I used to work for RACV then AAMI and most people ate drastically underinsured and the actual difference to insure 20k to 60k often isn't much. I used to ask every policy holder- if your house burnt to the ground tomorrow what would it cost to replace clothing, bedding, furniture, electrical, kitchen appliances and all of your pantry/bathroom supplies- it adds up really quickly- we used to pay out $1000 per adult cash straight away in a total loss claim just so the insured could buy some new clothes and essentials to live in a hotel/with family. Please be wary if you can't afford to fully insure your contents ask yourself in the worst case scenario of a house fire/flood could you replace everything
I guess I feel like if our house burnt down or flooded etc I wouldnt replace lots of crap we have! I have so much clothing, knick knacks, junk, cheap ikea furniture. I just don't see the point in paying high premiums to insure things I wouldn't miss so much if they were gone.
I have my engagement ring insured with our contents but we have no other jewelry (other than our wedding rings). Wouldn't see the need to insure costume jewelry. And then added up major appliances, some clothing and some kitchenware. We will have to increase it soon I think once I start buying baby things.
I pay insurance for my lap top separately. They cover for stuff like dropping it or breakage.
Baby #1 due 28/03/2014!!
18 months trying, pregnant 1st round Clomid.
Been there done that with a cyclone. We were paid out for some of our contents and we could only afford half of them with the claim money and had to do without the other stuff. Personally I'd rather more money than less when it comes to replacing belongings. It's a hard process trying to rebuild.
It's actually around 77% of Australians who are either not insured or underinsured.
I'm happy just to have the necessities insured and save a few dollars on the premium.
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It never even occurred to me to insure every single item. Just furniture, electronics and clothing. Anything else is relatively cheap to replace anyway and ur right its a good way to clean out the clutter.
So much of what we have we dont really "need" so why would i bother to insure it?
Last edited by SoThisIsLove; 18-07-2013 at 21:02.
Ugh I am so underinsured, I keep meaning to get it sorted out but it's one of those jobs that just end up on the permanent 'some other time' list.
Indigo I'm with you - I could spend several thousand replacing linen e.g. King size bed we have 3 sets of sheets, mattress protector, quilt, pillows probably easy $2k. If I have Sheridan stuff now I'm not going to want to replace it with Big W!
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