Jump to content

Home and Contents Insurance premium increase


  • Please log in to reply
31 replies to this topic

#1 Chalkie

Posted 26 March 2012 - 09:15 PM

ohmy.gif

Just received my insurance renewal today for home and contents insurance.

I nearly fell over.


Our premium has increased by 30%.  Last year we had a 20% increase and I thought that was horrible.

We live in Sydney, have never had a claim.  I think the sums insured are about right - and they have increased a little with indexation - but around 3% - not 30%.

The worst bit is that I have spent a couple of hours seeking other quotes from insurance providers and I cannot beat the current provider.

Next step is to increase my excess to see if that will reduce it a little.

Just wondering if anyone else has seen a huge increase this year?  Or did we somehow have cheap insurance before and now it is catching up?

#2 laridae

Posted 26 March 2012 - 09:28 PM

Yes - mine have gone up about 25%.  There were a lot of disasters last year.  I think everyones has gone up.

Kinda one of those things you just have to pay though.
Currently getting my house repaired under insurance after a water pipe started leaking in the wall.  1 room needed the wall replastered, 2 rooms
(downstairs) needed the ceiling re-plastered as they went moldy. All 3 need repainting & also part of the outside does.  Pretty sure it would cost more than I've paid in insurance so far to get it fixed, so I don't mind so much.

#3 FeralPerthFembo

Posted 26 March 2012 - 09:29 PM

Same here. Went up 20-25% last year, and then another 30% this year.

Both years I did a ring around and couldn't get a much better deal sad.gif


#4 dessiesgirl

Posted 26 March 2012 - 09:36 PM

Haven't had our renewal yet, but having been through a house fire 18months ago, i would happily pay double whatever they ask for!!

Haven't had our renewal yet, but having been through a house fire 18months ago, i would happily pay double whatever they ask for!!

#5 Chalkie

Posted 26 March 2012 - 09:38 PM

Thanks for the replies - at least I am not alone in my misery.

It is something that I won't do without, and I don't want to change the cover amounts, but I was shocked by the increase.

I suspect it is a combination of natural disasters here and overseas (Japenese tsunami and NZ earthquakes for example) as well as the cost of funding for insurers due to the European issues.  But even though I can understand why funding costs have increased - I am still gobsmacked by the extent of the increase.

I guess I am fortunate as I can afford to pay for it - but I am so worried about my pensioner income parents - how on earth are they going to afford such an increase on top of all the other utility increases?

Crazy.

Thanks again for your reponses, it is at least somewhat comforting to learn that our household wasn't singled out!

#6 Chalkie

Posted 26 March 2012 - 09:40 PM

QUOTE (dessiesgirl @ 26/03/2012, 10:36 PM) <{POST_SNAPBACK}>
Haven't had our renewal yet, but having been through a house fire 18months ago, i would happily pay double whatever they ask for!!


Sorry you have gone through that and thank goodness you did have insurance.

I wouldn't consider dropping ours, but I am still shocked at the increase.

#7 Spring Chickadee

Posted 26 March 2012 - 09:48 PM

Mine hasn't gone up by anything noticeable in the last 2 renewals , I'm with real insurance.

#8 Chalkie

Posted 26 March 2012 - 09:53 PM

Thanks Springchickadee I will look into them, I have only been phoning the major ones, GIO, NRMA, AAMI etc.



#9 FEdeRAL

Posted 26 March 2012 - 10:01 PM

Yep. Ours went up 25% too this year - the insurer decided to add floor cover to their home & contents. I got a few quotes online and all were comparable (within $50 difference) - some didn't even cover flood.

#10 Snack

Posted 27 March 2012 - 04:36 AM

mine went up 47% last year - I am in QLD so of course they used everything that happened here as an excuse.  I removed a few of the "extras" from our policy to get the cost down - the policy was almost $1500 - I nearly died ! I increased the excess, and lowered the overall value of the policy.

#11 Chalkie

Posted 27 March 2012 - 06:39 AM

Eek Snack 47%!!  I am going to phone today and see if I can reduce it a little by upping the excess.

Ours is over $1,500 but we have a fairly high sum insured which I think is fair due to the value of the home - we spent more than the insured amount on renovating so I have an idea of how much it would cost to do a total rebuild (less than renovating per square metre, but also the pool and garage etc) so I think the insured amount is OK.  We only have a small excess on the policy, must have put that there when we first took it out, so will up that a bit.


#12 fi73

Posted 27 March 2012 - 06:47 AM

Hi
Ours went up $500 from last year,I had made no claims so rang them up to talk about why it had gone up so much,.I understand about all the floods and natural disasters and realise some of the increase was due to these factors.However when I mentioned that I could get similair cover with another company for same price they were quick to reduce the premium by $400.It is always worth ringing them and speaking to them about the premium.
Fiona

Edited by fi73, 27 March 2012 - 06:47 AM.


#13 ~Sorceress~

Posted 27 March 2012 - 06:48 AM

I just paid our renewal yesterday after phoning around and being unable to beat it sad.gif . Just horrible sad.gif .

#14 Froggilicious

Posted 27 March 2012 - 06:51 AM

There has also been legislation change that came into effect feb 1 that now all insurance agencies must cover flood. So this may have an effect. I know I'm not looking forward to our renewal as we're in a high risk area. I have heard of one pensioner who's premium went up $1000, so she had to drop her insurance.

#15 Bluenomi

Posted 27 March 2012 - 08:10 AM

Apparently they reassess the price of home insurance in January so that's why people who have gotten renewals in the past few months have seen a big jump. Ours isn't due until November but I suspect it will be going up thanks to various floods, earthquakes etc.

It sucks but it is cheaper than paying for a new house if something happens to it

#16 samshine

Posted 27 March 2012 - 08:21 AM

We got our renewal late last year and it had gone up nearly 40% - we are in Tas.  

Over 4 years it had increased from $500 pa to $1300 pa - an $800 rise.  I understand with the recent events some increase, but not that much.  Interestingly my parents have a property, 4k down the road comparable size, contents and position and are with the same insurers yet their premium came at the same time, $400 cheaper.  Our insurance company weren't able to explain the discrepancy so we changed insurers.  

We ended up finding a policy $400 less with better cover.  So do try ringing around.  Good luck.

#17 Guest_bottle~rocket_*

Posted 28 March 2012 - 09:30 PM

We got our renewal recently and it went up 20% - so not too bad compared to PPs.

It was enough for me to shop around, although I haven't found anything much more competitive.

We do without accidental damage cover for contents as that seems to add quite a lot to the premium.

QUOTE (Froggilicious @ 27/03/2012, 07:51 AM) <{POST_SNAPBACK}>
There has also been legislation change that came into effect feb 1 that now all insurance agencies must cover flood. So this may have an effect. I know I'm not looking forward to our renewal as we're in a high risk area. I have heard of one pensioner who's premium went up $1000, so she had to drop her insurance.


That would explain why our insurance company added it to their cover - they didn't mention it was a legal requirement funnily enough!

#18 canuckmel

Posted 30 March 2012 - 07:14 PM

QUOTE (Chalkie @ 26/03/2012, 09:38 PM) <{POST_SNAPBACK}>
I guess I am fortunate as I can afford to pay for it - but I am so worried about my pensioner income parents - how on earth are they going to afford such an increase on top of all the other utility increases?


I work as a financial planner and it's scary how many of my older, pensioner clients have had to drop insurance altogether as they can't afford it.

I hate insurance, it's one of those expensive necessary evils I hate dealing with.


#19 lovemybabies

Posted 30 March 2012 - 07:24 PM

My renewal was over $2000! So I swapped to budget. Saved myself over $600 and have a lower excess. Took great pleasure in telling my insurance company of 15+ years, that I wasn't renewing with them and when they asked why I told them I was sick of having to ring them and squabble over the premiunm (I did alternative quotes last year and my company agreed to meet their price) and that they should take care of their existing customers. Not that it will make any difference but it made me feel good.



#20 Lifesgood

Posted 30 March 2012 - 07:32 PM

There was an item on ABC 7.30 tonight (the NSW edition) as premiums have risen so much this year.

#21 melhoneybee

Posted 01 April 2012 - 08:53 AM

Our home and contents insurance and car insurance for 2 cars all went up by around 25% despite us never claiming. We shopped around, found a better deal which saved us $1000 a year and swapped everything at once.
After calling the place we were insured with to cancel they offered us discounts but were still more than the one we moved to

#22 KylieY

Posted 01 April 2012 - 09:03 AM

Mine has gone up $150 and I thankfully found another provider that came in at a reasonable price. My girlfriend got her renewal on Friday and it had doubled!

#23 hopeful81

Posted 01 April 2012 - 09:32 PM

Just got ours with a huge increase. Eeek  ohmy.gif

We've made no claims and aren't in an area that floods. I think they are having to up the price to cover some of their payouts from the last 12 months or so.

#24 belwu

Posted 01 April 2012 - 10:13 PM

You should also be aware that there are a stack of taxes (state & federal) on your insurance - a lot of people aren't aware of this

#25 paris-stella

Posted 05 April 2012 - 05:15 PM

I got my renewal and it went up by nearly 30%. I rung my insurer (GIO) and explained how long I had been with them and I had never made a claim etc etc and they reduced the premium without reducing the cover. In the end they got it down to cheaper than what it was last year.

It cant hurt to ring your insurance company and ask for a discount. By ringing them I saved over $300.00 a year.




1 user(s) are reading this topic

0 members, 1 guests, 0 anonymous users

 

WIN an exclusive performance from Sam Moran!

To celebrate the release of children?s musical series Play Along with Sam, out now on DVD, we?re giving one lucky parent the chance to have Sam perform at their child?s pre-school or day care!

The myths and truths of gender swaying

Here are a few popular methods hopeful parents-to-be use to try to get a baby of their preferred gender – and what an expert says about whether they really work.

10 easy DIY Christmas decoration ideas

It's officially time to get into the Christmas spirit. Why not branch out when you put up your tree this year and add a personal touch with a few DIY decorations? We've found the perfect easy-to-make ways to put more festive fever into your home.

The dangerous new trend of glucose challenge test refusal

A dangerous trend is seeing more mothers-to-be declining a relatively simple and painless test to check for gestational diabetes.

Office of Fair Trading reveals naughty toys ahead of Christmas

The Office of Fair Trading has pulled seven toys from shelves ahead of Christmas after they fail safety tests.

Video: Baby boy's trouble with twins

These twin girls will no doubt have fun fooling people in years to come, but nobody will be as confused as baby Landon.

Long-term reversible male contraceptive on its way

Men could soon have access to an injectable long-term contraceptive which works in a similar way to a vasectomy but promises to be easily reversed.

'I tried to kill my baby': one mum's story

After bathing and dressing her three-month-old son, Amanda had a rare moment alone with her baby.

Attack of the 'mummy brain'

I feel that almost every day, someone in my life - be they a friend, family member or complete stranger - feels the need to excuse my behaviour as I have other things on my mind.

Mum of baby who fell ill after drinking raw milk speaks out

A Melbourne mother has described how her son turned grey when he became seriously ill after drinking raw milk.

Australian divorce rate lowest since 1976

Modern newlyweds are now well into their 30s and marriage still offers something powerful a new book argues.

The aftermath of a traumatic birth experience

In Australia, 30 per cent of women find their birth experience traumatic, with 6 per cent going on to develop post traumatic stress disorder (PTSD).

Young mum burns 'from inside-out'

A young mum is in intensive care after she took a friend's antibiotic and wound up with an ailment that is burning her body 'from the inside-out'.

The disagreement that can break a relationship

If he doesn't change his mind, all I can hope is that I will. It would be a waste to spend the rest of my marriage mourning a baby that never was.

Co-sleeping or no-sleeping? Mum videos worst nap ever

One mother's futile attempt to sleep in caught on camera in a hilarious - and very cute - video.

Why children misbehave during the festive season

While we all like to imagine the holiday season as being a fun, loving and bonding experience; often our reality is quiet different.

I was fat-shamed by my doctor

The fear of being weighed is the most significant factor in women cancelling medical appointments - and now weight-shaming has happened to me.

End of an era: no more childcare

As we reach the end of 2014, we're closing the book on many things for another year, most notably childcare. Our last child has attended childcare for the very last time.

The 7-year itch is more like the 10-year itch: study

Contrary to popular belief, making it past the seven-year mark doesn't mean your marriage will be smooth sailing from there on.

Stop telling us that parenting gets harder

I’m sure that parenting will get harder. But life isn’t exactly smooth sailing for many of us right now, either.

Should children be forced to sit on Santa's lap?

We teach kids it’s okay to say no if they don’t feel safe, so why do some parents force their children to climb in to Santa's lap?

Download now: Essential Kids Activity Finder app

Got bored kids? Quickly find the best activities for kids wherever you are in Australia with the Essential Kids app.

 
Advertisement
 
Advertisement
 
 
 

What's hot on EB

Baby born weighing almost 14 pounds

Yes, the bouncing baby girl was born by caesarean section. And mum says no more kids.

The dummy debate

I'm the first to admit that when I used to see tiny babies with dummies in their mouths, I thought "Hmm, lazy parenting." And now I apologise.

WIN an exclusive performance from Sam Moran!

To celebrate the release of children?s musical series Play Along with Sam, out now on DVD, we?re giving one lucky parent the chance to have Sam perform at their child?s pre-school or day care!

'I thought I was an only child'

Imagine meeting your double at a school sports event, or regularly being mistaken for someone you haven't met. Separated twins Margaret and Joy tell their story.

Mums reveal their nappy bag essentials

Ever wondered what other mums carry in their nappy bags? We have, so we asked mums to tell us their must-have nappy bag items.

Toddler died because he wasn't given antibiotics soon enough

A 15-month-old boy would almost certainly be alive today if doctors had given him antibiotics sooner, a coroner has ruled.

VIDEO: moment a toddler falls on to train tracks in Melbourne

Shocking footage has emerged capturing the moment a pram carrying a toddler rolled off a platform and onto train tracks in suburban Melbourne.

Sold on natural birth? Read the fine print

In the excitement and anticipation of a first pregnancy, I ignored the fine print: some women, some of the time.

Child with alcoholic mum who drank while pregnant won't win pay-out

A young child is not entitled to criminal injuries compensation after her mother drank excessively while pregnant.

Superbugs killing India's babies, posing wider threat

A deadly epidemic that could have global implications is quietly sweeping India, tens of thousands of newborns dying because antibiotics no longer work.

Can you teach a toddler to sleep in?

Parents share their tips on getting their early risers to sleep in, even for just a little bit longer.

Keeping your relationship on track as new parents

About 70 per cent of couples experience a slump in their relationship within three years of having a baby. Here's how we tried to get back on track.

America's favourite baby names of 2014

Americans are turning to television, Netflix and sports for ideas for what to name their wee ones.

Carers admit to force-feeding children

As Sydney grieves the loss of Sydney siege victims Katrina Dawson and Tori Johnson, reports have suggested that both died as heroes.

 

How many weeks til Christmas?

On your To-Do list

Get the "Santa" shopping done without the kids in tow.

 
Advertisement
 
 
Essential Baby and Essential Kids is the place to find parenting information and parenting support relating to conception, pregnancy, birth, babies, toddlers, kids, maternity, family budgeting, family travel, nutrition and wellbeing, family entertainment, kids entertainment, tips for the family home, child-friendly recipes and parenting. Try our pregnancy due date calculator to determine your due date, or our ovulation calculator to predict ovulation and your fertile period. Our pregnancy week by week guide shows your baby's stages of development. Access our very active mum's discussion groups in the Essential Baby forums or the Essential Kids forums to talk to mums about conception, pregnancy, birth, babies, toddlers, kids and parenting lifestyle. Essential Baby also offers a baby names database of more than 22,000 baby names, popular baby names, boys' names, girls' names and baby names advice in our baby names forum. Essential Kids features a range of free printable worksheets for kids from preschool years through to primary school years. For the latest baby clothes, maternity clothes, maternity accessories, toddler products, kids toys and kids clothing, breastfeeding and other parenting resources, check out Essential Baby and Essential Kids.