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After the horrible thread here today of a member's house being burgled it might be good to share some experiences with insurance of our gear.

 

I looked into contents insurance as a renter and it was quite expensive with the few companies I tried.

 

Please share if you know any good companies either with price, or good claim experiences or anything else.

 

Thank you

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I was knocked off in 2002.

 

I had the “expensive” Suncorp policy at the time.

 

I read the Product Disclosure Statement, and had new for old on everything that was less than 10 years old. 


I worked for an insurance company... most people had no idea what kind of coverage they had bought... and cheaper coverage is likely to be less coverage.
 

READ THE PRODUCT DISCLOSURE STATEMENTS PEOPLE.

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Cheaper Insurance doesn't necessarily mean worse cover use an insurance broker and be wary of companies that asks a bucket load of questions . Things like, is there someone home at all times ? Because if you answer yes and you get burgled whilst there wasn't someone there you probably won't be covered .

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6 minutes ago, furtherpale said:

I was knocked off in 2002.

 

I had the “expensive” Suncorp policy at the time.

 

I read the Product Disclosure Statement, and had new for old on everything that was less than 10 years old. 


I worked for an insurance company... most people had no idea what kind of coverage they had bought... and cheaper coverage is likely to be less coverage.
 

READ THE PRODUCT DISCLOSURE STATEMENTS PEOPLE.

Was there limits?

 

Did you have to specify items? From the insurers I have spoken to I have a few things that aren't covered by any standard policy. I am guessing this will apply to many here

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1 minute ago, Bunno77 said:

Was there limits?

 

Did you have to specify items? From the insurers I have spoken to I have a few things that aren't covered by any standard policy. I am guessing this will apply to many here

There were some individual item limits (above any individual item I had at the time) and I had to specify my CD collection... but I read the PDS to make sure.

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A topic designed to put the wind up just about everybody who is a member here.

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I remember several years ago l found out my Cds wheren't completely covered, because they said 1200 CDs were beyond the norn. I had to insure them separately from home contents. Worth checking on that aspect alone. I had to itemise each CD, which was a pain in the you know what. You should be ok on hifi components? But check your policy.

Keep receipts.

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3 minutes ago, needlerunner said:

I remember several years ago l found out my Cds wheren't completely covered, because they said 1200 CDs were beyond the norn. I had to insure them separately from home contents. Worth checking on that aspect alone. I had to itemise each CD, which was a pain in the you know what. You should be ok on hifi components? But check your policy.

Keep receipts.

That would be a nightmare.

 

I think based on individual cost of each component. My gear is not expensive compared to most but 3 are over the 10k limit most insurers I spoke with stated

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I was a broker and if I had to specify all my preamps power amps etc Dacs linear power supplies I would be up for heaps

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Our contents policy premiums keep increasing.  I haven't checked the terms of the policy for years, but with the increasing cost and stories about the insurance industry I'm feeling more convinced that I'm being ripped-off.  And really got the run-around when I claimed a few years ago on some kitchen damage.  It's easy to say look for a new policy, but with all the companies have similar attitudes I feel it would be hard to get a good deal. 

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19 hours ago, needlerunner said:

I remember several years ago l found out my Cds wheren't completely covered, because they said 1200 CDs were beyond the norn. I had to insure them separately from home contents. Worth checking on that aspect alone. I had to itemise each CD, which was a pain in the you know what. You should be ok on hifi components? But check your policy.

Keep receipts.

Yeah if you exceed a limit whether records or CD or other you will need to discuss with the insurer.

 

However in the case of CDs the value of the collection has probably gone down with the years, unless you have some rare stuff.

 

 

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I just explained my case re a claim due to burglary on anewmission's thread. I came out in front. Way out in front.

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I use a broker for all of my insurance, wouldnt go back to doing it myself again.

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20 hours ago, DEANO23 said:

Cheaper Insurance doesn't necessarily mean worse cover use an insurance broker and be wary of companies that asks a bucket load of questions . Things like, is there someone home at all times ? Because if you answer yes and you get burgled whilst there wasn't someone there you probably won't be covered .

That is total cobblers Dean - I too was a QPIB for over 30 years and if you were a Qualified Practicing Insurance Broker you would know that it is standard in the industry for domestic homeowners policies to have unoccupancy clauses of between 30 to 60 days (mine has 60)............depends on the insurance product and the company.

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I didn't mean unoccupied for that long I meant insurers that ask in their due diligence questions, a) is there someone home at all times, B) are there window locks on all window's c) deadlocks on the doors . I didn't mean where you have to declare unoccupancy for 30 days or more clause.

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21 minutes ago, Demondes said:

Yeah if you exceed a limit whether records or CD or other you will need to discuss with the insurer.

 

However in the case of CDs the value of the collection has probably gone down with the years, unless you have some rare stuff.

 

 

That's really not correct .................your cover will be based on relacement cost so you must maintain an allowance for that within your sum insured that - what it will cost to track down and replace all CDs immediately following the loss at today's prices otherwise you may find yourself underinsured. 

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