Thread: Home insurance increase

Originally Posted by p38arover

I was talking to a local shop owner today. His building insurance went from $16k last year to $25k this year. It's a concrete tilt up building - where they pour the walls on the ground then tilt them up. So it's probably a low fire risk and it's not in a flood zone.

Is it just past the end of an airport runway?

As I said, the 2 global insurance houses upped their price 300%.

Globally there’s been a huge increase in payouts and they flicked the price up.

Public insurers then pushed up accordingly.

Originally Posted by p38arover

I was talking to a local shop owner today. His building insurance went from $16k last year to $25k this year. It's a concrete tilt up building - where they pour the walls on the ground then tilt them up. So it's probably a low fire risk and it's not in a flood zone.

It may have quite a lot of cold room panelling which is high risk,even the fire retarded newer XFLam is classed high risk.

But as Tombie has said,they have all gone up.

All to do with weather events,growing value of assets,increases in building and repair costs,and just general inflation.
I know it still doesn’t seem to warrant that sort of increase,but it is happening right across the insurance industry.
It also depends on risk,the companies are looking at risks in greater depth these days,and doing risk assessments on all commercial properties.

I could give you exact costs of increases on commercial and industrial properties,but won’t.
All I will say is I know many that have doubled or gone up over 50% over the last 12 months.
With the higher risk properties going up the most.
By higher risk it is generally related to what type of industry occupies the building.Or if the building is built or contains a high risk product.
Flood risk could come into it as well.

Originally Posted by scarry

It may have quite a lot of cold room panelling which is high risk,even the fire retarded newer XFLam is classed high risk.

But as Tombie has said,they have all gone up.

All to do with weather events,growing value of assets,increases in building and repair costs,and just general inflation.
I know it still doesn’t seem to warrant that sort of increase,but it is happening right across the insurance industry.
It also depends on risk,the companies are looking at risks in greater depth these days,and doing risk assessments on all commercial properties.

I could give you exact costs of increases on commercial and industrial properties,but won’t.
All I will say is I know many that have doubled or gone up over 50% over the last 12 months.
With the higher risk properties going up the most.
By higher risk it is generally related to what type of industry occupies the building.Or if the building is built or contains a high risk product.
Flood risk could come into it as well.

Speaking of things going up

Would you say a Fireworks factory would be Hi risk? One just exploded in India a few days ago & levelled the joint. Fortunately no one died but I don't know how they missed out but it was as flat as a Pancake. Still, they do like their Festivals with lots of bangs & sparks it follows that their gaff would stockpile lots of Gunpowder.

Originally Posted by p38arover

I was talking to a local shop owner today. His building insurance went from $16k last year to $25k this year. It's a concrete tilt up building - where they pour the walls on the ground then tilt them up. So it's probably a low fire risk and it's not in a flood zone.

Does he have a JLR product in the garage?

Originally Posted by Tins

Does he have a JLR product in the garage?

WOT? For the fast get away?

Originally Posted by scarry

It may have quite a lot of cold room panelling which is high risk,even the fire retarded newer XFLam is classed high risk.

But as Tombie has said,they have all gone up.

All to do with weather events,growing value of assets,increases in building and repair costs,and just general inflation.
I know it still doesn’t seem to warrant that sort of increase,but it is happening right across the insurance industry.
It also depends on risk,the companies are looking at risks in greater depth these days,and doing risk assessments on all commercial properties.

I could give you exact costs of increases on commercial and industrial properties,but won’t.
All I will say is I know many that have doubled or gone up over 50% over the last 12 months.
With the higher risk properties going up the most.
By higher risk it is generally related to what type of industry occupies the building.Or if the building is built or contains a high risk product.
Flood risk could come into it as well.

I've got a rellie who had to have the doorway entrance/exits surrounds into one of his shopping centres repointed with 'fireproof concrete' or something. I would have though all concrete was non burnable stuff but no doubt the bureaucrats know differently and made a regulation to reflect higher risks...40K later all done. Not a lot of money compared to many things but annoying more than anything as everything is always done to existing regs and better where possible.
AlanH.

Originally Posted by scarry

It may have quite a lot of cold room panelling which is high risk,even the fire retarded newer XFLam is classed high risk.

But as Tombie has said,they have all gone up.

All to do with weather events,growing value of assets,increases in building and repair costs,and just general inflation.
I know it still doesn’t seem to warrant that sort of increase,but it is happening right across the insurance industry.
It also depends on risk,the companies are looking at risks in greater depth these days,and doing risk assessments on all commercial properties.

I could give you exact costs of increases on commercial and industrial properties,but won’t.
All I will say is I know many that have doubled or gone up over 50% over the last 12 months.
With the higher risk properties going up the most.
By higher risk it is generally related to what type of industry occupies the building.Or if the building is built or contains a high risk product.
Flood risk could come into it as well.

In other words, if you have a panel beater and cabinet maker, as tenants ,in a flood prone area, expect no discounts.