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Home insurance increases

Home insurance increases

Old Feb 20th 2018, 6:32 am
  #1  
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Default Home insurance increases

Just had a renewal letter from my insurance provider, 25% increase on last year, which in itself was an approx 15% increase. So a 40% increase over two years! WTH!

Time to start shopping around.
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Old Feb 20th 2018, 6:39 am
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Default Re: Home insurance increases

someones got to pay for the earthquake
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Old Feb 26th 2018, 8:28 pm
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Default Re: Home insurance increases

Originally Posted by Catchafire View Post
Just had a renewal letter from my insurance provider, 25% increase on last year, which in itself was an approx 15% increase. So a 40% increase over two years! WTH!

Time to start shopping around.
Rats! I did wonder if premiums would rocket again what with quakes and these weather bombs & floods.

I did the shopping around thing a few years ago when the 'self-assessment' thing started and found there to be not much difference between providers so I will be interested in your findings on this.
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Old Feb 27th 2018, 10:06 am
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Default Re: Home insurance increases

I've saved heaps in the last couple months on car and house insurance. Saved around $1000 across 4 policies covering two cars and the house and all I did was switch back to Tower Ins. from TradeMe Ins. and the ironic thing is Tower underwrite TradeMe Ins so don't understand the logic. I'm not complaining though. I'll take it.
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Old Feb 27th 2018, 10:21 am
  #5  
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Default Re: Home insurance increases

Have you ever considered the illogic of a big premium hike after a natural disaster?

Insurance is about shared risk. By now your insurer knows the exact cost of claims from big events because they have seen them before. Actuarial science is very good at knowing risk and therefore what the corporate reward needs to be.

Caning less sophisticated purchasers at renewal after they themselves cause cost is part of the model, but after a natural event is simply cashing in on those unwilling to shop around. For years renewal=mug has been the norm. Heck, you even get big cashback payments from quidco and the like if you defect.
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