Hi,
I'm looking at renewing my home and contents policy. Currently with SGIC got an offer of around $550 but think there has to be someone that can do better.
I've tried woolworths around $575 with $100 gift card. Any coupons for woolworths atm?
Others seem around 600ish or over.
Any tips?
What are you saying exactly?
Just go for Building insurance not contents?
If the house burnt down I'd lose everything. When I went through woolworths I insured contents for $30000. What would an ozbargainer insure their contents for? (If I do get the contents insurance.)
Thanks.
Yep i would recommend building only.
If you want to do contents, undervalue everything so the ongoing insurance cost is lower. I would only include stuff that would walk out the door with a thief.
Because for contents, you'd be better off paying for securing and fireproofing your home (you have a portable fire extinguisher, a few smoke detectors and fire blanket handy right?)
Remember it is the insurance company perogative not to pay out and to upsell you more insurance, so I'd make sure you avoid the hassle and need to claim on insurance, by looking at ways you can lower the risk of needing an insurance claim.
Okay thanks for the advice, I can't really see any reason I'd need over $20,000 in that case.
We have approx $4 grand of furniture and 2 tvs both worth approx $400-$500 new cheaper if you find an ozbargain deal. 2 Recorders worth $300 in total. Laptops and Tablets worth about $700 plus a shelf full of DVDs maybe $500ish? Jewellery around $2000. So that is a total of $8500. Appliances including vacuum cleaners etc can't see them worth more than $10,000.
Am I right on this? I know a lot of people that insurance their contents for a lot more but can't see a need.
I can't understand your logic in saying to insure building only and not contents, or to underinsure contents?
Building = an asset that if burnt down, would be lost. Insurance would cover this loss.
Contents = many assets that if burnt down, would be lost/damaged. Insurance would cover this loss.
I can understand the logic as it applies to burglary/theft (eg. taking on the risk rather than paying the insurance company for it), but risk of a total loss of the house through fire to only insure the building and not the contents?
I'd only consider the jewellery and portable tech. You're valuing everything at purchase price. If you're going to consider contents insurance, look at the Terms and Conditions, because it might be replacement value - not new value. Eg: try to sell an Ipad 1 for $700 or your 10 year old couch for 4 grand. Insurance replacement cost might be $100 for the ipad and $500 for the couch.
I think you should look at the cost difference between insuring everything for 30K and maybe 3k. If the insurance cost for $3k assets is like $5 cheaper then insure for 30k. if it's $200 cheaper per year for $3k assets, you might want to adjust the 'value' of your contents until you reach a good comprimise between risk and cost
Also pro the no contents policy as well.
I woke up to that one 40 years ago…
It's a great money spinner for insurance co's and of little value to the insured.
Insurance is definitely worth having but you should consider which ones are worth having.
If you do think contents insurance is essential in your life then regularly photograph your expensive jewellery and other expensive items and store the pics in a safe place.
Just trying to give some thoughts and ideas outside the box.
Try looking at a insurance definition of a Flood. Flood comes from above. Ie: if it rains so heavily water builds up that a flood. But if rains so hard the nearby river enters your house, that is not covered.
Also make sure you note down the serial numbers of your tech. If your laptop turns up at Cash converters how can you prove it's yours if the hard drive is wiped ?
@Vortex99: You are a few years too late with the flood comment. That was all standardised after the Brisbane floods. Most insurance companies automatically cover flood now although a few offer it as an option.
Don't forget that pretty much everything not nailed down is covered by contents. There is no way I could replace all my stuff if it is all destroyed. The tech gadgets are the least of my worries! Just our clothes will cost 20k+
how about deal for landlord insurance?
Do you have/need car insurance? You can get multi-policy discount with some insurance companies, eg RACV, GIO, probably SGIC?
There are none that I need atm. But will in a month or two. Policy runs out Thursday though.
You can purchase the car insurance now and have it start in a month if it's going to get you a better deal. Completely agree about skipping the contents insurance. I'm comfortable self-insuring my contents, ie. paying to replace my belongings if they are stolen or destroyed. I wouldn't be able to afford replacing my house if it was destroyed though so bought building insurance. Maybe consider increasing the excess payable too? This will further reduce the premium.
I like your logic guys about not going for contents but think my Wife and parents would think I'm incredibly mad for opting against the contents insurance.
Don't forget your contents insurance also covers carpets, curtain, blinds etc.
Very true thanks for that!
Decided to go with Suncorp as I now have all my car insurance home insurance policies under them which received a better price.
Thanks for the help guys.
Did you go with full contents insurance? Be careful of advice here. Houses burn down despite precautions, and if you've been there for any length of time you'll be surprised what your contents are worth.
Consider replacing every item of clothing, every book, every spoon - everything. It adds up to a lot.
If I had to start again, I'd rather an insurance company pay for it.
I hate insurance, but I can't afford to not insure my home and contents.
Yeah I went for 30 thousand in contents. As I said would never be able to justify no contents with the wife and parents.
Do you need contents insurance? If some burgled your house, what would they take? 1 ipad, 1 laptop?
Total value $1200 ? How often does this happen… once in 20 years?
So pay insurance for 20 years @ $575 = $11,500 to replace $1200 in thing-a-me's.
House burnt down? You have given a copy of your precious photos to a relative for safe keeping right?
Just a thought :)