Property insurance rise of 40%

I've just received insurance renewals for two IPs, both in Coorparoo.

Both with same company, with an increase of 40%.

I plan on calling and asking "please explain". I know we've had floods, fires etc, but those things are not really rare.

Anyone else seeing 40% increases in premiums?

 

These are building and landlord together. I called. The two Coorparoo houses, no reduction possible.

A Holland Park house (not mine, but I'm authorised on the policy) they took off $173 during the call. They knocked off close to $200 from our vehicle insurance renewal from a different insurer, but if anyone under 30 drives it, not listed, no cover. So we will stick with current insurer and I called them next to see if I can do better on the car renewal. We have a dealer cover and if I go directly with the underwriter, we can get a better price.

Back to the call - they dropped $200 off another house, but that just means we'll likely be hit with a 40% increase in a month when it comes due.

I'm going to call around and see if I can do better. If I can, I'll consider moving, but it is a PITA having to move everything, spend hours on the phone answering dozens of questions. But I'll do it if the savings are worth it.

 

@Dan Wood what percentage increase did you cop? And what suburb, if you are happy to share?

I thought it odd that Holland Park premium was able to be negotiated down, but not Coorparoo, next suburb over.

 

I heard from someone who had hail damage recently and the assessor says "new roof". That means solar panels come off and will be replaced by new ones, different size, so fixings need to be changed anyway. I didn't really understand why they need a new roof due to a few hail dents, but I understand that the broken paint and dents will eventually start to rust. They are also replacing two almost flat roofs that are not seen, but I guess the same reasoning applies about dents leading to rust down the track.

Repair bill was $75k and that's a few months ago. It will probably be more now with reported issues of finding a builder and price rises for materials.

They know someone else who had holes from hail in a laserlite roof on an external patio. Insurance fix quoted by a builder at $6.5k. While waiting for the quote, she got a local builder to quote $400 to replace.

This is surely a huge part of the reason our premiums are being increased so much. Some of this stuff is just a total rip off by builders.

It's always been known that you can have things fixed cheaper if the builder knows it won't be going through an insurer. Same thing with vehicle repairs. I know not all builders will load up the quote, but clearly it is very common.

 

I’ve fou

I can save about half With Allianz and will post details when I’ve confirmed this (and double checked my quote is correct).

There is not much difference for our own PPOR but IPs are coming in around half (which is why I want to double check).