Full Repacement Insurance still available with FMG

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9 years 3 weeks ago #35199 by ccrk9
Further to the other thread on insurance - in the newsletter from FMG today

"FMG has always offered clients the choice of Full Replacement or Nominated Replacement House and Farm Buildings policies and continue to offer both- with no plans to change"

"we keep Full replacement because our client base is well diversified and geographically spread across rural and provincial New Zealand, we're in a strong financial position and we don't have the same concentrated urban exposures which most other insurers have. While other insurers are changing their covers, its business as usual for FMG."

The greatest fine art of the future will be the making of a comfortable
living from a small piece of land. ~ Abraham Lincoln ~

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9 years 3 weeks ago #461656 by BlueSkyBee
Wicked. Will definitely be giving them a call! Thanks!!



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9 years 3 weeks ago #461657 by ccrk9
Personally if anyone is being forced onto Valuation based cover by their company I would switch to FMG. Having said that it could be worth some blackmail with the company you are with and say if you wont offer full replacement and continue to do so in the future I will change companies....a few customer losses might make them think again

The greatest fine art of the future will be the making of a comfortable
living from a small piece of land. ~ Abraham Lincoln ~

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9 years 3 weeks ago #461666 by Organix

ccrk9;463413 wrote: Personally if anyone is being forced onto Valuation based cover by their company I would switch to FMG. Having said that it could be worth some blackmail with the company you are with and say if you wont offer full replacement and continue to do so in the future I will change companies....a few customer losses might make them think again

Of course you are assuming FMG (or any other insurance company) that offers a 'Full Replacement' won't be loading premiums on such policies in order to cover the extra risk to themselves, which may be a little naive IMO.

Harm Less Solutions.co.nz
NZ & AU distributor of Eco Wood Treatment stains and Bambu Dru bamboo fabrics and clothing

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9 years 3 weeks ago #461667 by ccrk9

Organix;463422 wrote: Of course you are assuming FMG (or any other insurance company) that offers a 'Full Replacement' won't be loading premiums on such policies in order to cover the extra risk to themselves, which may be a little naive IMO.

Maybe, maybe not. All I can say is house, car and contents plus whatever else we have to cover us against damage to neighbours milk (as if), causing a fire plus moral obligation is cheaper than we would pay thru AMI, AA, NZI etc and our premium rises have been under others on a % basis.

The greatest fine art of the future will be the making of a comfortable
living from a small piece of land. ~ Abraham Lincoln ~

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9 years 3 weeks ago #461668 by BlueSkyBee
So FMG will insure personal vehicles as well?



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9 years 3 weeks ago #461669 by ccrk9

BlueSkyBee;463424 wrote: So FMG will insure personal vehicles as well?

Sure do. We have the house, the contents, the car with them. Contents includes contents of the un insurable garage (refer my post other thread) including the ride on mower. Contents of garage are covered for fire and theft. They were also willing to repair my orchard fence when a neighbour took it out when he smashed thru the power pole on the road. The fence was deemed ok as it was close to the house. We are allegedly covered for the old wooden power pole on the property that carries our power to the house.

The only concern I would have is replacement insurance does not mean replace like with like. They can replace this house with a wooden one (fine by as I don't really like stucco) but they can also replace it with modern building materials eg aluminium windows which I might not be so happy with given the native timbers in this house. Something I must look at in our policy as I cant remember what we went with when we switched to them. But I guess that's how they afford replacement insurance as some modern style house would be cheaper to build than replace some of the custom features in this house.

If people want to replace like with like in the event of a disaster then they would have to go with fixed value I would imagine.

The greatest fine art of the future will be the making of a comfortable
living from a small piece of land. ~ Abraham Lincoln ~

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9 years 3 weeks ago #461680 by max2

BlueSkyBee;463424 wrote: So FMG will insure personal vehicles as well?


We have everything, cars, house, contents, farm, public liab. on farm, rental properties with them. Our premium last July was still well below other insurers.....

the only insurance we don't have with FMG is liability on our roofing business. Its not their thing, and the only insurances to offer liability for roofing are all underwritten by IAG. :rolleyes:

You have to wonder how they have been allowed to dominate that business when they are not even NZ owned.... [:0]

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