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  1. #861
    Join Date
    Jan 2012
    Posts
    1,142

    Default

    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.
    Last edited by Learning; 27-07-2019 at 04:04 PM.

  2. #862

    Default

    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

  3. #863
    Join Date
    Sep 2004
    Location
    Hastings
    Posts
    15,640

    Default

    Quote Originally Posted by InsuranceGuru View Post
    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?
    Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

  4. #864
    Join Date
    Jan 2012
    Posts
    1,142

    Default

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

  5. #865
    Join Date
    Sep 2004
    Location
    Hastings
    Posts
    15,640

    Default

    Quote Originally Posted by Learning View Post
    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?
    Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

  6. #866
    Join Date
    May 2008
    Location
    Torbay, Auckland
    Posts
    3,942

    Default

    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.
    Paul Magill B.com
    Bluekiwi Property Consulting

  7. #867
    Join Date
    Feb 2015
    Posts
    417

    Default

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

  8. #868
    Join Date
    Sep 2004
    Location
    Hastings
    Posts
    15,640

    Default

    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
    Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

  9. #869
    Join Date
    Mar 2007
    Location
    Auckland
    Posts
    3,108

    Default

    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"?

  10. #870
    Join Date
    May 2008
    Location
    Torbay, Auckland
    Posts
    3,942

    Default

    Quote Originally Posted by flyernzl View Post
    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.
    Paul Magill B.com
    Bluekiwi Property Consulting


 

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