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Personal Insurance

Personal Insurance

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Personal or Retail Insurance can cover a range of assets from antiques to windmills, so what ever your needs, if you own something and it’s worth protecting, then insure it.

Too Many Choices

They are many insurance products on the market all competing for your custom. However, just like any product, insurance comes in many variations and although one policy may seem very similar to another there can be subtle or major differences, which can make all the difference when you come to make a claim.

Price Versus Quality

It is true of most things you buy that you get what you pay for, insurance is no different. As a general rule the cheaper the price the lower or more limited the cover. If price is a major factor in your consideration of which insurance to buy then you will need to do your research very carefully, as not all cheap policies are what they appear to be. Often you will find that the sub-limits of cover for your jewellery and valuables can be very low and some Accidental Damage policies only cover you up to the boundary of your property and not once you leave the premises. Saving a few hundred dollars on your premium is great, but if your $2000 camera is stolen and the policy does not pay for it, then where was the benefit.

A Necessary Evil

Insurance is one of those things that you buy because you know you should, but you never make a claim and the premiums go up every year, so what’s the point. It is true that some people go throughout their life without ever needing to make a claim. However, the reality is that losses and accidents do happen and with the ever increasing frequency of severe storms each year the chance of sustaining a loss is always present.

If you do sustain a loss then there is no greater peace of mind than knowing that you are insured and insured with a quality insurer. It is how an insurer responds to your claim that is the true test of the quality of your insurance policy. With a quality insurer, you generally only need to make one telephone call and emergency repairs can be implemented without delay. With cheaper brand policies you could be waiting a week just to make contact with your insurer. With a hole in your roof, do you really want to be waiting a week?

An Actual Claim Account

One Saturday night in March 2010 a severe hail storm swept through Melbourne. Our client sustained hail damage to his roof which was letting in water. Our client called us at 8.00pm and within an hour we had called the insurer, Zurich Australian Insurance, emergency repairs were organised for that Saturday night and the following Sunday morning; and by the following Thursday the full repairs were well underway. Conversely on that Thursday our client’s neighbour, who had chosen to insure with a direct dealing insurer, informed our client that they had still not been able to make telephone contact with their insurer just to report their damaged and leaking roof. When you use a broker and a quality insurance policy, you are never on your own.

Who are Retail Clients

A person will be considered a retail client if any of the following situations apply to them:

  • The client is an individual or has purchased the insurance product for use in connection with a small business.
  • A small business is a business which employs less than 20 people (other than businesses that manufacture goods, where the limit is 100 people).
  • The client has purchased a general insurance contract which has been designated as a retail product.

The following contracts have been designated as retail:

  • Motor vehicle;
  • Home building;
  • Home contents;
  • Sickness and accident;
  • Consumer credit;
  • Travel;
  • Personal and domestic property;
  • Medical indemnity;

Personal Property includes

  • Movables;
  • Valuables;
  • Caravan or mobile home (including an onsite mobile home);
  • Trailer;
  • Marine pleasure craft (excluding insurance where the Marine Insurance Act 1909 applies)
  • Horse;
  • Domestic pet; and
  • Mobile phones.