Try getting insurance when your block of unit's title is Tenants in Common, bloody nightmare, & no claims.
What we found out that it all comes down to 3 insurance companies in Australia. All the enquiries you make go onto a central database that the insurance companies access.
If you get too many quotes you get black listed. It happened to our building. It's beside the point that it is well maintained with regular major maintenance, ie replace windows, balustrade, asbestos removal, electrical upgrades etc.
Any other industry would be fined for "sharing" information.
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Procrastination, mankind's greatest labour saving device!
50L custom fuel rack 6x20W 100/20mppt 4x26Ah gel 28L super insulated fridge TPMS 3 ARB compressors heatsink fan cooled 4L tank aftercooler Air/water OCD cleaning 4 stage car acoustic insulation.
We had most of our insurances with IGO for many years.
They were great up until Suncorp took them over.
Renewal premiums went through the roof so we gave them the ''heave ho''.
Absolutely no such thing as loyalty rewards. MAYBE many moons ago but in today's cold, heartless economy. If you dont shop around every year your crazy. Car, house, boat, van etc......and dont even talk to me about bull****e pet cover...
Consider insurance as a bucket, people throw their money in to a bucket together just in case one of the people has a loss and therefore the bucket will help cover that loss.
That is the basis of how Lloyds of London was initially formed, mainly at that point for Marine insurance for suppliers sending their product oversea, should the ship sink or be damages they could all access the bucket of money to help pay their collective losses.
Of course if there was any money left over at the conclusion of the cover would be put aside for future potential losses. That way too the cost of future cover might be reduced due to the cash on hand.
People today totally forget or ignore how costs have skyrocketed in recent years for not only building materials but also the labour to rebuild. Insurers have a responsibility to their policy holders to honor a claim. Just think how it would be if an Insurer could not pay a claim as they had no money? to pay it? That would go down well wouldn't it! It has happened though...
People also forget an Insurance company is like any other company and has costs. Those costs include wages and salaries for staff, stationary, Compliance costs paid to Governments, rental of premises, utility costs and so on. And, they have to have the resources to pay for losses attributed to fires, floods etc. Insurance companies are certainly not immune to ever increasing costs of everything.
In days gone by Insurers would place a lot of cash in the short term money market to bolster their income to be able to pay claims and even make a profit. These days not so much, the money market is very volatile and the returns are not ever guaranteed. So premiums have become their main income stream.
As an example of cost increases, one of the main stream insurers here use as the base for their motor premiums what they termed a "bucket of parts". These would typically include a bumper bar, a couple of tail lights and a panel or two. That "bucket of parts" has tripled in cost over the past decade, and that does not included the increases in wages and other basic materials needed to repair a small bingle.
Houses the same...have you tried getting a quote to do a repaint or some plumbing or electrical? What was your reaction to what the Tradie wanted? Probably a heap of huffing and puffing and thinking no way am I paying that much. Well guess what, your Insurer can't huff and puff and refuse to pay the costs, they just have to pay the prevailing market rate to comply with their requirements to pay a claim.
Just as a point of interest, Insurers know that up to 35% of household claims are fraudulent. That is the Insured set up the loss for gain. Often this cannot be proved either. One small example, to make a theft claim from a premises there has to be signed of forced entry. It is well known that it isn't impossible to find the big screen TV that went missing at a mates place down the road!
Sure shop around for your Insurance, Insurers even suggest you do. But don't whinge about what you eventually pay. You'll whinge a whole lot more if you don't get paid out because you cut corners. As mentioned above, increase your basic excess which will reduce the premium a bit. Why insist on a $500.00 excess when you do everything possible to avoid a claim? Do you really need to claim the miserable $500.00 back on the $1000.00 mobile phone you lost?
The saved premium will likely fill that void anyway.
A common phrase; "Have you ever heard a person complain about the premium they paid as they watch their house burn down?"...
Consider insurance as a bucket, people throw their money in to a bucket together just in case one of the people has a loss and therefore the bucket will help cover that loss. That is the basis of how Lloyds of London was initially formed, mainly at that point for Marine insurance for suppliers sending their product oversea, should the ship sink or be damages they could all access the bucket of money to help pay their collective losses. Of course if there was any money left over at the conclusion of the cover would be put aside for future potential losses. That way too the cost of future cover might be reduced due to the cash on hand.
People today totally forget or ignore how costs have skyrocketed in recent years for not only building materials but also the labour to rebuild. Insurers have a responsibility to their policy holders to honor a claim. Just think how it would be if an Insurer could not pay a claim as they had no money? to pay it? That would go down well wouldn't it! It has happened though...
People also forget an Insurance company is like any other company and has costs. Those costs include wages and salaries for staff, stationary, Compliance costs paid to Governments, rental of premises, utility costs and so on. And, they have to have the resources to pay for losses attributed to fires, floods etc. Insurance companies are certainly not immune to ever increasing costs of everything.
In days gone by Insurers would place a lot of cash in the short term money market to bolster their income to be able to pay claims and even make a profit. These days not so much, the money market is very volatile and the returns are not ever guaranteed. So premiums have become their main income stream.
As an example of cost increases, one of the main stream insurers here use as the base for their motor premiums what they termed a "bucket of parts". These would typically include a bumper bar, a couple of tail lights and a panel or two. That "bucket of parts" has tripled in cost over the past decade, and that does not included the increases in wages and other basic materials needed to repair a small bingle.
Houses the same...have you tried getting a quote to do a repaint or some plumbing or electrical? What was your reaction to what the Tradie wanted? Probably a heap of huffing and puffing and thinking no way am I paying that much. Well guess what, your Insurer can't huff and puff and refuse to pay the costs, they just have to pay the prevailing market rate to comply with their requirements to pay a claim.
Just as a point of interest, Insurers know that up to 35% of household claims are fraudulent. That is the Insured set up the loss for gain. Often this cannot be proved either. One small example, to make a theft claim from a premises there has to be signed of forced entry. It is well known that it isn't impossible to find the big screen TV that went missing at a mates place down the road!
Sure shop around for your Insurance, Insurers even suggest you do. But don't whinge about what you eventually pay. You'll whinge a whole lot more if you don't get paid out because you cut corners. As mentioned above, increase your basic excess which will reduce the premium a bit. Why insist on a $500.00 excess when you do everything possible to avoid a claim? Do you really need to claim the miserable $500.00 back on the $1000.00 mobile phone you lost? The saved premium will likely fill that void anyway.
A common phrase; "Have you ever heard a person complain about the premium they paid as they watch their house burn down?"...
Yep that is reality. What's more it never ceases to amaze me the lack of pro-action in order to mitigate risks and by default insurance claims. We are told over and over
to lock our car. We have insurance companies who offer home insurance checking every dot and crossing every Ts in order to mitigate the risk
should a thief break in, smoke alarms etc. Yet we do not do the same for 'natural' disasters. Maybe, just maybe one day we will have pollies who are genuinely interested
in the welfare of the electorate instead of spending 3 years or so making sure they are re-elected. Quick example - the turn around in funding for the
people of Qld who are the victims of floods. First NO, fact check (we need more support, we could loose.) will increasing the funding do? Fact check Hope So?
Consider insurance as a bucket, people throw their money in to a bucket together just in case one of the people has a loss and therefore the bucket will help cover that loss. That is the basis of how Lloyds of London was initially formed, mainly at that point for Marine insurance for suppliers sending their product oversea, should the ship sink or be damages they could all access the bucket of money to help pay their collective losses. Of course if there was any money left over at the conclusion of the cover would be put aside for future potential losses. That way too the cost of future cover might be reduced due to the cash on hand.
People today totally forget or ignore how costs have skyrocketed in recent years for not only building materials but also the labour to rebuild. Insurers have a responsibility to their policy holders to honor a claim. Just think how it would be if an Insurer could not pay a claim as they had no money? to pay it? That would go down well wouldn't it! It has happened though...
People also forget an Insurance company is like any other company and has costs. Those costs include wages and salaries for staff, stationary, Compliance costs paid to Governments, rental of premises, utility costs and so on. And, they have to have the resources to pay for losses attributed to fires, floods etc. Insurance companies are certainly not immune to ever increasing costs of everything.
In days gone by Insurers would place a lot of cash in the short term money market to bolster their income to be able to pay claims and even make a profit. These days not so much, the money market is very volatile and the returns are not ever guaranteed. So premiums have become their main income stream.
As an example of cost increases, one of the main stream insurers here use as the base for their motor premiums what they termed a "bucket of parts". These would typically include a bumper bar, a couple of tail lights and a panel or two. That "bucket of parts" has tripled in cost over the past decade, and that does not included the increases in wages and other basic materials needed to repair a small bingle.
Houses the same...have you tried getting a quote to do a repaint or some plumbing or electrical? What was your reaction to what the Tradie wanted? Probably a heap of huffing and puffing and thinking no way am I paying that much. Well guess what, your Insurer can't huff and puff and refuse to pay the costs, they just have to pay the prevailing market rate to comply with their requirements to pay a claim.
Just as a point of interest, Insurers know that up to 35% of household claims are fraudulent. That is the Insured set up the loss for gain. Often this cannot be proved either. One small example, to make a theft claim from a premises there has to be signed of forced entry. It is well known that it isn't impossible to find the big screen TV that went missing at a mates place down the road!
Sure shop around for your Insurance, Insurers even suggest you do. But don't whinge about what you eventually pay. You'll whinge a whole lot more if you don't get paid out because you cut corners. As mentioned above, increase your basic excess which will reduce the premium a bit. Why insist on a $500.00 excess when you do everything possible to avoid a claim? Do you really need to claim the miserable $500.00 back on the $1000.00 mobile phone you lost? The saved premium will likely fill that void anyway.
A common phrase; "Have you ever heard a person complain about the premium they paid as they watch their house burn down?"...
Spoken like an old Insurance Broker..........just dig deeper every year.
The problem is that some people will not be able to afford the insurance premiums. If they then get hit by severe weather events, which are increasing due to climate change, then they probably won't be able to rebuild and will have to sell and rent. Thus pushing them further into poverty.
It's a vicious cycle which the government doesn't appear to be addressing.
The problem is that some people will not be able to afford the insurance premiums. If they then get hit by severe weather events, which are increasing due to climate change, then they probably won't be able to rebuild and will have to sell and rent. Thus pushing them further into poverty.
It's a vicious cycle which the government doesn't appear to be addressing.
Renting is getting almost impossible as well. Rental properties in our region are at .7%. Many regions are similar.
There needs to be more incentive for owners to rent out properties. Previous political proposals to cut some of the CGT benefits have made investors nervous. Make it more profitable and investors will return.
Then there is the relatively recent change with pets and tenancies. I don't know if it is all Australia, but in NSW and Victoria, owners must now have a good reason to exclude pets. That is a disincentive to lease their properties. Years ago, it cost me a lot when prospective tenants assured me that their pet was an outside dog. When they moved out I discovered it had been weeing on the carpet and they had a cat as well which had clawed the carpet and curtains in various places. I took them to the tribunal but was awarded only a small portion of what it cost me. So I changed tack and put the place on the market rather than get caught again. How many owners have done the same since that change?
Try getting insurance when your block of unit's title is Tenants in Common, bloody nightmare, & no claims.
What we found out that it all comes down to 3 insurance companies in Australia. All the enquiries you make go onto a central database that the insurance companies access.
If you get too many quotes you get black listed. It happened to our building. It's beside the point that it is well maintained with regular major maintenance, ie replace windows, balustrade, asbestos removal, electrical upgrades etc.
Any other industry would be fined for "sharing" information.
Price fixing, cartels and anti competitive trading is illegal in Australia, regardless of the industry, and is vigorously pursued by the ACCC
