Insurance Type and Cost Changes

[TomW]

Been with state insurance for many years now. Had new policy last year. Got robbed a few weeks back of around $5k worth of gear from house. Went to make claim but got declined as new term in fine print was added 'house must have monitored alarm".
Thoughts?

[Keithw]

Fair Go - public shame

Insurance co changing the conditions without making it clear to you the new requirements

[Tan]

So all houses now have to have a monitored alarm? It can't be correct surely.

A quick look at their website states:

Discounts to help you save

Ask us if you qualify for:

• a No Claim Discount of up to 40%.
• a premium discount for having a burglar alarm.
• a premium discount for having a higher excess.

Did you tell them you had an alarm and they changed the requirement to a monitored one only?

[flyernzl]

If you have a professionally installed and/or monitored alarm, insurance companies will generally charge you a lesser premium as this lessens their risk.

The kicker is that if you are burgled when you are absent from the property and the alarm is not set then you have breached the agreement and there is no cover.

Were you asked about an alarm at the time the premium was set?

[Dean@Massiveaction]

Go to Fair Go ASAP. Insurance companies love them :-)

[flyernzl]

We shifted houses just under a year ago.
Sold the previous house, bought the new(er) one, and shifted abou 2km.

Looking at the insurance details now that the renewal notices have arrived.
House insurance, thats gone up a bit since last year.
Contents insurance, thats odd, its arrived in a separate envelope addressed to our old address.

Check things out, it looks a bit strange, so phone the insurance company.
They have shifted the house policy from the old house to the new, but, would you believe it, the contents are still insured at the old address.
So we have paid the premium for cover there.
"Would you" we ask "have paid out a claim on loss of contents at the new address".
"No" they admit "We would not".
So we have paid a $600-odd premium for basically no cover.

Just as well we have not suffered fire, burglary or earthquake over that time.

[kapitibeanman]

You will be getting a refund, I presume. They can't have it both ways.

[kapitibeanman]

Been with state insurance for many years now. Had new policy last year. Got robbed a few weeks back of around $5k worth of gear from house. Went to make claim but got declined as new term in fine print was added 'house must have monitored alarm".
Thoughts?

You say it was a new policy, but you have been with State for years. I don't understand.
I would expect if State changed your contents policy conditions from one year to the next, they would be obliged to let you know. If, however, you started a new policy, the onus would be on you check at the time of purchase what you were paying for.

[roseneath_rat]

In my experience the only time those limitations are put on a policy is when there has been a history of losses/claims from burglary or theft in the past.

If there have been changes made to the standard policy conditions, they should be pointing out these alterations at the time of policy renewal, as they are entitled to do.

[Viking]

Trust state,Sure can?

[Perry]

As just a re-badged government
department, of course you can.
.

[freezinhot]

Been with state insurance for many years now. Had new policy last year. Got robbed a few weeks back of around $5k worth of gear from house. Went to make claim but got declined as new term in fine print was added 'house must have monitored alarm".
Thoughts?

By monitored to you mean by a security company, if so they are not cheap. What is the point of insurance if this is there policy. Rubbish!!

FH

[speights boy]

Insurance & Savings Ombudsman
0800 888 202.

My understanding is they have a responsibility to bring to your attention any changes to terms & conditions.
If it was just hidden in the fine print & not specifically highlighted or brought to your attention I reckon you have a case.

If you do file with the Omb, make sure you tell State.
When I complained about a bank transaction with the Omb that was enough for the bank to pay up.

Ring the Ombudsman.

[graemeh]

As just a re-badged government
department, of course you can.
.

State is owned by IAG. IAG are an Australian company that also owns NZI.

[hawkeye]

The Cost of Insurance

I was wondering if other parts of the country are experiencing the same levels of increase in the cost of house insurance as we are in Christchurch.

I've had two policies come up for renewal post September but pre February quake and the premium increases are in the 80-90% range for the same cover. Who knows what the increases will be post February 22nd?

My broker has told me that some cover has increased 400%.

Is this a countrywide phenomena or just Christchurch?