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  1. #31
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    Quote Originally Posted by Little Miss Sunshine View Post
    And just because you have insurance there is no guarantee they will actually pay up. Some insurance companies are very sneaky as we have all seen from the Queensland floods etc- finding technicalities in the fine print, disputing flood and storm cover.
    This makes me so mad!! Any insurance company that was unclear in their terminology of "flood" cover paid out on claims & changed their Product Disclosure Statement to clearer wording. If people failed to read their contract of insurance (and it's wording was clear)or knowingly chose a product that doesn't cover flood, their claims were declined.

    There is no fine print, the contract of insurance is written in the same font all the way through it.

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    Curby  (12-07-2014)

  3. #32
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    Quote Originally Posted by Smyles View Post
    This makes me so mad!! Any insurance company that was unclear in their terminology of "flood" cover paid out on claims & changed their Product Disclosure Statement to clearer wording. If people failed to read their contract of insurance (and it's wording was clear)or knowingly chose a product that doesn't cover flood, their claims were declined.

    There is no fine print, the contract of insurance is written in the same font all the way through it.
    I remember hearing about people struggling to get their payouts through the media.... here is a link to the Financial Ombudsmen Report on the recent floods

    http://www.sclqld.org.au/lu/items/articles/630


    Summary-
    Recent flooding in Queensland has highlighted the problems of un-insurance and underinsurance, with many consumers realising after the event that their policies do not cover loss or damage caused by flood. Regardless, the Financial Ombudsman Service has previously found in favour of applicants who do not have flood insurance. Reasons for these decisions include inundation caused by rainwater rather than floodwater, and

    *inadequate policy documents or communication of exclusions*

    Yes as you said they did get paid out if they took it to the Ombudsman and fought it- but they had to fight to get it and it took a long time.

    Eta: I'm really not interested in a debate about insurance though (yawn) just helping to explain where I get my view from.

    I'm from the Illawarra and in the late 90s we were hit with massive storms and subsequent flooding. many struggled to receive payouts as the companies were disputing whether it was storm/flood etc. and refusing to pay up. The Illawarra mercury ran a massive campaign trying to get a fair go for consumers.
    Last edited by Little Miss Sunshine; 12-07-2014 at 16:01.

  4. #33
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    Quote Originally Posted by redlipsandpearls View Post
    I know a young guy that rear ended a new bmw (write off) which then rear ended two other cars. Imagine if he didn't have third part property!
    Eek! His insurance company would have loved him!!

  5. #34
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    Quote Originally Posted by joalisha View Post
    Just saw on the news & seen all the time these ppl who lose there homes so many of them are not insured! This one family lost there business, house contents & cars! It's not that expensive to insure! I just think it's so silly not to have insurance!
    Actually it depends where you live! We live in a zone where it is very expensive for insurance, it costs us $410 per month and I add that our house is old but it needs to be insured for what it will cost to rebuild if it had to be and building here is expensive. Although where we live has never ever had a cyclone it is a cyclonic region hence why insurance is expensive. I can understand how it could be unaffordable for people but for us it's not worth not having.. Just in case.

    Same with cars, we have new cars and it would be silly not to have them insured.

  6. #35
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    I didn't think you could have a mortgage without insurance? Both financial institutes I've have dealt with asked to sight my insurance certificate.

    When we rented we had $10k contents insurance to replace clothing, whiteware and basic household items in the unfortunate event of fire/flood. We didn't use it to replace anything that was stolen as the excess wasnt worth it. If I break down my current contents insurance premium ($60k value) its probably around $30/month. The annual premium is much less than the cost to replace my tv alone so to me it is worth it.

    My dog was hit by a car and the car was a write off. I was lucky to her covered as part of my contents (I had no idea she was included as contents) so I didn't have to pay anything. This was never something I expected to happen and as a student I got of having to pay over $8k in damages. At the time I couldn't even aid to feed my dog so my parents had her.

    Insurance is terribly expensive in Australia compared to NZ. We pay $300/month in insurances ours cars aren't fancy by any means an dh only has third party 'cause his ute is only worth about $3k.

  7. #36
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    Quote Originally Posted by Aurora21 View Post
    You pay so much for your mortgage but if something should happen you'd lose everything and then be on a current affair asking people for money to replace all belongings and build you a new house. We pay $100 a month which is a lot I think but so important, there's no way I would consider not having home and contents insurance.
    Agree...I have little sympathy when someone chooses to not be insured and then is faced with consequences, but then to be asking for everyone else to pay for your bad decision to not be insured does my head in.

    The only time you dont have insurance is when you know you can afford to replace it all if something does happen.

    A friend of mine crashed into a Mercedes years ago. He was uninsured and took him a few years to pay it all off.



    Sent from my GT-I9300 using The Bub Hub mobile app

  8. #37
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    If you live in a declared flood area in the Illawarra - and the zoning changed last year to include a lot more areas including those that have never flooded before -you basically cannot get flood insurance -well you can for 10k a year!!
    http://www.illawarramercury.com.au/s...h-new-heights/

    Is it compulsory to include flood cover now? I'm not quite sure if that's the case these homes are now basically uninsurable.
    Last edited by Little Miss Sunshine; 12-07-2014 at 16:29.

  9. #38
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    Quote Originally Posted by Night Owl View Post
    Agree...I have little sympathy when someone chooses to not be insured and then is faced with consequences, but then to be asking for everyone else to pay for your bad decision to not be insured does my head in.

    The only time you dont have insurance is when you know you can afford to replace it all if something does happen.

    Sent from my GT-I9300 using The Bub Hub mobile app
    Agreed. My sisters high performance car was stolen on Monday and she didn't have it insured. She got upset when my response was "Oh well!".

  10. #39
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    Quote Originally Posted by Night Owl View Post
    Agree...I have little sympathy when someone chooses to not be insured and then is faced with consequences, but then to be asking for everyone else to pay for your bad decision to not be insured does my head in.

    The only time you dont have insurance is when you know you can afford to replace it all if something does happen.

    A friend of mine crashed into a Mercedes years ago. He was uninsured and took him a few years to pay it all off.



    Sent from my GT-I9300 using The Bub Hub mobile app
    I'm glad I'm not the only one. I roll my eyes when the big sob stories come on tv wanting hand outs.


 

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