AAMI House and Contents Insurance

Resurrecting an old thread from the dead.

We have just received our AAMI insurance car, motorbike, and house policy renewals.

For the bike, I stayed with AAMI as Shannons was much dearer.
For the Forester, we stayed with AAMI as Shannons was $250 more, Allianz was over $100 more, APIA was $70 more. Blue Badge (insures people with a mobility sticker, etc.) was $100 less than AAMI but I can't find any positive reviews where someone has made a claim.

But the house insurance is the biggun! We had a claim last year after a hailstorm which resulted in new polycarbonate panels on the garage roof and two new TV antennae (up on a 6m guyed mast). Excess was $400.

Our policy has risen (possibly also influenced by claims after all the bushfires) from $1,555 to $1,841 for house and contents. We are covered for flood damage. The house will be covered for $508,200, it was for $462,000 last year - I'm not sure why as a new and better house than ours would cost under $200,000. If we sold, we'd probably get in excess of $800K

I just got a quote from NRMA and it was for $8,061 because we are now in a flood zone. Actually, govt mapping shows our house which is on piers, would probably be OK. Even my garage might be OK. Flood waters would be at the bottom of our street.

I'm not sure that it's worth bothering with more quotes. However, I'd like to know how they estimate that value for the house insurance. If we were rebuilding, I doubt we'd want the same design house. :)

Quote:

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Originally Posted by p38arover

Resurrecting an old thread from the dead.

We have just received our AAMI insurance car, motorbike, and house policy renewals.

For the bike, I stayed with AAMI as Shannons was much dearer.
For the Forester, we stayed with AAMI as Shannons was $250 more, Allianz was over $100 more, APIA was $70 more. Blue Badge (insures people with a mobility sticker, etc.) was $100 less than AAMI but I can't find any positive reviews where someone has made a claim.

But the house insurance is the biggun! We had a claim last year after a hailstorm which resulted in new polycarbonate panels on the garage roof and two new TV antennae (up on a 6m guyed mast). Excess was $400.

Our policy has risen (possibly also influenced by claims after all the bushfires) from $1,555 to $1,841 for house and contents. We are covered for flood damage. The house will be covered for $508,200, it was for $462,000 last year - I'm not sure why as a new and better house than ours would cost under $200,000. If we sold, we'd probably get in excess of $800K

I just got a quote from NRMA and it was for $8,061 because we are now in a flood zone. Actually, govt mapping shows our house which is on piers, would probably be OK. Even my garage might be OK. Flood waters would be at the bottom of our street.

I'm not sure that it's worth bothering with more quotes. However, I'd like to know how they estimate that value for the house insurance. If we were rebuilding, I doubt we'd want the same design house. :)

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Did you try Youi?
Also, why don't you change your house insurance to a replacement figure?
Have you tried bundling the whole lot and seeking combined costs?
We found Youi cheaper individually, but when bundled RACQ gave the best deal.

I've not heard anything good about Youi.

Quote:

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Originally Posted by p38arover

I've not heard anything good about Youi.

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Youi were cheaper because they asked more questions to establish the use of the vehicle. We didn't go with them, so I can't comment on their treatment of claims.

We just redid our house insurance and noticed the sum insured had gradually crept up every year, because then they can charge you more.
We did some checking about the likely cost of rebuilding our place, added a margin for extras, reduced the total insured a bit and saved some money.
Another option is raising the excess you would have to pay first, which can then reduce the premium.
Have you considered trying an insurance broker to see if a better deal is possible?
Insurance companies rely on most people just passively paying up and not shopping around for a better deal.
My wife loves bargaining and every time she does it, they are able to offer significant savings to keep your business.

All th individual insurance companies are owned by the same parent groups.
We were with racv and a leak in the shower did damage they sent the assessor and they would cover it, the assessor told us other insurance companies would have. On renewal we changed. Been with Suncorp, AAMI, CGU, and now with Shannons for everything.
re pricing it depends on location and circumstances and how many claims are in your area.
What is a good price for one person might be different to another persons quote.
As for youi, they ask questions and lots of people I speak to give them a miss as too dear.

The main thing is take photos over EVERYTHING ..... if it burns gets partially destoryed somehow ... or you get everything stolen or flooded. You WILL forget half the stuff you had in there. The insurance company will demand valuations and receipts for everything to "prove" it existed and its value.

About 2years ago we had a hose freeze and split in the roof of our house. We were away at the time. The house flooded from the top down.... we estimate for 3days. Once alianze had listed us as a full claim and we had a claim manager.... the process become easy. We were still out of the house for 6months. they put us up in a fully furnished rental house for about 3months. Steamatic in Ballarat made everyhting easy for us. They pushed and prodded the insurance company and forwarded demands of what we needed.

In the case of a disaster... I'd be pushing for a full payout upfront and handle everyhting myself. You see EVERYONE in the area is going to be in the same ****. Your insurance companies hands will be tied. There will be no available builders, no available accommodation ....

So take photos ... millions of photos .... don't forget all the useless stuff (you would never think of) like the boss womens jewelry etc. take photos of any receipts you may have. In your shed. If your like me you will have been accumulating tools and "stuff" since you were 15years old. You will NEVER remember what is missing or not replaced until you go to use it. take photos ... thousands of the store the photos off premises. if your burnt or flooded, they will likely be lost). Upload them to a "cloud" if you can.
If you can prove something exists and is gone to your insurance company. You are set.

They WILL replace new for old... if you have exotic hardwood window frames and stuff like that .... take photos of it. The insurance policies are like for like. You MUST be insured enough to replace these though. They probably add no market value to your house, but to replace them will cost tens of thousands.

fun right. I must do everything I suggest above someday [bighmmm] [bigrolf] (gee's I'm bloody hopeless). I have a feeling we may be way under-insured :(

When looking at the value of the house you also have to factor in the cost of removing the damaged structure and making the site ready for the builders to rebuild. This can be surprisingly expensive