Browse Forums General Discussion 1 May 22, 2008 4:17 pm As we're FHO, we've never had to worry about insurance for the property so just hoping to receive advice from more knowledgeable people out there.
Basically, what should you be looking for when comparing companies and what should the sum insured be? I've tried the construction calculators, and the figure it returns is about $200K more than what it's costing us to build, but should this be the figure we use? Re: Home Building and Contents Insurance 2May 23, 2008 11:15 am Good question. We're FHO too and I've been wondering the same. Our house is costing $300k to build but is only valued at $270k by the bank - yet on the loan contract it states that we must have it insured for a minimum of $350k? Do you have a loan contract? If so, check there first.
Other than that also waiting to see what others have to say re valuations, premiums and insurers. 'We make a living by what we get, but we make a life by what we give.' - Winston Churchill Re: Home Building and Contents Insurance 3May 23, 2008 3:23 pm I'm not sure if this is a free report from Choice or whether you have to be a member to read it, but I found this article helpful (hopefully the link works) http://www.choice.com.au/viewArticle.as ... +insurance
The article tells you what to look for and what to watch out for. When I was looking, I went to the websites of a number of insurers (RACV, AAMI, GIO, Suncorp, etc) and got online quotes. Try to decide what features are important to you so you are getting quotes on the same features from each insurer. When you think you've found a good one, then read the PDS and make sure you're covered for the things you want coverage for. I chose GIO but I think you'll find that the best insurance depends on what you want, and how much you want to insure for. Received keys to my new home on 16/5/08 Re: Home Building and Contents Insurance 4May 23, 2008 3:48 pm Colleen I'm not sure if this is a free report from Choice or whether you have to be a member to read it, but I found this article helpful (hopefully the link works) http://www.choice.com.au/viewArticle.as ... +insurance The article tells you what to look for and what to watch out for. When I was looking, I went to the websites of a number of insurers (RACV, AAMI, GIO, Suncorp, etc) and got online quotes. Try to decide what features are important to you so you are getting quotes on the same features from each insurer. When you think you've found a good one, then read the PDS and make sure you're covered for the things you want coverage for. I chose GIO but I think you'll find that the best insurance depends on what you want, and how much you want to insure for. After reading the good rating GIO received in Choice (also a member), I called them last night to request a quote, and they came back with $7590 I asked if there could be a mistake or something but the guy on the phone said it was right and it's probably they highest quote he's ever seen. Other companies I've quoted online have been more reasonable $700 - $1000. Re: Home Building and Contents Insurance 5May 23, 2008 10:49 pm That does sound excessive DNA. The quote I got from GIO was actually the lowest of all the ones I got quotes from and it had the best coverage. Are you insuring a lot of special items? Received keys to my new home on 16/5/08 Re: Home Building and Contents Insurance 7May 23, 2008 11:08 pm I don't think the decimal point button was working properly..... mmm....donuts Homer Simpson 1956- Links: Site Costs Ready Reckoner | H1 Addiction Medical Advice | Château TDL: The Backyard Re: Home Building and Contents Insurance 8May 23, 2008 11:57 pm Hi, we're FHO too and just insured with GIO. We initially had a quote from them for almost a $1000, double other quotes we'd had but there was an issue with them finding the address on their system or something, and they ended up sorting that out, I pushed a little more and got it down to $475.
I insured by $60,000 more than my finance company required and GIO has a good safety net in case of under insuring, and good basic inclusions. That figure sounds like an error, although I have heard of companies over quoting like that if there is some reason why they don't want to insure for a certain area or something. I've found when getting quotes, pushing a little, saying it's not as good as other quotes you've had makes them miraculously pull out reasons for a discount, " I'll go off and talk to my supervisor...." and it comes down. It can't hurt to try. Oh and remember some companies offer good discounts for multiple policies, if you add your car insurance. I got quotes for my car insurance from GIO but it still was cheaper for me to stick with my old company for the car insurance and the house and contents difference was negligible. So I kept them separate. Hi Suku18 In NSW the statutory required insurances are: 1. HBCF ( Home Building Compensation Fund) - This is if the builder dies or goes broke. But this only covers 20%… 1 2712 i would not be signing anything on the day read your contract about when builder submits final invoice generally, have to meet builder within 7 days of receiving final… 1 4744 Hi there, long-time lurker but first time posting. I've bought a house 2 and a bit years ago and last year we had some major water damage on a converted pergola area… 0 7932 |