How Much Are You Paying for Your Home Insurance?

• 

  mick123 on 25/03/2015 - 16:15

  that is actually quite cheap for the value you have covered for.
  Most recently for me:

  $380K Home + $50K contents
  NRMA tried to slug me (on renew) for $1050

  QBE - $700 - same value cover etc.

  So called loyalty discount is rubbish. I have 4 other policies with NRMA. Normally they come in about same as others, this time, way off.

• 

  JimB on 25/03/2015 - 16:20

  +1

  Not much as you moneybags with your million dollar house! lol..

  Type of insurance: $250k Building and $70k Contents

  Premium: $ 289

  Insured address: South East Melbourne

  Excess: Building:$3,000, Contents: $500

  I'd say that the post code has a massive bearing on the premium, so what other people pay in different areas can't be compared to yours.

• 

  Hellfire on 25/03/2015 - 17:13

  Are you in a flood area? That might explain your high premiums.

• 

  goosegog on 25/03/2015 - 17:45

  -2

  Gordan Bennett all of you. We have the house building insured for $2,000,000 + contents the same $2,000,000. The highest you can do - all with AAMI - with very little excess.
  With regard to contents - just try to do your figures on all that you own - & I mean everything here - from your cheapest cutlery, crockery, cups,saucers,plates,saucepans,glasses -through to your clothes,appliances,books,cherished belongings,furniture, photos & the list goes on. Believe me , in most cases the cost mounts up & can come as a shock when trying to evaluate what level of insurance to go for. Go for the best& highest - as you never know what life is going to throw at you round the corner. Should there be a terrible scenario where you lose everything & you're under insured - the rest of your life will be spent saying ' If Only " as the insurance company won't pay out & you'll be left with little more than zilch to rebuild your life.

  • 

    rompastompa on 25/03/2015 - 18:37

    How much is your house worth/contents in reality? Surely they wouldn't look at your run-down 3x1 and expect it to be worth $2m?

  • 

    vsia2165 on 26/03/2015 - 09:30

    In a nutshell you are paying for a product that you won't use fully.

    I'm sorry but you really need to call your insurance company right now and reduce your coverage.

    If you lost everything I can guarantee you now they won't pay out 2 million for your contents. I know AAMI has unlimited cover for your building coverage… I use to work at WESTPAC insurance and the highest I've seen is a million for building coverage.

• 

  Lequ83 on 25/03/2015 - 19:21

  Why on earth would you do something ridiculous like that?

  I would rather take the one in a million chance of a catastrophic event and have a small loss to cover if I was slightly under insured than spending the rest of my life paying ridiculous insurance premiums I don't need and enriching others in the process. In any case, all the money I saved in not paying ridiculous premiums over the years could be saved and invested and used if they need arose.

  Also why very little excess? The chances of making a worthwhile claim on your building insurance are so low it makes much more sense to have your building insurance premium at $2,000 or even $5,000.

• 

  mskeggs on 26/03/2015 - 18:32

  It seems a lot of money on the house building.
  Could you not rebuild it cheaper if it was destroyed?
  Remember, you don't need to insure the land value, just the structure cost to replace.
  For the record, I reckon your quote is pretty good. My house is insured for less and the premium is bout the same.

  • 

    aaronaldo on 27/03/2015 - 10:09

    I agree that it seems alot, but that was generated by using the calculator they had. I have to go by their word if I don't want to do my own research I guess.

• 

  bikuta on 18/05/2015 - 09:45

  I just got a notice for a renewal from NRMA
  Home and contents
  Building: $476k (Excess: $1000)
  Contents: $35k (Excess: $500)

  Premium $1370 pa

  Seems a lot for me, but I haven't had a chance to get other quotes.