Home and Contents Insurance:

[urbanredneck]

EDIT: CONTENTS INSURANCE ONLY, NOT H&C......With the ever increasing cost of living, insurance, too, is continually going up and up. Currently, we are with AAMI and have cover for 220k and accidental cover and the wife's wedding rings.

Notice that I just received advising it will increase to $53.45 from $43.20 and that it's a 23.7% increase.

Who out there can recommend a good insurance company so we can compare.

Thanks in advance.

 

[hopehannah]

@urbanredneck Check out Honey Insurance. They were very reasonable for me and I have already lodged a claim which they paid out with no issues

 

[mizm]

@urbanredneck I’d suggest generating a quote from their website for the same coverage, see if it is lower, I have found this to often be the case. You can also try to message them and say the renewal amount is too much and ask them to lower it, I do this every year now.

 

[urbanredneck]

@mizm Great tip thank you

 

[gabriel911]

@urbanredneck I guess I’m lucky (with AAMI). Just got my renewal notice and my cover went up but premiums went down…

 

[gkazumimiyata2]

@urbanredneck find a good broker and stop wasting your time dealing with insurance companies alltogether.

 

[fleycer1993]

@urbanredneck Do you actually have 220k of contents? Typical household wouldnt have more than 40-50k for some furniture, clothes, jewellery, electronics? 220k would suggest multiple luxury handbags, watches, artwork?

 

[somethingon]

@fleycer1993 I find that if I do it bottom up it's not hard to get to $220k at replacement value without any fancy stuff. My last full inventory (over 450 line items) was $160k in 2006 and we've bought stuff since (plus there is about 50% of inflation). No fancy artwork. We currently have $300k of cover.

 

[mehr]

@fleycer1993 Exactly the reason why so many of us are horridly underinsured. In a past life, i worked in large loss claims for an insurer, and contents replacement costs add up very fast. Consider you have to buy EVERYTHING new again; cups, pots, pans, blankets, clothes, kitchenware, shoes etc. A household's contents are so much more than furniture and electronics, which (for whatever reason) is where everyone's mind goes when they're asked to think about this.

 

[peace967]

@urbanredneck Just to be clear, your complaint is an extra $14/year to cover $230,000 or so of assets???

 

[somethingon]

@peace967 I assume they are monthly numbers!

 

[urbanredneck]

@peace967 Sorry, per month

 

[catholic_geek]

@urbanredneck I don’t bother with either and just save into ETFs.