What Insurance & Which Company?

[Bluekiwi]

I just re-read part of the post and see that a couple of Hamilton professionals (property manager, accountant) are both recommending Initio, a Hamilton based company

* So guys can you tell us about your research on the policy detail on what they cover compared to other insurers.
* can you tell us their performance on claims.

No point being cheaper, if you don't cut the mustard come claim time.

[Sportsvee]

No point being cheaper, if you don't cut the mustard come claim time.

Exactly.

I will have to double check, but I believe the rentals are with Initio. But I don't believe they do vehicle insurance. Could be wrong though.

Will have a sniff around over the next week or so and put what I find out here. Can't do anything until the claim is finished though.

Cheers Blue.

[flyernzl]

Have had a few small claims with Initio on rentals.

Two fences, storm damage.
One malicious tenant damage.

So far, no problems on claiming.

[Perry]

Well, definitely CANNOT recommend Tower if you need to claim. Customer service/communication is next to nil.

Premium rises of 'around $1000' for some AMI and State house insurance policyholders
23 July 2018

State and AMI house insurance policyholders with homes at heightened risk from earthquakes, landslips and floods have been told to brace for a rise in premiums. The move follows Tower's decision earlier this year to start individually pricing earthquake risk on homes instead of sharing the risk evenly across all its policyholders.

[sparxNZ]

Well it's not really that unfair, is it? Over time it's going to reward folks who build a lockwood home on solid high ground. It's like that in Queensland. I worked with a guy over there who was looking at an apartment in Airlie Beach. He didn't buy it in the end because the body corp fees were 12k per year - which was almost 100% insurance on account of the 1-2 cyclones which tend to hit that town every summer. Similar apartment in a part of Brisbane which didn't flood was only about $2k to insure.
A lot of people over there just don't insure in those types of areas. Perhaps NZ will follow the same path.

[Learning]

The insurance for my rentals is up for renewal. After being locked in with no companies daring to even entertain the idea of insuring property in Wellington, I thought I'd test the waters to see if anyone had softened their stance. After all, with 20-30% premium hikes each year for the last 8 years, I thought there'd be some room for competition around.

Softened is a word... If I get a 3 page check sheet signed off by a Registered Master Builder, a Certified Builder, a Structural Engineer or a Registered Building Inspector, they might consider, to thing about, wondering if, they would like to offer insurance.

I think the stone needs to be boiled a bit longer.

[InsuranceGuru]

There is no softening of insurance premiums especially since the recent changes in FENZ (Fire and Emergency New Zealand) and EQC/Natural Disaster which take at least 30/40% of the total premium.

If you are looking for cheap - you are not going to find it!

Trevor

[Perry]

If you are looking for cheap - you are not going to find it!

Oh, Trevor, I'm sure there will be lots of cheap talk from insurance peddlers. There always is.

"You forgot to disclose that you popped a pimple on 7 Aug 1988, so your claim is declined."

Material? Perhaps? Not really.

But isn't that how it usually goes with insurance companies?

[Learning]

Maybe the premiums will soften a little when the insurance co's start competing with each other again?

[Perry]

Maybe the premiums will soften a little when the insurance co's start competing with each other again?

Follow the corporate trail to the top and ask just who's competing with who?

[Bluekiwi]

When the new system comes in of higher insurance premiums for area's of higher risk.

Such as low lying coastal, flood zones, earthquake area's.

Then the rot of ever increasing premiums for people with standard houses (ie. my rentals in Auckland non coastal) will stop.

They wont come down, but at least they will be stable.

I am sick of paying massive premiums that increase each year, so the insurance companies can recoup the massive loss's incurred in places such as Eathquake and storm prone Christchurch.

[Bluecoat]

If you exercise don't drink don't smoke then you're subsidising those that do.

[Perry]

Any interesting article about insurance. Of course companies are concerned about shareholders. That goes without saying. But the hollow blather about concern for insurance premium payers' can be readily seen for what it is.

NZI said its priority was the safety of its customers.

Yeah, right. Maybe this sort of thing will be good for brokers? They do tend to "go into bat" for their clients. Well, certainly more than a direct premium payer gets from insurance companies.

First his home burnt, then businessman Evan Christian had to fight his insurer
3 Nov 2019

[flyernzl]

All insurance companies have a SOP - hold the claim up to the window and ask "If this ended up in court, would we win or would we lose?"
That answer decides their payout policy.

Did you know that, under the Fair Trading Act, insurance companies are the only businesses that are not legally required to "be fair and reasonable"?

[Bluekiwi]

All insurance companies have a SOP - hold the claim up to the window and ask "If this ended up in court, would we win or would we lose?"
That answer decides their payout policy.

Did you know that, under the Fair Trading Act, insurance companies are the only businesses that are not legally required to "be fair and reasonable"?

I have had some nasty dealings with insurance companies and you have to make noise and stand up for yourself or you WILL be taken advantage of.

That's why it is essential to use a Broker, who knows the rules, and can step into your shoes when things go back. ie. ILG Albany.

I found one incident where the insurance company has issued a policy with specific wording in it (that's one department).
And the claims team that dealt with the claim, different department, completely ignored the specific details in the policy and declined it.
We simply had to point out to them the policy detail, and they had to accept the claim.

They are allowed to be do corrupt and criminal and try to swindle out claim holders, with no legal risk, for some reason.

Ignorance of the law and insurance policy is no excuse unless you are in insurance.