Recently, youi declined to renew our insurance policies as we've moved to an area (north Queensland) they deem too risky (supposedly the suburb is flood prone according to flood modelling experts, but has never encountered a flood; though the city in general can be affected by cyclones). I've rung around the key insurers as well as some of the (cheaper) online insurers (who are deeming the area we live in the same risk as youi are and declining to offer insurance), chasing the insurances we need. Only the key insurers (Westpac, RACQ, Suncorp) will consider insuring us. The average cost is $76 a week to be covered. That's before we do the car insurances. I have $36 left over in our budget per week so don't have enough for $76. I've dropped the amount we are being insured for to less then half to be able to afford it but it's still out of our reach. I can't see where in my budget I can cut anything else from. I haven't been able to secure work yet, though, goodness knows it's not from a lack of trying. My finance guy has even looked at my budget to see where we can pare from but there's just nothing left I don't want to not have insurance but just can't see how we can afford it. What do you do? How do you afford it?
12 Replies
all we can afford is AAMI's theft and fire renters insurance it doesn't cover much but i figure its better than no cover at all if something did happen.
Oops, replied to wrong post.... You can get renters insurance? What is that? & can you only get covered for fire & theft for contents? or is that for your cars?
yes, its for your contents http://www.aami.com.au/home-insurance/renters-insurance
Reposted on the facebook site too and hope it helps! x
https://www.facebook.com/Theimperfectmum/posts/652051771528123?stream_re...
Kelly, I like that you put this link here. It makes it so much easier to go in and find everyone's very helpful comments against my post. This is great. Thanks ;)
You can get renters insurance? What is that?
We are with Aami in Cairns to cut back on our monthly payment we put our excess up to $1000. We also have contents and a car with them which gives us a discount as well
I have stated an excess of $500 because I know I could pay that; I'm not sure about raising to $1000 but certainly worth considering. Thanks!!
Yes, I have tried my local bank but they come in at that average amount I quoted. It's very interesting to hear that youi are still letting people hold policies in Cairns. I'll have to ring them and question it maybe. I have taken it at face value. Perhaps there is some negotiating can be done.
A broker is a good idea, thank you.
I can't help but I need to put my 2 cents in.
I find it disgusting that insurance companies refuse to cover you because you're in a flood prone area.
What are insurance companies for then? Money hungry corporate greed! The government need to put a stop to this!
These companies make plenty of money off Aussies like myself who are fortunate enough to not have had to make a claim during the time I've held insurance. I have given them over $40,000 in 10 years for cover I have yet to use on my cars and home.
I feel bad for you :(
Have you tried CGU? You can pay annually, monthly or fortnightly on your selected day and you don't pay extra. You can also separate home and contents in two different policy levels (if you want) and increase the excess separately for each policy. If you have an event and claim for both you do pay two excess amounts but it means that you are insured.