澳洲Australia property Insurance price rise 2012 | Sydney


在澳大利亚 I need some advice regarding a property purchase. Property - semi-detached house Bedrooms - 2 Condition - average needs internal reno to modernise Street - one of the best in suburb Location - excellent Close to schools - yes Transport - 50m The pool at of an IP needs to be resurfaced (or so the pool doctor says), the cost was estimated to be $10K ($10,000), after recoverying from my impresssion of a cat coughing up a fur ball, it just seems far too much. Its just a standard poo


I just received my home building and contents renewal insurance notice from NRMA. The premium is 44% more than 2 years ago and cited impact on reinsurance due to natural hazards. I think I will have to shop around and has anyone found a competitive insurer.  

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Francesco said: ↑
The premium is 44% more than 2 years ago and cited impact on reinsurance due to natural hazards.Click to expand...
Is your house situated in an area subject to hazards such as floods or bush fire?  

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You will need to shop around.

Insurers will price their policies against the number of similar properties they already insure in the area and whether they wish to add more.

Hence the price could be higher for one company who will take on the risk at a premium against another who has little to none.  

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CharlesNSW said: ↑
Is your house situated in an area subject to hazards such as floods or bush fire?Click to expand...
Canberra was subject to a historic bush fire disaster in 2003 mainly in the West, South West and North suburbs but my inner South suburb was not affected. It seems my suburb is more affected by burglary and car thefts.  

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Francesco said: ↑
I just received my home building and contents renewal insurance notice from NRMA. The premium is 44% more than 2 years ago and cited impact on reinsurance due to natural hazards. I think I will have to shop around and has anyone found a competitive insurer.Click to expand...
Im surprised they didn't blame it on the carbon tax!  

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TheFinanceShop said: ↑
Im surprised they didn't blame it on the carbon tax!Click to expand...
I think that is already a given and accepted as having an impact on operational costs (rates, utility, wages, etc) but maybe small in the insurance scheme of things. After all why bring attention of the ACCC! :eek:  

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Francesco said: ↑
It seems my suburb is more affected by burglary and car thefts.Click to expand...
This normally equates to lower end houses (cheaper) - so you've already saved loads on loan repayments on a better house in a better neighborhood. Opportunity cost. ;):D

Im surprised they didn't blame it on the carbon tax!Click to expand...
Too early to do that; the ACCC will be onto them...give em a few months. :rolleyes: :)  

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Had an insurance renewal for a property (Frankston) in March and it increased by from 930 to 1200 pa. :mad: This is after getting four quotes.

Forget the carbon tax, that is ridiculous!  

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BayView said: ↑
This normally equates to lower end houses (cheaper) - so you've already saved loads on loan repayments on a better house in a better neighborhood. Opportunity cost. ;):D

Too early to do that; the ACCC will be onto them...give em a few months. :rolleyes: :)Click to expand...
On the contrary my suburb is Red Hill and one of the prime suburbs of Canberra. The rates which is based on land value is about double the average rates for Canberra. It however has pockets of historically established welfare housing and Ixxxxx housing in neighboring suburb, Narrabundah which provides some 'interaction and opportunity' across the socio economic strata so desirable by social planners and engineers. :eek:  

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Francesco said: ↑
It however has pockets of historically established welfare housing and Ixxxxx housing in neighboring suburb, Narrabundah which provides some 'interaction and opportunity' across the socio economic strata so desirable by social planners and engineers. :eek:Click to expand...
Boguns and welfare doinks...the sort of interaction and opportunity you can do without.

I wonder if any of those social planners and engineers live there......  

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buzzlightyear said: ↑
Had an insurance renewal for a property (Frankston) in March and it increased by from 930 to 1200 pa. :mad: This is after getting four quotes.

Forget the carbon tax, that is ridiculous!Click to expand...
Here is a link to a post I made few months ago.

May be time to look into buying shares of insurance companies, hey buzzlightyear? I already switched my LL insurance to QBE since that post as I am a shareholder :)

Cheers,
Oracle.  

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Francesco said: ↑
On the contrary my suburb is Red Hill. :eek:Click to expand...
I had a similar issue with a similar suburb in canberra and I had NRMA requote and the price dropped by almost 40%. They gave some story about flood rerating and the fact that the new quote took it into account. Just ask to change the Policy amounts...

That being said, I have 7 policies with them and I am now shopping around...  

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sydprop said: ↑
I had a similar issue with a similar suburb in canberra and I had NRMA requote and the price dropped by almost 40%. They gave some story about flood rerating and the fact that the new quote took it into account. Just ask to change the Policy amounts...

That being said, I have 7 policies with them and I am now shopping around...Click to expand...
GIO seems alright. In fact cheaper by about $30. However, for that difference I am not persuaded to change.  

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