What Insurance & Which Company?

[Meehole]

Fill out one from, send it to insurance company of choice, get quote. Send same form to another company and ask for quote based on xyz's form, same deal.
Better to do your own leg work and gather your own info and have an indepth knowledge about your own investment. No one will look after it like you do.
Learn to read the fine print!
My move to ChCh 18 months ago has taught me this!

[skid]

Well,after reading all these posts from#1 I would like to thank Mr Sane Person for bringing out the most facts on the issue.---He makes an opinionated statement,and then someone else eventually corrects him with the facts-LOL

With all this talk of Hanover-lombard-etc--I would think you would be more concerned with your mortgage and the bank behind it.

From the failure of a finance co. to the failure of a bank may not be any more far fetched than an earthquake.

Which brings up the question of just how much equity do our banks have in case of an ''event''
Food for thought

[skid]

I don't think you guys understand how insurance works. If the rebuild cost is $500K and you insure for $250K, you are deemed to carrying half the risk yourself. If you have a fire which does $100K of damage, insurance pays $50K.

Under insuring is pointless and will cost you.

I did do 8 years working in an insurance company - I know a little about what I'm talking about.

Thats pretty harsh--has this been established an undisputable fact?

You insure for 200000(maybe by useing the calculator--you then have a kitchen fire cost 50000--they then determine your home is worth 300000 and only pay 2/3 of the cost?
Has anyone else had experience with this sort of thing or checked it out?

Disc.-Im freehold but still insure--Im more concerned with the banks than insurance cos--but thats just me
(i realize most would not be able to do that ,but was fortunate to be in that situation so decided to pull my head in till this economy thing gets a bit more stable.)

[Maccachic]

Someone posted a link to regulations (was it in this thread?) that prohibit this for housing in NZ, but wouldn't hurt to double check with the insurance company.

[skid]

Ive been using the calculator and have been using AA(mostly because they didnt require the stupidly padantic form that required every last detail on everything in your house including when it was done and by who(some were 6-7pages and required electricians inspections etc) but I nremember my builder saying he insures on the light side because if your in the city the odds of a total disaster by fire etc are very low--more likely just a partial burn .
But if this situation is true (post115) then that logic would go out the window

[skid]

Agree Insurance co are pretty ugly beasts-but there nare alot of ugly corporate beasts out there these days
(In Bolivia the got into financial trouble --The world bank said they would bail but under their terms-That included giving ownership of water rights to a California corp.--the long and the short is that they claimed ownership of not only the water suppy,but all rain water as well.
The whole population revolted -and the government went into hiding and this time the people won.
The corp.was sent packing along with the gov.
They are now able to patent almost anything including life forms such as human genes--If you play polo,your not allowed to call it polo because the clothing co has a patent on the name--the list goes on..(sorry a bit off topic)

[Maccachic]

Hmm there is a corp after the water supply in this country too..

[skid]

True--Ive even heard that they have taken some people to task for rainwater tanks

[Bob Kane]

I don't think you guys understand how insurance works. If the rebuild cost is $500K and you insure for $250K, you are deemed to carrying half the risk yourself. If you have a fire which does $100K of damage, insurance pays $50K.

Under insuring is pointless and will cost you.

I did do 8 years working in an insurance company - I know a little about what I'm talking about.

DazRaz - you posted that on 01 June.
Since then you've supplied no evidence or information to back up your claim on how insurance works.
Not one insurance person has supported your claim.
The insurance policies I've seen do not support your claim.
I'm starting to think you're spreading urban myth.
Either back up your claim or withdraw the posts.
You're scaring newbie property investors.
Your 8 years in the business was 30 years ago and no, I doubt you know what you're talking about.

[DazRaz]

Oh dry up. I didn't just post that. It's quoted from a while ago.

[Bob Kane]

Oh dry up. I didn't just post that. It's quoted from a while ago.

And it's wrong.
Why not correct it?

[DazRaz]

You want me to change a post from June? It's even been quoted. I can't change that.

It's been discussed on the other thread. Perhaps someone will bring that back from the dead as well.

If you were to ask if I still stand by what I said then, I would say no.

[Wayne]

It would be nice to know if its real or an urban myth.

[skid]

You want me to change a post from June? It's even been quoted. I can't change that.

It's been discussed on the other thread. Perhaps someone will bring that back from the dead as well.

If you were to ask if I still stand by what I said then, I would say no.

Oh well,that settles it then--I guess you were right when you said I know a LITTLE about what im talking about LOL

[Bob Kane]

Sorry, DazRaz.
I was a bit harsh on you.
I do apologise.