Lifestyle Insurance

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10 years 7 months ago #408993 by max2
Replied by max2 on topic Lifestyle Insurance

Hawkspur;404570 wrote: Just a reminder[;)]
The cheapest preamium isn't necessarily the best! You want a policy with a good price, good coverage and a company with a good claim record...


Well lets talk about that good claim record. Stand*rd and P*ors (from memory is their proper name) undertakes the claims paying reports on all financial institutions including the insurance industry.

Do you know how this is achieved? Well I didn't prior to our house fire when we were insured with B*Z insurance which is underwritten by I*G and they were dragging their feet with our claim or even any acknowledgement of it.

So I emailed Stand*rd and P*ors and asked them how they get to their assessments. They publish their payout ratings data based on self assessments provided by each insurer!!!!!!!!!!!!!!!!!!!!!!!!!!!!

So what's the darn point in all of these banks and insurers telling us how b***dy good they are!

Its really up to the public to stop accepting these ''i am good, let me tell you stuff...'' and question these advertised ''facts''. I was really shocked and disappointed, I emailed asking further questions and then never heard back....

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10 years 7 months ago #409050 by Mich
Replied by Mich on topic Lifestyle Insurance
We're with AMI as well, Bev, and have always had simply outstanding service from them, specially during the 2004 and 2006 floods. Now that they're suposed to be being split in 2, with the Christchurch quake stuff being separated out and the rest sold to someone else (Tower? Not sure who), I doubt that we'll get the same level of service that we've had in the past. Seriously looking at getting an FMG quote, so great to hear such positive comments about them. To balance things up, has anyone not had a good experience with FMG?

That's a good point, Swaggie. Thing is, it's not until you REALLY need an insurance company to come through for you that you discover just how good they are. I can imagine how terrible it would be to suffer a major disaster and then have to argue the toss over a claim.

Cheers, Mich.

Good exercise for the heart is to bend down and help someone up. Anon.

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10 years 6 months ago #409143 by DiDi
Replied by DiDi on topic Lifestyle Insurance
Having worked in Insurance, all I can tell each and every one of you is to take the time to read the fine print on what you are signing up too and be aware of the difference between Public Liability and a term I think is called Moral Liability.

Not connected to the above comment but I had a client who had a horse flip over and the tree on the very expensive saddle (fully insured) she was using was destroyed. She claimed only to find out that as she was riding at the time, the saddle was not covered. Had the saddle been stolen from her shed, she would have been covered. SO - trying to say this very quietly - read the fine print of what you are signing up too and if it is not sent to you, request it!

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10 years 6 months ago #409144 by DiDi
Replied by DiDi on topic Lifestyle Insurance
Having worked in Insurance, all I can tell each and every one of you is to take the time to read the fine print on what you are signing up too and be aware of the difference between Public Liability and a term I think is called Moral Liability.

Not connected to the above comment but I had a client who had a horse flip over and the tree on the very expensive saddle (fully insured) she was using was destroyed. She claimed only to find out that as she was riding at the time, the saddle was not covered. Had the saddle been stolen from her shed, she would have been covered. SO - trying to say this very quietly - read the fine print of what you are signing up too and if it is not sent to you, request it!

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10 years 6 months ago #409174 by Mich
Replied by Mich on topic Lifestyle Insurance
That's what I find difficult about insurance companies, DiDi - trying to work out what scenarios are and aren't included in the policy. Who would have thought, in the situation you described with the saddle, that it wouldn't have been covered? I agree with what you're saying re the fine print, but insurance companies don't always make it easy to ferret out exclusions. Not to mention how you work out what they think is material information that needs to be disclosed when a policy is taken out or circumstances change.

Does FMG send someone out to the property to view it before signing up? Can you request that that happen? Should pictures be taken at the start of a policy and a copy given to the insurance company? Just thinking that, if we do change companies, we will have to start all over again with a new history, so I'd like to try and get it right first time.

DiDi, I heard that all insurance companies have access to a claims database - is that true? If so, is it possible to refer them to that database when asked the question about what claims you've made in the last 5 years or so rather than have to try and remember all the wee details? Just thinking that (specially with my ageing brain) I might forget something 'material' and have it come back to bite me later on.
Cheers, Mich.

Good exercise for the heart is to bend down and help someone up. Anon.

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10 years 6 months ago #409176 by helen55
Replied by helen55 on topic Lifestyle Insurance
I approached FMG early last week and they have followed up by emailing millions of questions about my property. All the usual things about the house - when was it built, roof type (and has it been replaced, and if so, when), when was the wiring last replaced etc etc. They also need to know the dimensions of all the sheds and when they were built. I've been here just over 9 months and wouldn't have a clue when the sheds were built. They also wanted to see the builder's report I obtained when I was purchasing the property. I also think it would be useful if a rep from the company came and had a look at the property before a quote for insurance is issued.

Living on a 7 acre property near Oamaru I currently have 5 wonderful Standardbred horses, 8 alpacas, 6 former battery hens, 1 labrador and 8 cats. I eat only plant based food and love trying new plant based recipes. Retired from the paid workforce in December 2019 and have never been busier!!

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10 years 6 months ago #409219 by DiDi
Replied by DiDi on topic Lifestyle Insurance
Mich and Helen - I expect all the Rural Managers are on holiday so look FMG up on the Internet (or use their 0800 number), find out where your local Office is (there is an area map on the site) and ring the Branch directly and say you want the person responsible for your area to come out and give you a quote.

This comment is not intended as any slur on an 0800 number Company but I have noticed that those answering (including banks) will really push for you to speak with them. FMG may have a minimum value policy that they are prepared to travel out to your farm for so know what you are paying now.

Re the database - yes all Insurance Companies have access to a claims database but never having worked in a claims department, I am not sure whether they always use it. I always thought it was just for MV accidents though. I can't see why they can't access your Insurance history from your previous Insurance Company with your permission.

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10 years 6 months ago #409246 by Mich
Replied by Mich on topic Lifestyle Insurance
DiDi, thanks very much for your post - much appreciated. I'll get on to FMG next week.
Cheers, Mich.

Good exercise for the heart is to bend down and help someone up. Anon.

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10 years 6 months ago #409247 by max2
Replied by max2 on topic Lifestyle Insurance
Can i just mention that when you go to make a major claim (such as ours when the house burnt down) the questions go on for weeks and get quite personal. They will also want to see your maintenance records, interview those tradespeople who have worked on your property and anyone and everyone else who has been there.

My opinion based on my experience is if they can find an ''out'' for denying your claim, they darn well will!

And secondly don't let any bank fool you into thinking its ''their'' insurance that is covering you, its not its an underwriter and you don't get to speak to the bank's insurance arm when you make a claim, you are referred to the underwriter.

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10 years 6 months ago #409249 by Mich
Replied by Mich on topic Lifestyle Insurance
So keeping meticulous records is a good idea, then, eh Swaggie? :-)
Cheers, Mich.

Good exercise for the heart is to bend down and help someone up. Anon.

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