Hi – would really appreciate any comments regarding the following.
I have had an IP in Victoria Point Queenland for 1 year and have house insurance with CGU who are associated with my lender, St George bank.
I received a renewal Insurance notice for my IP and almost fell off my chair when I noticed a 77% hike in premium required for the renewal.
Amounts as follow:
Sum Insured Last year: $230000
Premium: 241.31New Sum Insured : 234600
New Premium: 428.58I called up the bank/insurer to query the difference in premium and was told that it was due to increased risk.
If in fact this is the case, and I would question it as there is no way to verify what they are telling me is true, it still seems like a hell of a hike, and I cannot help feeling that this is just another easy grab by the Bank.
Does this sound like a reasonable amount for the new sum insured?
Any recommendations of an alternative insurer?
Thanks in advance
Hi Eausavage,
I always do a quick ring around whenever I receive an insurance renewal, usually just the major competitors. You will be surprised by the differences between companies. Some offer discounts if you have more than one policy with them.
Another alternative is to use an insurance broker, make sure they are reputable though, as a couple have gone bust lately.
Hope this helps a little,
Sue [
]“Be careful not to step on the flowers when you’re reaching for the stars”
Thanks Sue, I will do that, although I must admit it is an inconvenience to have to find a new insurer you are likely to stick with (and you can never be certian of that) and then having to effect the change.
I guess the alternative is to pay the hike and hope for a “decreased in risk” for your area, and who knows, maybe even get a discount? Not likely.
Cheers
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