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networkn
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  #1814155 6-Jul-2017 21:36
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antoniosk:

 

If youre ok sharing, to what number did you broadly come out to as being much more realistic?

 

It's hard to pick a good number for contents, as it's so easy to miss all the things that get built up over time

 

 

Well, we have two high-income earners, and 2 kids and we like to collect stuff. We were insured for 75K and came out nearly at double that. 

 

There is so much stuff you need to consider you probably don't even notice. Cutlery, plates, pots, appliances, furniture. I have SOME expensive clothes, though clothes aren't something I spend huge on, but gadgets are something I have a lot of. Just count the number of shoes alone in your house and work out the replacement cost of that. 

 

I probably have $1000 of cookbooks across the years of collecting including special editions gifted to me.

 

In reality, I wouldn't replace absolutely everything, but the point is, your insurer will expect EVERYTHING to be insured or they won't pay out the full amount. 

 

The assessor we spoke to said 85% of people in NZ are under insured and he said the minimum he considered reasonable to insure would be 50K and most people would be well over that.

 

We actually went around the house with a video camera and took videos and sent them to the insurance company. 

 

 

 

 

 

 

 

 


Geektastic
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  #1814245 7-Jul-2017 09:04
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MikeAqua:

Based on a current claim experience, I'm considering self-insuring the bulk of of my contents. 


The contents of a home might be worth for example $60k.   If you took $60k of contents insurance, even in a total loss the insurer will not pay anywhere near that amount out.  This is because a lot of items are covered by indemnity value and the insurer will pay a depreciated value for them.


The indemnity values proposed for settlement of our claim are low.  Most are less than the second hand value of a similar item in similar used condition.  The proposed settlement for indemnity value items will be sufficient in aggregate to replace less than half of them (buying second hand). A lot of stuff we won't bother replacing at all.


This all adds up to two implications for me: -



  • After all is settled and purchases made we won't own as many items. 

  • Items that don't fit the replacement criteria, aren't worth insuring for more than a couple of years.


Together those add up to significant reduction in contents cover and a reduction in the associated premium.



Just look for a better policy that insures at replacement value. They exist.





networkn
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  #1814259 7-Jul-2017 09:43
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Geektastic:
Just look for a better policy that insures at replacement value. They exist.

 

100% agree. They are not significantly more expensive either. Our policy is complete replacement like for like. Nothing else will do.

 

Not sure what happens when something can't be replaced, like our Heart Rimu Furniture though.

 

 




Geektastic
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  #1814268 7-Jul-2017 10:22
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networkn:

 

Geektastic:
Just look for a better policy that insures at replacement value. They exist.

 

100% agree. They are not significantly more expensive either. Our policy is complete replacement like for like. Nothing else will do.

 

Not sure what happens when something can't be replaced, like our Heart Rimu Furniture though.

 

 

 

 

 

 

Why can't it be replaced?






Inphinity
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  #1814488 7-Jul-2017 15:25
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Geektastic:

 

Why can't it be replaced?

 

 

There's quite a lot of situations where things can't be exactly replaced. This is often the case with things like custom jewelry or collectable items. You can get similar or 'functionally equivalent' items, but they're still not the same. For example, if you had a shirt signed by a world-cup-winning sports team that you supported, this could be hard or impossible to exactly replace, and is also an example where value can be hard to quantify as well.


MikeAqua
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  #1814538 7-Jul-2017 16:17
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Geektastic:

 

Why can't it be replaced?

 

 

Generally the insurer can provide something similar/comparable at their discretion.  Or they can provide cash.  Depending on your policy cash may be at indemnity value.





Mike


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