Thread: Home insurance increase

I thought I'd try Compare the Market (knowing they wouldn't be using any well known/reputable companies).

Quotes range from $1840 (Budget Direct and Virgin) to over $15k (Bank of Queensland and Honey). The lower quotes don't include flood cover. Woolworths were on par with AAMI and NRMA.

I'm really unsure if flood cover is required.

Hi,
I think flood insurance should be a wager. Yes or no. No 'maybe' .
Nominate the flood level , shop around for the best odds .
Cheers

There were some horror stories, post 2011 Brisbane floods, with some insurance companies arguing that any sort of water ingress was flooding, ergo unless the property was specifically covered for flood, claim declined.
There was a woman on a Current Affairs type programme whose roof was damaged during a storm. Her insurance accepted liability for the roof replacement, but refused any subsequent water damage claim, as she had no flood cover.
Typical insurance company behaviour, willing to take the money, they twist words looking for any way to accept liability on a product bought in good faith.

Law doesn’t do good faith Ian

Policies are written by lawyers and are explicit in their detail.
If you work within the words written you’ll almost always get the outcome the policy offers.

Miss a sentence and you may get nothing.

Insurance is a bet where the house stacks the deck completely in their favour. Add to that shonky claims and claims made due to total and utter negligence and we all pay the price.

The good thing is a portion of my super is in a big insurance group who do very well, other arsehole corporations like Westf***ers etc also contribute a lot to my future retirement.

Damned either way!

Originally Posted by Tombie

Law doesn’t do good faith Ian

Policies are written by lawyers and are explicit in their detail.
If you work within the words written you’ll almost always get the outcome the policy offers.

Miss a sentence and you may get nothing.

Insurance is a bet where the house stacks the deck completely in their favour. Add to that shonky claims and claims made due to total and utter negligence and we all pay the price.

The good thing is a portion of my super is in a big insurance group who do very well, other arsehole corporations like Westf***ers etc also contribute a lot to my future retirement.

Damned either way!

Are you still planning on going" up Norf" when you retire Mike? I recall you posting summat about that yonks ago.

Originally Posted by V8Ian

There were some horror stories, post 2011 Brisbane floods, with some insurance companies arguing that any sort of water ingress was flooding, ergo unless the property was specifically covered for flood, claim declined.
There was a woman on a Current Affairs type programme whose roof was damaged during a storm. Her insurance accepted liability for the roof replacement, but refused any subsequent water damage claim, as she had no flood cover.
Typical insurance company behaviour, willing to take the money, they twist words looking for any way to accept liability on a product bought in good faith.

Possibly she had the building covered but not the contents. We had storm damage back last May/June and had just renewed our cover with RACWA. No hesitation in sending out people to firstly cover the damaged roof and then others coming in to replace ceilings/carpets etc. damaged by the rain which flooded in.
Only thing outstanding is the damage by roof tiles hitting our dressing table and repairs stuffed up by a 'craftsman'..... we can't buy anything remotely like the rest of the bedroom suite so maybe they'll make us an offer of some kind.
Insure your place correctly and most companies will honour the policy which is what they have to do under the law.
AlanH.

Originally Posted by ATH

Possibly she had the building covered but not the contents. We had storm damage back last May/June and had just renewed our cover with RACWA. No hesitation in sending out people to firstly cover the damaged roof and then others coming in to replace ceilings/carpets etc. damaged by the rain which flooded in.
Only thing outstanding is the damage by roof tiles hitting our dressing table and repairs stuffed up by a 'craftsman'..... we can't buy anything remotely like the rest of the bedroom suite so maybe they'll make us an offer of some kind.
Insure your place correctly and most companies will honour the policy which is what they have to do under the law.
AlanH.

The insurance company was refusing to replace/repair the damaged gyprock.

Where is gyprock used? Internally? Not many places here built using it as most are double brick.
Maybe the owner should take their case to the state consumer people although most of them are on the side of the big money.....
AlanH.