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 #LG

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

 

Heartwarming prank gives single mum the house she was hired to clean

Cara Simmons arrived at work to clean a large and beautiful house in time for a party planned for that evening. It was soon hers.

Why we should stop telling new parents to 'enjoy every moment'

A few weeks ago, some dear friends of mine had their first baby. As the proud dad texted me a picture I had to fight the natural instinct to say “Enjoy every moment!”

Transgender dad breastfeeds his babies

A transgender man who breastfed his first baby - despite having his breasts removed as part of his transformation from female to male - has now had a second child.

Couple face $1 million medical bill and bankruptcy after babymoon birth

A Canadian couple were slammed with a million dollar medical bill after their daughter was prematurely during their babymoon.

Win one of 5 Little Tikes Cozy Coupe Sport

Australia?s No 1 selling car is now available in a Sports model and we have 5 to give away to some lucky Essential Baby families.

Cigarettes, junk food dominate supermarket sales growth

One in every five dollars spent at supermarkets goes on cigarettes or junk food, according to industry data.

Teacher under fire for breastfeeding in class

There is no doubt mums have a right to continue breastfeeding after they have returned to work, but one teacher in the US has taken it to the extreme.

Video: Baby sniffs beardless dad to make sure it's him

She looks him up and down and then touches his chin, but baby Lindsey still isn't sure this clean-shaven man is her dad.

The tragedy of losing a favourite teddy bear

We were green and uninitiated, perhaps a little naïve when it came to the favourite toy responsibility.

It's possible to workout while pregnant

Medical experts say intense fitness routines can be done safely during pregnancy - if the mums-to-be follow some guidelines.

Baby for Asher Keddie and Vincent Fantauzzo

Fans followed every step of her on-screen pregnancy in Offspring, now Asher Keddie is going to be a mum in real life too.

What parents really want for their kids

Are our hopes, dreams and expectations for our children what they really need?

'I had a feeling something was seriously wrong': the fight for Kaden's diagnosis

Before even giving birth, Katie Myers' maternal instincts warned her something was wrong with her baby.

When your pregnancy causes a relationship rift

Some dads-to-be don't miss a beat when their partner is pregnant; others struggle with a range of issues and can become withdrawn, right when their support is needed most.

Couple uses group photo trick to announce pregnancy to loved ones

Katharine and Kris Camilli devised a clever trick to immortalise their family and friends' reaction to their exciting pregnancy news.

Why Tracey Spicer has given up make-up

"After 30 years on television, I had become what I despised: a painted doll who spent an hour a day and close to $200 a week putting on a mask."

Empowering bikini photo of 46-year-old mum goes viral

When a group of teenagers made rude remarks about her body as she walked past them in a bikini at the local beach, Julie Cross refused to cover up.

Devastated widow discovers she's pregnant the day before husband's funeral

They had been trying to conceive a baby for seven years. Tragically Kristy Kirchner found out she was pregnant the day before her husband Royce's funeral.

Win a family pass to Disney Live!

We have 4 family passes to give away to see Disney Live! presents Three Classic Fairy Tales, touring Australia this December/January.

Gabriella Goat sues Peppa Pig

Every toddler's favourite television pig is being sued by an Italian woman who shares a name with a Peppa Pig character.

Meet the Mpregs, the male pregnancy enthusiasts

"Men can't have babies - that's something only women can do! But our community is full of like-minded people who wish otherwise."

Your new motherhood survival kit

Forget about the bright, pretty baby things - while you're in survival mode, all you'll need are the essentials.

More than 100,000 cars recalled globally after death of pregnant woman

The announcement of a mass recall comes as Malaysian police investigate the death of pregnant woman in July.

I had a 'good baby' but still suffered from postnatal depression

I had a much wanted precious baby girl, a 'good baby' who slept well, self settled and was mostly content. It just seemed implausible to think I could succumb to depression.

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

Win one of 5 Little Tikes Cozy Coupe Sport

Australia?s No 1 selling car is now available in a Sports model and we have 5 to give away to some lucky Essential Baby families.

Join PADDINGTON on the red carpet!

To celebrate the release of PADDINGTON, we are giving five lucky winners the chance to win a family pass to the exclusive Australian Premiere in Sydney on December 7!

Knowing you are one of the lucky ones

I am secure, confident and strong, but the responsibility of protecting my children can almost bring me undone.

Why I am so emotional now I have kids?

There are so many ways in which parenthood changes us as women, but one of the most noticeable, for me, has been the changing state of my emotions.

Baby survives despite sharing womb with 'foreign body'

Baby Maia was conceived against the odds, only to find she was sharing a womb with an ominous "foreign body".

Video: Baby shows dog how to jump - or vice versa

They say dog is man's best friend, but this playful pooch seems to have chosen a jumping baby as her number one buddy.

10 ways to soothe a crying baby

New paernts can get frustrated when their newborn gets fussy and can't settle down. When you're feeling overwhelmed, try some of these simple tips to help soothe your baby.

20 baby names that are becoming more popular every year

The data-lovers at nameberry.com have been at it again – this time, they’ve discovered the names that are continually rising up the ranks, ready to take out some top spots in the next few years.

10 great meals to make for new parents

Ideally, you want to give food that isn’t expensive to make, isn't too difficult to create, and freezes well; stews, bakes, soups and pasta sauces are perfect.

'It's not you, it's me': Boston bombing survivor mum to have leg amputated

Rebekah DiMartino is going through a break-up. She even wrote a farewell love letter. But it's not to her husband.

What it's like to go through early menopause

In a cruel twist, Carla had been breastfeeding and perimenopausal at the same time. But she's far from the only one to go through menopause early.

Restaurant served alcohol to two-year-old

Busy restaurants can be forgiven for getting food and drink orders mixed up from time to time, but not when the confusion leads to a two-year-old being served an alcoholic cocktail instead of the child-friendly beverage they ordered.

Julia Morris tells of miscarriage on a flight

Julia Morris has spoken about the devastation of suffering a miscarriage while on an international flight.

Woman's survival after birth 'a story of two miracles'

A US mother is home and tending to her new baby less than a month after surviving without a pulse for 45 minutes.

Eating ice may give mental boost to the iron deficient: study

A new study proposes that, like a strong cup of coffee, ice may give those with insufficient iron a much-needed mental boost.

Tiny lives in caring hands: Thank U NICU Day

Each year in Australia, over 40,000 newborns need the help of a special care nursery or neonatal intensive care unit. One day a year, the staff are honoured by the parents they help through those dark days.

I paid $50,000 to have a girl

This time my husband and I hadn't taken any chances. We had paid $50,000 and travelled 13,000 kilometres to make sure the baby growing inside me was female.

Weird pregnancy products

Some pregnancy products come to market and are just awesome. Others just leave you scratching your head.

Dear firstborn, I'm sorry

Being a first-time mum is tough for so many reasons – particularly because you really have no idea what you're doing.

A trace of sesame could kill my son

Helen Richardson son's had two anaphylactic reactions in a month. It's traumatic for everyone.

When you know before the test says yes

It wasn't a pregnancy test or missed period that told me I was pregnant with my second baby; it was too early for those things. A doner kebab told me I was going to be a mum again.

What not to do when your partner is in labour

Robbie Williams stole the show during his wife Ayda's labour, pretty much demonstrating everything on the "what not to do when your partner is in labour" list.

Best maternity swimwear and beach cover-ups

Thinking about a tropical babymoon but have nothing to wear? Here are some great swimwear and beach cover-up options for mums-to-be.

Dad breastfeeds his babies

Trevor Macdonald has now been pregnant twice, and is successfully breastfeeding his newest family member.

 

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.