Contents Insurance Suggestions

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DravidDavid

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#108939 9-Sep-2012 18:27

Hey guys,

So I've realised I have a lot of expensive electrical equipment laying around that I don't want to replace.

I was looking at getting some contents insurence to defend against theft and accidents with stuff like expensive camera lenses, computer equipment and of course, my smart phone.

I talked to AA Insurence and they said it was going to be about 30 bucks a fortnight for cover up to 10,000 dollars.

Does anyone else recommend an insurence company? Which ones should I avoid? Horror stories welcome.

Cheers :)

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#683504 9-Sep-2012 18:37

10000 seems very very very low

Richard rich.ms

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#683507 9-Sep-2012 18:43

Whichever provider you end up with, make sure you have a record of EVERY item you care about including proof that you own it (Pics, Manuals etc.) and receipts.

Our house recently got burgled and I lost my camera a few lenses, tripod etc. worth upwards of 4K. I was advised that I'll only be getting back a max of 2K for the camera as it was under the standard policy.

EDIT: Also the lenses and tripod were classified as "accessories" for the camera and hence I could not claim for these individually.

The fine print states the maximum claim per item and if your equipment is above that you'll need to explicitly state that in your policy. I learnt this the hard way!

I've also got myself an inventory management software where I can record serial no.s, pics, scanned receipts and store these all in the cloud.

DravidDavid

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#683514 9-Sep-2012 18:59

mentor:
I've also got myself an inventory management software where I can record serial no.s, pics, scanned receipts and store these all in the cloud.

This is a fantastic idea! I'll be sure to get on to that next week when I have the time. Have you got the name of the software you use? It would be much better for me than keeping a folder with everything in it.

mentor

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#683519 9-Sep-2012 19:05

DravidDavid:

This is a fantastic idea! I'll be sure to get on to that next week when I have the time. Have you got the name of the software you use? It would be much better for me than keeping a folder with everything in it.

I'm using Home Inventory Pro (http://www.homeinventorypro.com/)

EDIT: In case it helps, I started by creating zones (rooms in the house) and recording all of my equipment that was in each zone. One you are all done, the tool provides you a total cost of all these items which is a good starting point to determine how much content insurance you need.

DravidDavid

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#683520 9-Sep-2012 19:07

richms: 10000 seems very very very low

Yea I know. But I don't plan to break it all at once.

Thanks for the software. I'll review it tonight and see if its worth my while :)

KevinL

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#683522 9-Sep-2012 19:08

DravidDavid:
richms: 10000 seems very very very low

Yea I know. But I don't plan to break it all at once.

Thanks for the software. I'll review it tonight and see if its worth my while :)

You may not intend to break it all at once, but if it's all in the same place you really should insure the total value.

What happens if there's a fire?

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richms

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#683523 9-Sep-2012 19:09

You dont plan for it, but the additional cost to take it up to something reasonable like 40-50k is not a lot, and if the place burns down you dont want to find yourself trying to set up somewhere else on only 10k. That wouldnt even cover a bedroom.

Richard rich.ms

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#683535 9-Sep-2012 19:20

I'd strongly advise you to go through the maximum claim per item in your policy. For ex: You might think that your contents will cover your smart phone (~$1000) but you'll notice that most standard policies cover only upto a max of $200 unless you insure your phone at a set value which obviously will affect your premiums.

Also don't forget things like carpets/curtains or flooring which don't fall under house but contents insurance.

DravidDavid

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#683536 9-Sep-2012 19:20

richms: You dont plan for it, but the additional cost to take it up to something reasonable like 40-50k is not a lot, and if the place burns down you dont want to find yourself trying to set up somewhere else on only 10k. That wouldnt even cover a bedroom.

I only care about my desk and my electrical equipment. Bed is optional haha.

But you are right. I should insure for more than what everything is worth.

kingjj

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#683543 9-Sep-2012 19:29

If you do specify all expensive items, and one or two of them are a bit more private... say an engagement ring set, make sure that the confirmation isn't sent to your fianc?, complete with its purchase and valuation costs :-)

DravidDavid

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#683547 9-Sep-2012 19:43

I have nothing like that. Just electronics, DSLR cameras/lenses high spec computer equipment, guitars, amps and a smartphone that I'm sure I'll smash on the ground one day.

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mjb

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#683548 9-Sep-2012 19:45

kingjj: If you do specify all expensive items, and one or two of them are a bit more private... say an engagement ring set, make sure that the confirmation isn't sent to your fianc?, complete with its purchase and valuation costs :-)

speaking from experience?

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Jas777

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#683706 10-Sep-2012 09:58

As well as stroing information on a inventory management system you can also store info on the police's stolen goods tracking site www.snap.org.nz

timmmay

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#683736 10-Sep-2012 11:04

If you have $100,000 of contents and $10,000 of insurance you may only get 10% of your claim paid out. I think you have to insure all your contents, not just some of them. Double check that carefully, both by asking the company, and by reading the policy.

I just worked out my contents, for a 3 bedroom home, it came to $125,000 or so. It's amazing what appliances, electronics, beds, furnishings, curtains, etc all add up to. These may help

http://www.kiwibank.co.nz/personal-banking/online-tools/contents-insurance-calculator.asp
http://www.aainsurance.co.nz/contents-insurance/calculator.html

I use state, never had a problem. I have my contents listed with values to break them down, but generally only generically - eg lounge suite, TV, clothes, etc. I may photograph everything and keep the images in the cloud somewhere, but all my receipts are on paper.

How important would it be to keep them all? It'd take a couple of days of effort to scan them all, and no way can I do it for all my contents like plates, clothes, etc. I can't imagine more than 0.1% of the population does that, and insurance has been around and paying out for a long time.

TinyTim

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#683753 10-Sep-2012 11:33

Other advice: make sure you somehow name your valuables. Police recommend using a UV pen to write your name and drivers license. They say when they raid crims' houses they often can't get evidence that stuff they find has been stolen. E.g. stack of playstations, obviously stolen, but the crims say they got them from a mate. Not only do victims not get their stuff back but the crims get away with it.

If you have recorded a serial number then eventually you may get it back, but if you've written your name on your stuff with a UV pen then it's so much easier and quicker for everyone.

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