We've never had contents insurance although we will in the future as we will be able to afford it. We do have home insurance though since getting a mortgage. I don't believe it's an absolute necessity as opposed to say travel insurance etc.
Yes we may have around 30k of stuff but in the end as long we have a roof over our heads, food, and each other we could survive without all of it.
It's great if you can afford it but other things have priority.
It's the priceless things that matter in the end (though the little things are nice )
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12-07-2014 05:57 #21
Last edited by Little Miss Sunshine; 12-07-2014 at 06:01.
12-07-2014 06:06 #22
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.
12-07-2014 07:15 #23
But I also do understand that circumstances change, so perhaps people could afford insurance but they cant now? Hmm.
We dont personally have contents insurance at the moment. It stresses me out but DH is taking his time organising it. But we do have pet, car, motorbike, and income protection (dont need home insurance cos we're renting)
But I do definitely understand how some people cannot afford it.
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12-07-2014 07:21 #24
I've always been taught that insurance was a necessity. DH and I have really struggled lately but never for a second would I cancel the insurance. Though I can understand why it wouldn't be a priority.
Even when I was renting I had contents insurance, though I didn't own much. But if there was a flood or fire, I could replace my things, like tv, fridge, bed, mattress. Plus contents includes clothes, jewellery, cutlery etc etc.
You'd be surprised how much the little things add up.
On the car insurance, my car is a necessity. Plus it has a loan on it. So if it got totalled or in an accident, there's no way I could replace it or maintain the payment, so insurance is a must. PLUS, if an accident is my fault I have insurance for the otner person involved which is a major point.
So while I think it can be expensive (we are paying about $150) per month, its a necessity I wouldn't dismiss.
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12-07-2014 07:23 #25
So that I can afford house and contents insurance I've set my excess really high at $2000. So my monthly premium for both house and contents is just $65. If my house burnt down at least the most I'd have to pay is $2K to totally rebuild it and replace the contents (I think I'm covered for around $400,000 rebuild cost). I see it as essential and I take my lunch to work each day so that I can afford the insurance.
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12-07-2014 09:22 #26
I wouldn't own a house without insurance. If something happened, that's a huge expense to be paying with nothing to show for it.
We rent, but don't have contents insurance as it's something we just can't afford and, although I know we shouldn't rely on other people, my parents would be able to help us out if something happened.
As for car, I think third party property should be compulsory. It's not your own things that are on the line, it's other people's!
12-07-2014 09:51 #27
What??? $80 a month is too expensive for some people is that what done of you are saying??? 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.
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12-07-2014 09:57 #28
Sorry in saying that I do understand in some areas the prices are absolutely ridiculous for insurance and if you rented you might not bother. Sorry it drives me crazy, my sister had a tree fall on her house and said she didn't even consider getting house insurance! So my parents had to pay for everything ...just drives me crazy!
12-07-2014 10:09 #29
I was recently in a car accident and the other person involved was at fault. He wasn't insured. My car alone cost $7,000 to fix. He couldn't drive his car, I imagine his repair bill was high too.
I feel sorry for him, but why wouldn't you have at least third party?!
It's expensive but I see all insurance as necessary. It may eat into your monthly budget but not as much as losing your asset and not being able to pay to replace it.
12-07-2014 10:18 #30
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