Home insurance for cost campaign strikes a nerve

 Home insurance

AUSTRALIANS fed up with home insurance premiums doubling in just five years are demanding a better deal. More than 21,000 people have signed up to the News Corp Australia MoneysaverHQ initiative in less than three days, joining the fight for lower cost insurance deals. Together with consumer movement One Big Switch they are on the hunt for a better home and contents insurance deal. One Big Switch spokesman Joel Gibson said the huge response to the campaign indicated consumers had enough of being gouged by policy price hikes. “The numbers show we have hit a nerve. Consumers were waiting for this campaign and for someone to do something about home and contents insurance premiums,’’ he said. “It confirms our suspicions that this was a bill that was really starting to hurt people. “It’s similar to what happened with electricity a few years ago.

Home insurance

Home insurance

Once you know the proper level of coverage, consider special add-ons for valuables such as jewelry, your computer equipment and other pricey possessions. You might also need additional coverage for earthquakes, flooding or windstorms, depending on where you live. Lending institutions usually require mortgage customers to purchase home insurance. Don’t rely on the coverage levels mandated by your bank or mortgage company. Those levels are designed to protect the house itself, but not necessarily your possessions. That’s why it’s important to check with your agent or insurance company to make sure you have adequate coverage. Here are some dos and don'ts when insuring your home from UnitedPolicyholders.org. Basic policies The terms of standard home insurance policies have been defined by the Insurance Services Office (ISO), so standard coverage is generally not going to vary from company to company, although rates will. That's why it's important to shop around. Perils covered in HO-2, HO-3, HO-4 and HO-6 policies: