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  1. #1
    Join Date
    Jun 2010
    Posts
    167

    Default Insurance Type and Cost Changes

    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?

  2. #2
    Join Date
    Oct 2008
    Location
    Auckland/Melbourne/ whereever the money is
    Posts
    1,381

    Default

    Fair Go - public shame

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

  3. #3
    Join Date
    Nov 2008
    Location
    Karratha WA
    Posts
    1,444

    Default

    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?

  4. #4
    Join Date
    Mar 2007
    Location
    Auckland
    Posts
    3,065

    Default

    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?

  5. #5
    Join Date
    Jun 2005
    Location
    auckland New Zealand
    Posts
    5,236

    Default

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

  6. #6
    Join Date
    Mar 2007
    Location
    Auckland
    Posts
    3,065

    Default

    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.
    Last edited by Perry; 11-02-2011 at 11:10 AM.

  7. #7
    Join Date
    Apr 2010
    Location
    Waikanae
    Posts
    463

    Default

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

  8. #8
    Join Date
    Apr 2010
    Location
    Waikanae
    Posts
    463

    Default

    Quote Originally Posted by TomW View Post
    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.

  9. #9
    Join Date
    Jun 2005
    Location
    Wellington
    Posts
    1,112

    Default

    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.

  10. #10
    Join Date
    Sep 2008
    Location
    Tauranga
    Posts
    1,518

    Default

    Trust state,Sure can?


 

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