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Rising house insurance costs

Discussion in 'The Pub' started by spruce, Mar 12, 2012.

  1. So, to my surprise I opened my house and contents renewal the other day. It has gone up by 25% on last years. That's right, 25%.

    I don't live in a flood area. I have not made a claim EVER. I simply am shocked it could go up by that much, despite all the natural disasters yada yada.

    So, how do you feel about the fact that people who chose not to live in a flood area, and who never make a claim, are facing a huge rise in costs anyway?

    Doesn't seem fair to me. (Yes, life is not fair I know). :cry:
  2. Mine the same. Never claimed, not a flood or high fire risk area.

    Premiums have doubled in 3 years

    Not happy jan...

    Sent from over there
    using Tapatalk
  3. Funny, i got a letter from my insurer letting me know I am now covered universally for free for all types of flood. Funny thing is I don't live in a flood prone area at all so a little over the top. As for the price of insurance well remember they are a company like all others and they have to recoup their losses which in the last 3 years have been significant. Not excusing it but that's the reality.
  4. I understand they have made losses over the last 3 years, which is fair enough.

    But what happened for the years before that? Shouldn't their good years even out their bad? Not their bad years be evened out by price rises. Sucks.

    Oh well, I went with someone else who was $200 cheaper, so not too bad.
  5. I do not understand insurance premiums. I just went from a renting a Bayside suburban flat to a house in what is considered a high fire risk area (Bendigo outskirts) and my premium went down. Confused? I am.
  6. You're not with Fire Robbery Automobile Union Defence are you?
  7. unfortunately that's the name of the game. The've had to pay out big time in some regions and are now just recouping their losses. Your premium may have gone up 25% and I'm sure mine will too, but those poor buggers who've been flooded out will likely see increases of 100% and that's even if they can find someone to insure them now.
  8. mine went up 50%, never made a claim, specifically bought a house on top of a hill so when the icecaps melt we're in a beachside suburb.
    I'm changing companies. found one thats less than the last premium just need to go through the details and make sure we're covered where we need to be.
  9. my last renewal saw a significant increase...never made a claim, however I have a creek behind which hasn't flooded before but may be a risk some time in the future (more housing developments causing more storm water divert into the creek). Anyway, disregarding that fact, I thought I'd do an online quote with the same company...increased my contents by 100% but kept everything else about my last policy the same. It came in at the same price I originally paid 2 years earlier...which was about $150 cheaper than the renewal. To clear my confusion, I called them up and asked how that could be...they couldn't tell me either but gave me the whole speech about "due to recent events...etc etc". So I questioned them...if I cancelled my current policy with a $150 price hike and went with the new online one at $150 less, what difference would it make to my policy. The lady didn't know the answer, put me on hold to speak to a manager and came back with a new policy...at a cheaper rate than the new online policy with a higher contents. Win win for me!

    So if your policy goes up, do a new one online, if it's cheaper with all the same boxes ticked...question them! If they don't give you a better rate, cancel your current one and go with a new one. It's not like we get Rating one or anything for it do we?
  10. The Price hikes in North Queensland have been Eye watering, my In laws own a fairly modest 3 Bedroom Brick house in Cairns, There Insurance renewal has gone up to over $3000 this year. Cyclones and Flooding being the Insurance companies get out of Jail Card. When they were doing the ring around for quotes it was surprising how many Insurance companies wouldn't provide coverage for the Region.

    Compare that to my place here in Launceston Tasmania, 3 Bedroom Timber home, roughly the same size and price for replacement, our renewal was $370 for the year.
  11. You cant really compare building a timber house in launceston to building a brick house to cyclone code in cairns. (unless you've done the research)..
    And theres not much chance of Tas getting hit by a cyclone.
  12. Sorry, I chose my wording poorly, just trying to highlight the differences between areas, the massive differences in Insurance costs. considering the approx replacement costs of each home (according to the Insurance companies estimates) are very similar to each other.

    I used to live in Cairns, my Wife and I were renting and just the Contents insurance for us was over $500 a year, now down here we pay less than that for full house and Contents insurance.

    We were expecting a Insurance hike because of all of the Natural Disasters, but the difference for us this year to last was less than $20

    I really feel for the folks in these disaster areas, they have the disaster, and while trying to recover they get kicked in the balls again with all the Insurance costs and excess's all getting massively hiked.