G day all , Really pissed off .I have asked every way possible on the net to ask a simple question . How much is the average amount for a 3 bedroom 2 bathroom home in Victoria with no fancy extra valuables need to allow for home contents ???? I will telll you all now that my Ins co has said to me that they insure me for $ 173000 K .I am not uncomfortable with this however at my age of nearly 70 with no Picasso,s on the walls .I am curious of my fellow nomads as to how I stand .Cheers John
Roving-Dutchy said
05:50 AM Jul 21, 2018
Over many years various insurance companies I have used seem to use a figure of about $75000 for contents insurance, this is just the part of the insurance for a combined house and contents, it doesn't seem to make much difference to the premium if you lower the value of the contents and the combined premium for a 4 bedroom home in NSW where I live on the Central Coast is in the region of $1000 pa this varies from company to company and can be as dear as $1500 and the home being around the $600.000 mark
Cheers
David
Desert Dweller said
06:25 AM Jul 21, 2018
Every year our insurance company increased the value of our home & consequently the renewal premium kept going up.
We stopped them from doing it last year. All you need to be covered for is the cost of a rebuild which in our case would be around $350,000.
Our area adjacent to Port Phillip Bay has become very trendy with ''sea changers'' from Melbourne.
They are demolishing almost every house around us & building two double story townhouses on each block.
We have constant offers of $1.3 million almost every week. It's the land that's worth the money not our house.
Our contents are insured for $50,000.
rockylizard said
08:24 AM Jul 21, 2018
Gday...
Each family has differing amounts of things to consider in their Home Contents coverage.
One needs to remember, what would be the replacement cost should the home be destroyed by fire or flood.
One needs to be aware that some (most?) insurance companies have a 'discount rate' they apply to claims - eg if the contents are under insured then they discount the actual amount they will payout ... contents actually worth $100,000 but coverage is $80,000 then they will only pay 80% of the claim even if that claim is within the sum insured.
So, whilst chasing a 'best' premium for an insured value make sure you FULLY read and understand the policy - particularly the exclusions and the "what we won't pay" clauses.
This calculator will give some idea of what YOUR contents coverage should be -
It is one that I ponder every time that our policies come due.
I have made up a spreadsheet similar to the file provided by John, but not a fancy database or whatever.
Mine has two values for each item.
- The first for replacement value
- The second for Centrelink Assets test purposes. This has each item at Fire Sale price.
I update it every time I purchase a new item or dump something.
The main issue that I wrestle with is arriving at the cost of clearing the site & re building.
rockylizard said
09:16 AM Jul 21, 2018
Cupie wrote:
SNIP~~~ The main issue that I wrestle with is arriving at the cost of clearing the site & re building.
Gday...
Cost of clearing the site is usually included in the building insurance not the contents insurance.
PS - forgot it before ... never take out building insurance and contents insurance with different companies ... if there is a need to claim - eg fire/flood - you will become the proverbial ping pong ball.
Cheers - John
Desert Dweller said
11:03 AM Jul 21, 2018
rockylizard wrote:
Cupie wrote:
SNIP~~~ The main issue that I wrestle with is arriving at the cost of clearing the site & re building.
Gday...
Cost of clearing the site is usually included in the building insurance not the contents insurance.
PS - forgot it before ... never take out building insurance and contents insurance with different companies ... if there is a need to claim - eg fire/flood - you will become the proverbial ping pong ball.
Cheers - John
Having a combined house & contents insurance policy with the same company also works out cheaper.
Warren-Pat_01 said
10:32 PM Jul 21, 2018
G'day westy,
In North Qld (& every insurance company knows it's in "Cyclone Country") we get lumbered with a bill double that of the "Great Kingdom of the SE Corner" (the last one a week ago was $2,500) for a 4 bedroom, 1.5 bathrooms house. And we are in an area that doesn't flood - even on the "Night of Noah"!
I was with RACQ Insurance in 2011-2 but they insisted we should have flood insurance so the bill went from $1200 to $2700! And for the poor victims of TC Yasi in 2011 who lived in Cardwell, RACQ insisted on using repairers who were (cheap?) & who were based in Sydney. They were too busy down south to fix peoples' houses in the north even though the victims were living in sheds, & other makeshift accommodation for up to two years!
So I went to Suncorp - cheaper but they use local contractors.
Desert Dweller said
06:10 AM Jul 22, 2018
Warren-Pat_01 wrote:
G'day westy, In North Qld (& every insurance company knows it's in "Cyclone Country") we get lumbered with a bill double that of the "Great Kingdom of the SE Corner" (the last one a week ago was $2,500) for a 4 bedroom, 1.5 bathrooms house. And we are in an area that doesn't flood - even on the "Night of Noah"!
I was with RACQ Insurance in 2011-2 but they insisted we should have flood insurance so the bill went from $1200 to $2700! And for the poor victims of TC Yasi in 2011 who lived in Cardwell, RACQ insisted on using repairers who were (cheap?) & who were based in Sydney. They were too busy down south to fix peoples' houses in the north even though the victims were living in sheds, & other makeshift accommodation for up to two years!
So I went to Suncorp - cheaper but they use local contractors.
We were happily with GIO for quite a few years until they were taken over by Suncorp. Premiums on our car, boat, caravan & house went through the roof straight away. We're not with them anymore.
KAT3 said
09:21 AM Jul 22, 2018
If you go a few pages in on below website you can calculate your contents yourself.
Insurers usually increase your contents each year, I think for inflation, however you do not need to accept this. However you do need to know you are covered for enough. Everyone is different.
I have been with Suncorp for many years and found they are good if you have to claim.
G day all , Really pissed off .I have asked every way possible on the net to ask a simple question . How much is the average amount for a 3 bedroom 2 bathroom home in Victoria with no fancy extra valuables need to allow for home contents ???? I will telll you all now that my Ins co has said to me that they insure me for $ 173000 K .I am not uncomfortable with this however at my age of nearly 70 with no Picasso,s on the walls .I am curious of my fellow nomads as to how I stand .Cheers John
Cheers
David
We stopped them from doing it last year. All you need to be covered for is the cost of a rebuild which in our case would be around $350,000.
Our area adjacent to Port Phillip Bay has become very trendy with ''sea changers'' from Melbourne.
They are demolishing almost every house around us & building two double story townhouses on each block.
We have constant offers of $1.3 million almost every week. It's the land that's worth the money not our house.
Our contents are insured for $50,000.
Gday...
Each family has differing amounts of things to consider in their Home Contents coverage.
One needs to remember, what would be the replacement cost should the home be destroyed by fire or flood.
One needs to be aware that some (most?) insurance companies have a 'discount rate' they apply to claims - eg if the contents are under insured then they discount the actual amount they will payout ... contents actually worth $100,000 but coverage is $80,000 then they will only pay 80% of the claim even if that claim is within the sum insured.
So, whilst chasing a 'best' premium for an insured value make sure you FULLY read and understand the policy - particularly the exclusions and the "what we won't pay" clauses.
This calculator will give some idea of what YOUR contents coverage should be -
https://www.wfi.com.au/insurance-tools-and-calculators/home-content
Cheers - John
This is a great question.
It is one that I ponder every time that our policies come due.
I have made up a spreadsheet similar to the file provided by John, but not a fancy database or whatever.
Mine has two values for each item.
- The first for replacement value
- The second for Centrelink Assets test purposes. This has each item at Fire Sale price.
I update it every time I purchase a new item or dump something.
The main issue that I wrestle with is arriving at the cost of clearing the site & re building.
Gday...
Cost of clearing the site is usually included in the building insurance not the contents insurance.
PS - forgot it before ... never take out building insurance and contents insurance with different companies ... if there is a need to claim - eg fire/flood - you will become the proverbial ping pong ball.
Cheers - John
Having a combined house & contents insurance policy with the same company also works out cheaper.
In North Qld (& every insurance company knows it's in "Cyclone Country") we get lumbered with a bill double that of the "Great Kingdom of the SE Corner" (the last one a week ago was $2,500) for a 4 bedroom, 1.5 bathrooms house. And we are in an area that doesn't flood - even on the "Night of Noah"!
I was with RACQ Insurance in 2011-2 but they insisted we should have flood insurance so the bill went from $1200 to $2700! And for the poor victims of TC Yasi in 2011 who lived in Cardwell, RACQ insisted on using repairers who were (cheap?) & who were based in Sydney. They were too busy down south to fix peoples' houses in the north even though the victims were living in sheds, & other makeshift accommodation for up to two years!
So I went to Suncorp - cheaper but they use local contractors.
We were happily with GIO for quite a few years until they were taken over by Suncorp. Premiums on our car, boat, caravan & house went through the roof straight away. We're not with them anymore.
If you go a few pages in on below website you can calculate your contents yourself.
https://mystate.com.au/Portals/0/documents/brochures/brochure_under-insured.pdf
Insurers usually increase your contents each year, I think for inflation, however you do not need to accept this. However you do need to know you are covered for enough. Everyone is different.
I have been with Suncorp for many years and found they are good if you have to claim.
Hope this is helpful. Have a good day.