 or 3 are running the show. All the others are just branding.
Insurance industry is one of the largest profiters in the country.
Greg 1 said
02:09 AM Apr 14, 2021
We are in a high classification bushfire zone. House and contents just under $3000. Friend lives in Exmouth and because he is in a Region D cyclone area his last bill was $11,000.
bgt said
11:17 AM Apr 14, 2021
Brodie Allen "Please tell us how !!!" not sure what you are referring to but I'll take a stab at the credit card insurance.
We have a Visa card with the NAB. In their terms and conditions you get free overseas travel insurance. But there's an "if". If you spend more than $600.00 before you leave and directly with the provider and not an agent. ie we booked our air fares to the USA with QANTAS directly. So that qualified us for the free insurance. And it was over $600.00. Many folks don't know of the free insurance on the credit card. I'm not aware of what other cards and banks provide.
So when we got back to Australia I contacted the NAB. They gave me a number to contact at QBE. The folks at QBE were great. I had to pay a $300.00 deposit and send them all the accounts. (We hadn't paid hospitals, doctors, specialists in the USA yet). So I paid the deposit and sent in all the accounts as I received them over the next few months. About 6 months later I was returned my $300.00 deposit. Job done.
Craig1 said
09:13 PM Apr 15, 2021
Ric, please be aware that if you "under insure " they will still get you. eg if your place is really worth the 350k in their view and now you are only 200k insure, a claim will be discounted by the difference on a percentage basis, so a 50k claim will only be paid at $28,500.00.
However check your pds, and probably talk to them if possible.
Bicyclecamper said
02:20 PM Apr 16, 2021
Well, I couldn't afford to pay $2400, for house and contents, even though I only did $15000 coverage for contents. We have just been hit with an $8000 upgrade to my meter box, for a town wide sewerage system, that we did not need as all our septics comply. It was the State government forcing us onto it. Not too mention a $2300 extra rates rise plus $700 extra year, for sewerage rates. Where do they think pensioners are supposed to get all this money. I am trying to talk my wife into selling up and going on the road, she is having none of that idea, so we eventually will lose the house due to not being able to afford to keep it.. These expenses, mean I will have to go back to work, to earn at least $50k a year in my pocket just to own a house these days and live in it until you die.
-- Edited by Bicyclecamper on Friday 16th of April 2021 02:46:43 PM
Mike Harding said
02:49 PM Apr 16, 2021
Bicyclecamper wrote:
I am trying to talk my wife into selling up and going on the road, she is having none of that idea, so looks like I will have to walk away,. she will lose the house due to not being able to afford to keep it and I will lose my share of the nest egg. These expenses, mean I will have to go back to work, to earn at least $50k a year in my pocket just to own a house these days and live in it until you die.
I understand where you are coming from: simple living has become too expensive for many and that is a failing of our current society.
May I suggest: you put all your numbers into a spreadsheet, present it to your wife and ask her what she thinks you should both do?
I caution strongly that a life on the road may well not solve your issues indeed, as a couple, it may make things worse - consider carefully before cooping the two of you in a caravan.
Bicyclecamper said
03:00 PM Apr 16, 2021
We once lived in a tent, for a year, in Sydney, whilst I was a serving soldier. then lived on the road for 2 years. I know what to expect. She will never go back to living in a van or tent. It is best if I go back to work, I would have to give up all my meds to drive trucks again though, but I could do it. I will never get her on my side in this matter, I think she will have to learn the lesson about where we stand financially, if we lose the house and then she will still blame me. Such is my life.
msg said
03:32 PM Apr 16, 2021
Old age pensioners should only be living in a one bedroom apartment. and they want you to move out of the home you have lived in for a good portion of your life so that the "workers" they are bringing into the country can have it. Takes care of the housing infrastructure issue they have with increasing population.
We have just received our yearly Home Insurance account and it almost blows our minds.
We are with QBE and have been for decades. The next year's insurance will be $1119.00 as compared to last year's $808 which is an increase of $311. This equates to a massive 38% increase.
Now I have read that we can expect a huge increase in our insurance policies, but 38% is daylight robbery.
The reasons no doubt will be all the floods and bush fires and other mother disasters.
We are going to shop around.
Almost tempted to have no insurance, but!!!! you know there's such a thing as Murphy's Law.
Jay&Dee
Totally agree both Home and contents insurances have increased around the 30% mark - worse still Motor Vehicle Policies increased closer to 40% and the insured value decreased as well.
Be careful when you shop around. We found out that when ask too many insurance companies for quotes that you go onto a black list they all have access to.
Our block of units could not get insurance anywhere. Over the previous 20 years we had made $5k of claims, annual premium $7k at that time, well run building, also do maintenance, regularly do major maintenance like replace windows balustrade etc, large sinking fund, not in any high risk area.
We did get insurance via a contract of a contact in the end, but it should not be allowed how they all nod & wink to each other.
Pick a maximum of 3 companies. You will still go onto a central data base but after that you are stuffed. That is what we were told by someone who knows the system.
Good luck.
I ditched both building and contents insurance many years before I sold the house and saved thousands but it is a risk....
Maybe drop contents and just keep the building cover? In the unlikely event of total contents loss you could restock with secondhand stuff for a reasonable sum and I wonder how much the insurance would actually value your contents at anyway? In any event the really important stuff (photographs and such) is not covered by any insurance.
We've had bad hail storms here. So, Car, house and Motorhome have all had claims. After 12months still sorting MH. Getting a little testy with that to say the least.
Roadside assist well it cost them a bit to sort me out.
Car, they have put a max value of $5,800 and want $1400pa premium. So had to cancel comprehensive and go with 3rd party only.
MH agreed value reduced, premium increased by $300pa and excess increased $50.
I'm supposed to have full no claim bonus.
House not due till June.
Worst is the feeling of powerlessness. No matter what I do, insurance, rates, power and medical are necessities and we have no control over any of these costs. Big Business wins every time.
I cannot believe how fine they can make the fine print to wriggle out of things!
Insurance companies work backwards. They determine their profit then figure out how much needs to be passed on in the policies to get that profit.
I hate insurance. Avoid it all cost. Traveled the world with no insurance and took the risk. Worked out well. Then on our last trip I ended up in hospital in the USA. HUGE bill. No insurance. Then the light bulb went on. Credit cards have built in insurance if used the right way. So we looked up the credit card terms and BINGO. I was covered. That was about $100000.00 in medical bills ago!!
Yes don't have insurance but you take the risk.
ps not meaning to hi-jack this thread but insurance companies dictate terms such as mandatory drug testing, sounds reasonable until you get to THC which remains in your system for months so what do most FIFO workers do when they come home? they switch to meth/ice which is flushed out of your system very quickly.
Still doesn't get around the black listing issue.
Have been doing that for a few years now. Refuse to do that any more. The insurance companies just want to rake in huge premiums with no risk. Isn't that why we have insurance? To mitigate the risk? Silly me. That's what I thought anyway.
Lucky you dont live in North Qld...you,d have a heart attack at some of the premiums.. $3-5,000 PREMIUMS ARE COMMON.
The councils and developers will insist on building in flood zones. Then there is the issue of development and redirection of water making it flood where it hasn't for 100 years. Good way of clearing people out to make way for new development.
-- Edited by msg on Tuesday 13th of April 2021 03:04:24 PM
Our daughter has just bought a home in FNQ...$3600 for insurance, we live in southern Vic in a bush fire zone...$2600 full replacement cost.
Expensive but I couldn't start again.
Collo.
Please tell us how !!!
Who would ever believe anything in the Guardian?
Nearly as wokey as the ABC.
Insurance industry is one of the largest profiters in the country.
We have a Visa card with the NAB. In their terms and conditions you get free overseas travel insurance. But there's an "if". If you spend more than $600.00 before you leave and directly with the provider and not an agent. ie we booked our air fares to the USA with QANTAS directly. So that qualified us for the free insurance. And it was over $600.00. Many folks don't know of the free insurance on the credit card. I'm not aware of what other cards and banks provide.
So when we got back to Australia I contacted the NAB. They gave me a number to contact at QBE. The folks at QBE were great. I had to pay a $300.00 deposit and send them all the accounts. (We hadn't paid hospitals, doctors, specialists in the USA yet). So I paid the deposit and sent in all the accounts as I received them over the next few months. About 6 months later I was returned my $300.00 deposit. Job done.
However check your pds, and probably talk to them if possible.
Well, I couldn't afford to pay $2400, for house and contents, even though I only did $15000 coverage for contents. We have just been hit with an $8000 upgrade to my meter box, for a town wide sewerage system, that we did not need as all our septics comply. It was the State government forcing us onto it. Not too mention a $2300 extra rates rise plus $700 extra year, for sewerage rates. Where do they think pensioners are supposed to get all this money. I am trying to talk my wife into selling up and going on the road, she is having none of that idea, so we eventually will lose the house due to not being able to afford to keep it.. These expenses, mean I will have to go back to work, to earn at least $50k a year in my pocket just to own a house these days and live in it until you die.
-- Edited by Bicyclecamper on Friday 16th of April 2021 02:46:43 PM
I understand where you are coming from: simple living has become too expensive for many and that is a failing of our current society.
May I suggest: you put all your numbers into a spreadsheet, present it to your wife and ask her what she thinks you should both do?
I caution strongly that a life on the road may well not solve your issues indeed, as a couple, it may make things worse - consider carefully before cooping the two of you in a caravan.