its that time of year that many of my IP's insurance policies are due, I rotate between EBM/Alliance/EBM/1 Smaller Company to be honest, all have been pretty good, and it comes down to Excess/Premium however ive noticed that most of my propertie's the premium has tradtionally been $600-$900, however reobtaining quotes, theyre all $1000-$1300, which is up to a 100% increase in 2-3 years im expecting increases, but these seem a bit high! Whats everyones experience??
I would expect significant premium increases across the board in the wake of the bushfire crisis. My PPOR policy is up for renewal soon in a high risk bush fire area, and I'm definitely not looking forward to that one.
I’ve just reassessed the sum insured on a few of mine and saved a good few thousand in premiums. Sum insured was increasing at a much higher rate than inflation year on year and id tried to reduce the amount insured in the past only to be told by my insurer...sorry computer says no...minimum is $XXX unless you get a builders quote....which I finally did...some places I was overinsured by over 25%!!!
