MyHomeCover

12/11/2021

Who to trust for insuring your home?
It is hard to cut through the home insurance market with all the marketing spin and advertisement. Who can we trust to do the right thing when we need them? There are many sites with rating and reviews.

Do you know about AFCA (Australian Financial Complaints Authority)? They are the last instance for consumers to complain about their insurers. AFCA publishes statistics about the number of complaints and how they were resolved.

We analysed the number of complaints per underwriter and compared them to the total sum of claims paid. This analysis gives an indication of who receives more or less complaints for their size. As anything, this isn't perfect, as it depends on customers reporting their insurers. Still, it is a start that helps to navigate through the labyrinth of the insurance market. Check which underwriter your insurer is using.(https://www.facebook.com/102441595490030/photos/a.122879176779605/129862242747965/) and compare it to the below ranking.

1. Guild Insurance 0.05
2. Chubb Insurance Australia 0.07
3. Allianz Australia 0.13
4. QBE Insurance Australia 0.16
5. Youi 0.18
6. RAC 0.19
7. RACQ 0.20
8. RACT 0.21
9. RAA 0.23
10. Insurance Australia 0.23
11. AAI 0.31
12. The Hollard Insurance Company 0.5
13. Commonwealth Insurance 1.0
14. Auto and General Insurance Company 1.04

(the number represents complaints that improved customers satisfaction of the outcome per $ million paid in claims calculated for the period of 1/7/20 to 30/6/21, rounded to 2 decimal points).

Updated Home Insurance landscape

We updated the insurance landscape diagram. I found that Insurance Manufacturers of Australia are part of Insurance Australia.

12/11/2021

Updated Home Insurance landscape

We updated the insurance landscape diagram. I found that Insurance Manufacturers of Australia are part of Insurance Australia.

02/11/2021

Large number of storm related claims in Victoria and Tasmania. Are you, your property and your policy ready for extreme weather?

The Insurance Council of Australia (ICA) has extended a catastrophe declared for SA following wild weather last week to include areas of Victoria and Tasmania affected by the same storm system.

28/10/2021

Suncorp financially hit by natural hazard related claims.

According to this article, storm and hail events caused damages for which Suncorp expects claims between $382 million and $492 million. Alone in October, there were already 5 declared storms, including a hail storm.

Suncorp is expecting a financial hit of between $382 million and $492 million due to natural hazard claims incurred since July 1. Suncorp’s full year

18/10/2021

Summer is coming.

Are you and your property ready for summer weather? Experts predicts more extreme weather events for this summer. This means to get your property ready and check on your insurance coverage. Are you covered for possible weather events? Between insurance policies, there are differences in definitions and coverages for insured events which means that you may or may not be covered. The big ones are: storm, impact, cyclone, flood and fire. How does your insurance cover you? What does it exclude?

The official severe weather season starts in October and ends in March/April. Severe weather can happen at any time of the year, but late Spring to Autumn is when we are more likely to see major weather events.

18/10/2021

Who is checking that we get what was promised?

Discounts sound great , but who checks if they are actually applied? I usually don't. In today's complex and and hectic life, it is easy to miss details. Good on IAG to self-report and ASIC to follow this up. Nevertheless, this doesn't build confidence. We want to change this.

The Australian Securities and Investments Commission (ASIC) has filed Federal Court action against IAG over a failure to honour customer discount promises that it alleges totalled around $60 million.

14/10/2021

Who are the players in the home insurance field?

Insurers, underwriter? Who is who? As a consumer, you usually deal with insurers. Insurers typically resell underwriters' products and handle the interaction with customers, such as acquisition, sales, customer management, claims handling. The underwriter carry the risk and will pay for a claim. Smaller insurers typically focus on a market segment, like women, seniors, while other like banks, airlines, health service providers. etc. complement offers to their existing customers,
The Australian Market has a few larger clusters of insurers connected to few underwriters. The landscape is changing quickly and this is a only snapshot. We made our best effort to capture it. The low transparency and quickly changing landscape makes it hard for consumers to be in charge of their insurance. We want to change this. https://myhomecover.com.au/wp/

14/10/2021

https://www.brisbanetimes.com.au/national/queensland/supercells-giant-hail-worst-yet-to-come-for-south-east-queensland-20211014-p58zu3.html

Is your home covered for storm and flooding? These super cells are testing us. Are you and your home prepared for these events? Gutters cleaned out? Under construction: make sure openings don't allow water to enter. If not, your insurance may not pay if you claim.

Bureau of Meteorology says the supercell threat also brings the possibility of tornadoes.

13/10/2021

12/10/2021

Join us on our journey of challenging the current way of finding, selecting and maintaining the right home insurance. Sign up for staying updated: https://myhomecover.com.au/wp/

11/10/2021

Am I in charge of my home insurance?

Do I have the coverage I need - or do I have what ads, or my insurer want me to buy?

Am I getting a fair deal? Will they pay when I need them?

We bury these doubts because it's hard to change. It’s hard to figure out what is the right insurance coverage for our situation, to compare policies from different insurers, to stay on top of things.

We at MyHomeCover listen to many voices on this topic and believe that there are better ways how we go choose and maintain home insurance. We want us, the customers, to have the confidence that we have made the right choices when it comes to insurance.

Our mission at MyHomeCover is to make choosing and maintaining insurance fast and painless, with easily understood coverage choices.