Home insurance offers protection against the event that either your home or its contents are damaged. It also provides financial protection against damage and injury that you may have caused to someone else’s property. If you are a mortgage holder your lender will more often than not, require you to take out a home insurance policy.
There are a few different types of home insurance policy, ranging from very basic to policies which offer comprehensive coverage.
Most home insurance policies will cover property damage in the event of fire or bad weather and vandalism. Typically rare events such as earthquakes and floods tend to be excluded, but some policies will cover them so you should check. If your policy does not cover certain events you can take out supplemental insurance which will ensure you have peace of mind.
Choice, the consumer group is advising consumers who live in places that are prone to flooding from taking out insurance in an irresponsible manner, whilst at the same time heavily criticizing the industry according to the insurance council.
Recently the advisory group held its annual Shonky Awards, where the group awarded lemon trophies for dubious dodgy and deceitful goods and services.
Choice singled out the insurance industry, following this summer’s flooding in Victoria, Queensland and New South Wales. Continue reading
Shares of Australian insurers that have exposure to Japan are vulnerable to sell offs amid investor fears that reinsurance costs will soar.
Australia’s largest insurer QBE Insurance Group also has the biggest exposure to Japan warned on Monday that it expects net claims of US$125 million. Its shares fell by 1 per cent on Monday, whilst rival Insurance Australia Group saw its share price decline by 2.6 per cent, with Suncorp falling 1.3 per cent. Neither IAG nor Suncorp have any exposure to Japan, but their shares still sold off as investors expressed concern that the two companies would be negatively impacted by rising reinsurance costs.
Australian insurance major IAG reaffirming recent guidance given to investors posted a 51 per cent decline in first have net profit.
IAG’s first half profit for the six months ending December 31 fell 51 per cent to $161 million from $329 million during the same time period in the previous year.