Just got a insurance renewal from budget direct.
Premiums have increased from $700 to $1050. Value insured for has gone from 520k to 550k and did not make a claim last year (or ever actually) but it amounts to a 50% increase.
Had a bit of a look elsewhere and yeah really can't find anything better so sounds like it's just more expensive across the board.
I mean insurance costs have definitely faster than CPI in recent years but can anyone explain why it's increased so much this year?
Ppl often complain about the rises in premiums ,but rarely read the PDS.Sometimes there's a hint in there.
Read somewhere a quote is cheaper if you make it for 32+ days in advance.
No idea if it checks out.
When my property is appreciating by 15%-20% ever year as it currently is and has I am not thinking about $2000 insurance. That shit is peanuts. Perspective…
Now this is the dumbest ideology. Your land value appreciates not the house. Keep justifying and they will happily rip you off.
how doi we calculate the home insurance amt we need ?
I wish my was that that cheap my is on avg 6000 to 12000 just happy is not much more then 6 I live in Townsville in brick less then 10 year home did not flood in 2019 never any think happen dream off pay 1050
That’s how every business operates in Australia. They either rip their customers or shutdown their businesses.
People are too dumb in Australia, they will keep explaining why it is justified to get ripped off 😂
For OP, use online quotations from 10 insurance companies and go with the best value. Repeat this process every year for each and every insurance policy. This is the ONLY way to save or else join the queue of dumbos.
i thought it was just me, but yeah my Home and contents renewal jumped from $2300 to $3200. I've got quotes from 8 other companies , most of which come in at $6k-$8k!!!
It's all nuts
Budget Direct pumped my premium up from $833 to $1047. Shopping around - everyone starts of nearly double that. Qantas was an interesting option, probably one of the more competitive and with some bonus points that could cover a couple of flights if I had the time to take them. Compare the meerkat was woeful, all up around the 2K mark even after jacking up the excesses…even their quote from BD was higher than what my renewal was.
so I logged into BD and pushed the building insurance excess up to $5k and the premium was back down to $800 again.
If you stay with the same company they consider it a lazy tax.