Theft, damage and loss home and contents insurance

October 27, 2009 4:55 PM

What Australian home and contents insurers should I look into?

First time I've thought about insurance for other than auto. I've accumulated a few expensive electronics that I'd be lost without - computers, iphone etc - and I'd like to know what companies you'd recommend that I should research further.

Specifically I was after iPhone insurance, but whirlpool recommended I look into home and contents as an alternative to product specific insurance.

Any general insurance tips would also be appreciated, I'm new to it all :)

posted by simplesharps to shopping (10 comments total)

Home and contents insurance may only cover your iPhone while it is in your home - generally if you need to insure things that you carry outside your home (like phones, sunglasses, musical instruments, jewellery) this costs extra. So if you are more worried about your iPhone being nicked or lost outside your home, home and contents may not be the best solution.

I'm with NRMA for home and contents, because they were cheaper than others at the time I got insurance, and because they give a discount if you hold home and contents and car insurance with them. Other insurers may have a similar deal on the car.

It is worth spending some time adding up the replacement value of everything you want covered before getting quotes. You mentioned electronics, but what else would cost a lot to replace if your house burned down? Appliances? Furniture items? What else in your house would be attractive to thieves?
posted by girlgenius at 5:20 PM on October 27

Real Insurance gave me a pretty decent deal on home and contents insurance, but I've also got 2 cars insured with them too, so that probably helps. I have found that they are consistently cheaper than other insurers.
posted by robotot at 6:40 PM on October 27

We went with GIO for home & contents and specifically added our two iPhones as an extra rider. I don't think it added much (if anything) to the cost. We don't have a car so getting a combined deal wasn't really an option.
posted by web-goddess at 8:39 PM on October 27

I'd also recommend Real Insurance. Their rates are very reasonable, you can pay them by the month, and if you don't make a claim in 3 years, you get a 10% rebate on everything you've spent with them. They've always been very responsive to my needs and- if it's a bonus- they seem to have a pretty decent online presence.

i would kind of tend to steer away from some of the big ones- ie NRMA, AAMI, etc. they will strong arm and bluster and bully you as much as they can- this is something i've learned in my professional dealings with em in the last 4-5 years. they might have comforting, warm and fuzzy marketing, but- as with all insurers- it's a pure numbers game, when it comes down to it.
posted by Philby at 8:42 PM on October 27

If you get accidental damage insurance (it's the not-much-more-expensive option on home/contents insurance) then your phone will be covered anywhere in AU. Our accidental damage policy cost something like $50/year more than the basic fire/theft policy and it recently paid off (we hope... claim still pending but on the phone they said we're covered) when my girlfriend's bag got snatched containing a new phone, camera, ipod, prescription glasses, etc.

I rang around for a bunch of quotes, all the big insurers seem to be much of a muchness. Getting all your insurance (home, contents, car, health) can save you a little. Insurance is pretty heavily regulated here, so read the PDSes and compare prices; you'll find something that does what you want without painful loopholes.
posted by polyglot at 8:55 PM on October 27

Oh yeah - monthly payments sound nice, but generally if you compute the NPV of those payments, it comes out at 10-20% more than the annual payment. Cheaper to put the annual payment on your credit card and pay the interest!

AAMI does have a pretty poor reputation for paying claims; I think they're the only Australian insurer I'd actively avoid.
posted by polyglot at 9:03 PM on October 27

oh, and also- i don't know if you're in NSW, but there can be vast differences in the prices of CTP (Compulsory Third Party, or Greenslip) Insurance between the 7 insurers here.. and the cover is identical from one insurer to another (some offer "At Fault Driver" cover, which is a bunch of crap- check the fine print!! it seldom if ever would actually cover you if you were at fault in an accident). Have a look at the Motor Accidents Authorities Greenslip Price Calculator to see just how different the prices can be- up to $350 variation in some cases.
posted by Philby at 9:04 PM on October 27

I'm with Allianz for my Car & Household contents and am happy with them. I've only really had to deal with them once, on my car policy, when someone ran into the back of me, and they fixed everything up super fast & efficiently.

I'm pretty sure my policy doesn't cover my phone, but I do have several items specified (laptops, cameras) so that they are covered outside of the home (in the car, travelling, etc) for loss, theft or breakage.

I pay by the month at no extra cost, but insurers change offers/fees/discounts all the time so you really need to get a bunch of quotes & compare. If you have more than one policy you'll usually get a small discount, but as mentioned above, you don't want to be penalised if you're paying in installments. New customers will often be offered a better deal than what existing customers get renewing a current policy.

When comparing, make sure you're comparing like with like as many policies will vary in their fine print inclusions. New for old, flood damage vs storm damage, acts of God etc are a few things you ought to look at and know exactly what you're covered for. Things like glass & motors (eg washing machines) often have specific wording on top of the general policy.

I've heard stories of bad experiences with CGU & RACV so personally I'd avoid them.

Good luck, wading through this sort of thing always gives me a headache.
posted by goshling at 9:36 PM on October 27

Rather than sorting through recommendations, I recommend you the Cannex Canstar page (also good for home loans!). They are an independent agency that effectively grades all financial instutions in Australia along the lines of price, value, security etc. etc. Have fun!
posted by smoke at 9:41 PM on October 27 [1 favorite has favorites]

I can vouch for NRMA.

A few years back we got broken into mere days after we took out our insurance policy with them. When making the claim, we knew it looked sus. Hell, the ink on our policy had barely dried but here we were making a claim for thousands of dollars worth of stolen stuff.

NRMA did put us under the microscope, which again is understandable given the circumstances. But once they realised we were genuine, they paid out and paid out in full. Which is what they were obligated to do, I guess, but some insurance companies would have found ways to get out of paying us I'm sure. Anyway, the whole experience made me like NRMA a lot, so I'm happy to shill for them here.
posted by Effigy2000 at 12:10 AM on October 28