Home and Contents insuance

[jamoneyy]

My H&C insurance is coming up for renewal with AA and was thinking about shopping around as there is a 10% increase.

Questions,

Who are you with? How is your experience? How much do you pay (preferably annual cost) and to what value does it cover for rebuild and contents? Any other pointers when it comes to renewing?

 

[praying4you]

@jamoneyy If you live in Welly or Christchurch, expect higher quotes.

The past 2 years have been hectic for insurers due to weather events, hence the price needing to go up.

Just make sure you’re quoting like for like with other insurers.

For me personally, while cost is a factor, customer experience is more important. I don’t want to jump through hoops in a time of need. I was with AA and had 2 contents claims.

The first wasn’t the best mostly due to the supplier they used, I escalated to a complaint and was actually listened to (even if I didn’t get my ideal outcome). Second claim was similar and would require same supplier. They took the time to look at my last claim and let me use whatever supplier I wanted. I had a new item within a few days.

This is purely anecdotal but IAG brands are notorious for having a shit claims experience. You get mixed reviews.

 

[resjudicata]

@jamoneyy I’ve never had a problem with AA. They’re always really easy to claim through and I’ve had a couple of “funny” sounding claims. Setting my vacuum on fire by accidentally getting some embers from the fire surround and I dropped a pile of electronics (laptop, phone and a iPad.) then as I was trying to catch the pile before it all smashed, lost my sunglasses and stood on them. They were 100% in paying the claim and no argument, which I think surprised me. I would not switch for another brand - even if it saved a couple of hundred bucks a year.

AA also have a full replacement if the house burns down. So it isn’t limited to the $ cover you have. When doing your calculations, there are a couple of good websites that calculate the estimated rebuild value. Don’t forget to include demolition and I’d add at least 20 - 25% to the value the calculator gives you. Material costs are rocketing at the moment. You don’t want to be caught short.

FMG are also meant to be good.

 

[regretful]

@resjudicata Yeah FMG if you're outside of urban Auckland, Wellington or Christchurch are tops and not sending profits offshore

 

[lorre]

@jamoneyy TradeMe Insurance. Really good experiences with them the 4 or so years I've been with them.

Underwritten by Tower but way cheaper than Tower's main offering.

Can definitely recommend.

 

[submariner]

@lorre This ^

 

[hugthelamb]

@jamoneyy Shop / ring around, many companies will give a discount if you have three policies with them, ie house, contents and car. For me I get a 20% discount for three policies with Lumley through Westpac bank and a further 20% discount because I work for a state owned enterprise (SOE). I have made four claims over 18 years never had any hassle or stress.

 

[taridayana]

@jamoneyy Initio - (underwritten by NZI) $1700pa for $550k house and $90k contents insurance.

Edit: in Napier

 

[jacqueline92]

@jamoneyy We switched to state when I realized tower didn't cover damage caused by pets. My dog gets excited when dogs appear on our 75" tv. Would rather not be denied if she ever smashed it. Saved some money too.

 

[resjudicata]

@jamoneyy I’m with FMG and they have been awesome. Cheapest out of them all and they have been great to deal with with insurance claims. I have house, content and car insurance with them and they have stuck by me in some difficult situations with repairs.

 

[jules0211]

@jamoneyy I think premiums will come down next year with most companies, when the EQC cap increase comes in. This is just assumptions though from all the reading I’ve done

 

[paul999]

@jamoneyy I don't have contents insurance. Not worth it for me. I would just rebuy stuff

 

[bladerunner]

@paul999 Most contents insurance also covers you for liability - if you were the cause of your flat burning down content’s insurance would cover the costs otherwise your landlord’s insurer might come after you

 

[yamila]

@bladerunner Since 2019 that is no longer the case

https://www.tenancy.govt.nz/mainten...le-for-fixing-damage-depends-on-who-caused-it

 

[niecey85]

@jamoneyy We have both H&C with Trademe. Wellington based out in the Porirua area, shopped around and they were the cheapest for home insurance. Checked AA (current member), AON and AMI as well. Trademe were not the cheapest all the time though when we were house hunting, so i always checked a range of them

 

[markedbysalvation]

@jamoneyy State, $1500pa for 440k house + 55k contents. Never claimed so no comment on that.

 

[fola]

@jamoneyy Be aware that AA can’t insure unit titles. Which is annoying.

So I’m insured through an Aon broker. They have sold me two policies through Aon, and one through Vero. Annual cost is around $10,200 per year for the three policies (covering six dwellings).

 

[hanna123]

@jamoneyy I’m with Vero, they’ve been good over past 7 years, easy to deal with and pretty fair thus far.