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Thread ID: 129303	2013-02-16 06:21:00	House Insurance	pctek (84)	PC World Chat

Post ID	Timestamp	Content	User
1328263	2013-02-16 06:21:00	www.stuff.co.nz I found this out today when my renewal came in the mail. AMI House excess now $400, contents now $250 and premiums increased. Rang AA (cars insured through them) and they said, no I had to tell them the rebuild cost. Tried the calculator. Here - $260000 House down South that I sold for $100000, $850000. It did not ask about type of materials used, just a general description - wood, brick, artificial materials. Did not ask about kitchens. Did not ask about anything much except height of ceilings, number of bedrooms, number of built in wardrobes (South = 0), and how many toilets. Plus I would say you'd have to do that every year and notify them.....	pctek (84)
1328264	2013-02-16 06:30:00	Sux absolutely.... LL	lakewoodlady (103)
1328265	2013-02-16 09:50:00	Insurance cover is all about taking the risk out of it. For the insurance company.	WalOne (4202)
1328266	2013-02-17 19:23:00	First reaction is that suxs second reaction is thats why not with AA insurance whose car premiums are competative but house or contents works out expensive. But then you start considering the whys and ifs! I know that there is no way we could rebuild our house for the GV valuation that is the maximum the isurance will pay out unless it has been completly rewired within the last 5 years! Not sure if that means rewiring every 5 years...which is not practical and costly. So because of that dont matter what you insure your property for the maximum insurance will pay out in event of total loss is the GV value, so you live in one those areas where the GV on your house is low your screwed either way. Events in Christchurch are the whys it was changed! But in the event of another big event the costs of rebuilds skyrocket so therfeore is your calculated cover enough? Its a tough one to answer untill you make a claim. As for Excess! Well how often you plan on claiming? Higher excess means more your prepared to take responsibility and results in a lower premium. All said and done decided that owning a house is full of nightmare landmines and those who are renting either have no idea yet or have given up on the stress of home ownership. But I also notice those in rentals are also quick to give their advice on such matters and make demands of what they want from a landlord etc. Now as for making claims! Hahaha watch the insurance companies find a way to wriggle out of it.	coldfront (15814)
1328267	2013-02-17 21:05:00	the maximum insurance will pay out in event of total loss is the GV value As for Excess! Well how often you plan on claiming? Where did you get that from? They used to do Replacement. That's not a defined figure, nor has to be calculated yearly. As for claiming, as often as I have a need to? What's that got to do with it either? OK, the house burns down, no worries, excess not that much of a major. But something smaller? AA doesn't do glass........husband broke one putting in security stays a while ago, AMI, no excess on glass.....AA would have meant don't even bother with the claim.	pctek (84)
1328268	2013-02-17 23:33:00	Vero do a replacement house policy also. We've had it for a while now and don't intend to actually have to make use of it (at least it won't fall down, 'cos we're not in Wellington or Christchurch). However when we originally bought the property, I think all they wanted was total square metres... I might just go have a look at their site again!!!	johcar (6283)
1328269	2013-02-18 07:06:00	Where did you get that from? They used to do Replacement. That's not a defined figure, nor has to be calculated yearly. As for claiming, as often as I have a need to? What's that got to do with it either? OK, the house burns down, no worries, excess not that much of a major. But something smaller? AA doesn't do glass........husband broke one putting in security stays a while ago, AMI, no excess on glass.....AA would have meant don't even bother with the claim. Please qoute the whole line when you reply with a question. I know that there is no way we could rebuild our house for the GV valuation that is the maximum the isurance will pay out unless it has been completly rewired within the last 5 years!. This is a reason why you check your insurance policies throughly and why so many got caught out in Christchurch. johcar, apparently all insurance companies will be adopting the estimated rebuild costs in policies over the next few years.	coldfront (15814)
1328270	2013-02-18 07:45:00	I wonder if you will have to take into it the fact that you have to have double glazing on any new building, does a house if burnt down get classed as a rebuild or new build.	plod (107)
1328271	2013-02-18 19:48:00	johcar, apparently all insurance companies will be adopting the estimated rebuild costs in policies over the next few years. I suspect it's another move by the insurance industry to get out of paying replacement cover. If you over estimate they'll charge the earth if you under estimate your screwed. Gee thanx people of Christchurch for screwing us all up around the rest of NZ..	paulw (1826)
1328272	2013-02-18 22:36:00	I suspect it's another move by the insurance industry to get out of paying replacement cover. If you over estimate they'll charge the earth if you under estimate your screwed. Gee thanx people of Christchurch for screwing us all up around the rest of NZ.. There is part your problem with replacement cover! Few years ago pre Christchurch Events I asked the insurance company why the amount insured had gone up, the reply was inflationary cost of what they thought the value of the property was worth. Ok fair enough but in the conversation I asked what would happen in the event for a claim. The reply came back you will only be paid out to the Goverment Valuation of the buildings. Ah I said so what if a rebuild which value do they pay out to? The value they say its worth or the GV? The reply shocked me when they said to the GV even though the policy stated over the GV! So since then just insure to the GV value because we know they wont pay out anymore that that and it kept the premiums down. Of Course Christchurch and the rescession of falling house prices have changed all that(unless your a Jafa)! There is no way we can rebuild like for like at the GV. So in a way this new way of doing things works out better BUT it will also mean a bigger premium. The problem is how do you determine the value of a rebuild? Material costs will go up in the event of another natural disaster if your in the area affected. Oh and I would love you to say that Christchurch comment somewhere else! I did that when someone on facebook was playing the Earthquake Victim or circumstance and sob sob I live in Christchurch line. I got savaged! Never mind that because of the Earthquake everyone has been hit hard to pay for it. Someone drove over our septic Tank! 9 months later a hole in the ground appeared. So we asked the insurance company if that was covered! The reply was no it was gradual deterioration speak to the owner of the vehicle! :groan: but they said if a cheerful tone!!! If you lived in Christchurch you could make a claim for this event.:ban:mad: nice little bill for the reapir btw	coldfront (15814)
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