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Dear Cath - July 2019
Q. I would like to know of an insurance company for house and contents insurance. I am over 55 and on a Disability Pension. I have just received my insurance renewal and the premium has gone up $200.00 over the past 12 months. Maybe I can do better elsewhere. Any Information would be appreciated. Thank You. NS
A. Despite common thought, not all insurance policies are the same or even similar. Policies differ from state to state and between companies so much that you need to do some research. Before you renew your home and contents insurance there are four things you should do:
1. Pick up the phone and ask for a discount. If you have been a customer for more than one year ask for a loyalty discount. Bundling all your insurance with the one company may entitle you to an even bigger discount. As you are over 55, and on a pension, you should also ask for a seniors discount. How long is it since you made a claim? If it's been more than three years, remind your insurance company. And ask for a lower premium.
2. Choose a higher excess if you can afford it. Generally, the higher the excess, the lower the premium, but remember it's not worth having cheap insurance if you can't afford to make a claim. You should include the excess amount in your Peace of Mind account so if you need to claim you can.
3. If you have installed security alarms, deadlocks to doors and windows and smoke alarms, find out if these will reduce your premium.
4. Don’t just pay your renewal. Shop around for a better deal. You might be surprised what you find.
A. Despite common thought, not all insurance policies are the same or even similar. Policies differ from state to state and between companies so much that you need to do some research. Before you renew your home and contents insurance there are four things you should do:
1. Pick up the phone and ask for a discount. If you have been a customer for more than one year ask for a loyalty discount. Bundling all your insurance with the one company may entitle you to an even bigger discount. As you are over 55, and on a pension, you should also ask for a seniors discount. How long is it since you made a claim? If it's been more than three years, remind your insurance company. And ask for a lower premium.
2. Choose a higher excess if you can afford it. Generally, the higher the excess, the lower the premium, but remember it's not worth having cheap insurance if you can't afford to make a claim. You should include the excess amount in your Peace of Mind account so if you need to claim you can.
3. If you have installed security alarms, deadlocks to doors and windows and smoke alarms, find out if these will reduce your premium.
4. Don’t just pay your renewal. Shop around for a better deal. You might be surprised what you find.