There is no fine print, the contract of insurance is written in the same font all the way through it.
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12-07-2014 10:41 #31
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12-07-2014 14:19 #32
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 15:01.
12-07-2014 14:39 #33
12-07-2014 14:52 #34
Same with cars, we have new cars and it would be silly not to have them insured.
12-07-2014 15:05 #35
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.
12-07-2014 15:09 #36
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.
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12-07-2014 15:25 #37
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!!
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 15:29.
12-07-2014 15:41 #38
14-07-2014 22:17 #39Senior Member
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