House and contents insurance increase.

[Calaber]

Yesterday, we received our renewal notice for the next year's home and contents insurance. The premium has increased from $165 to $225 per month, or 36.3%, in just one year. The cost increase has been blamed on the Queensland floods and various other natural disasters, plus the cost of "insuring the insurer".

I have been a customer of the NRMA for many years and they have always levied what I consider to be a fair price for their coverage, but this increase goes against the odds and I have decided to go elsewhere.

Has anybody else experienced this sort of increase in their home insurance this year?

 

[Ed]

hearing alot about NRMA on this issue across different forums, generally up in QLD... Some have stuck with them and others have jumped ship, it's a common occurrence in my eyes mate.

 

[showbags]

I'm in the same boat Caliber. Ours also went up by en exorbitant amount, blamed on the Queensland flood and so forth. I live in southern Victoria, so I fail to see how that is relivant to me. I live on top of a hill, 10km & 60 mtrs higher than the highest recorded flood level from the closest river,so why do I have to pay a flood levy.

 

[gopher]

shop around for a better deal
we had been with AAMI for many years
after the floods up here when the water came up to our footpath we realised we weren't covered for flooding
so we shopped around found a company that would insure home and contents for flooding and unlimited rebuilding costs as well as the normal **** for just over $100 a month

 

[88GreenVN]

Wow - you must have a palace Caliber for that money. We just dropped our coverage until it matched what we could afford. Lets face it if you lose the lot in a house fire - bad luck hey and start again.

 

[Calaber]

Well, no, it's no palace. The cost is high because of the house's age and timber construction and we aren't in a flood risk area. Starting over is no option when you are in your retirement so the insurance has to cover our costs. I have checked APIA (the old fart's insurer) and they appear to be much more reasonable so they could be getting my business.

I intend to speak to the NRMA about this, but only to voice my displeasure and tell them to cancel the existing policy once the new one is sorted. Another customer they have lost.

 

[piston_broke]

Suncorp done much the same, and if my place ever gets flooded, this country will be in trouble, but now, with my insurer everyone's covered for flood, no choice.
Cyclones or floods don't bother me, but maybe a fire, hence, i like to have something in place just in case, but because i hardly make any claims, i bumped my excess up to the maximum which more than halved my premium.
I thought of changing, but well, with the premium more than halved now, i'm still with 'em.

 

[vr94ss]

Yesterday, we received our renewal notice for the next year's home and contents insurance. The premium has increased from $165 to $225 per month, or 36.3%, in just one year. The cost increase has been blamed on the Queensland floods and various other natural disasters, plus the cost of "insuring the insurer".

I have been a customer of the NRMA for many years and they have always levied what I consider to be a fair price for their coverage, but this increase goes against the odds and I have decided to go elsewhere.

Has anybody else experienced this sort of increase in their home insurance this year?

You think you got it bad. Our renewal came out the other day, monthly instalments were $32.75 and the new one has monthly instalments of $283.38(3,400.56@annum), almost 10x the old and this is for contents only as we rent! Apparently they won't insure now without flood insurance included. This house has been here near on 80years and water has never come inside the house, it's up off the ground and we now have a levee that protects our side of Lismore for all but a 1 in 100 year flood event. Needless to say we cancelled it and will be looking for someone that will give us fire and theft only.

EDIT: Just got an on-line quote from Shannons, we have our cars with them, looks like that we'll be going home contents with them too:
Your Payment Options
Monthly $31.40 Half Yearly $188.44
Quarterly $94.22 Annual $376.89
Your Insurance
Contents $35,000 Excess $200
Enthusiast Section $10,000 Excess $200
Unspecified Personal Effects $2,000 Excess $200
Legal Liability $20,000,000 Excess $200

 

[MikeCuzzy]

I ditched NRMA. I had my VT insured with them when I owned it, when I got the VE my natural inclination was to go with them again. The premium was... a little high... something like $3500.

Best deal I got was with Allianz @ $1500 per year with free windscreen.

I live in one of the lowest risk areas of NSW too. NRMA don't want the business of young people, and they have just that. However, both my parents are looking at swapping over soon cause the premiums are going up across the board.

I always thought well of NRMA, and their outlet at my local shops is really good and the people are very helpful - shame the company is crap.

 

[Julie]

Wow I can't believe how much some of you are paying:hmmm: We are with Aami, currently paying $122.14 a month up from $108.32. We are in Western Sydney, we've got a large 4 bedroom dbl garage house with a large amount of contents coverage and some expensive jewellery covered. We also made a claim a year or 2 ago for storm damage. Have you tried adjusting your excess so you pay a higher excess and lower premium? We are going to switch to shannons when I can be bothered as we have our cars with them and they are cheaper again than aami for comparable coverage.