Building Insurance - excess

Renewing my insurance for a house - rebuilding cost $700k for the sake of argument (though I think this is a little on the high side)....

$500 excess = $1211 /yr
$1000 = $1085
$2000 = $975
$5000 = $611

I've had this property for 15 years and no claims - which could increase my risk of a claim Someone can argue the probabilistic accuracy of this.

Some rough math - for the $5000 excess to make sense I would need to not have more than one claim every 7 years. However, I have 15 years where I haven't pocketed the saving (probably irrelevant)...

Interested in others thoughts / approaches....

 

I only put a minimum of cover on, with the savings and a little more, I invest and have my own insurance fund, savings over 10 properties over 10 years compounding away with DRP and CG add up to a significant nest egg. With depreciation claimed on the building and increase in land value and a little positive cashflow, even with the lowest cover, in the event of loss I am not much if any out of pocket.

 

If you're looking to save $600 pa on your premium, can you afford to pay the $5,000 excess?