“Are you okay? If you need a hand with anything, call.”
I stared at the text while I stood ankle-deep in a kiddie pool, orange juice in hand.
I was at a kids’ birthday party. The sender? A farmer who lives 20 clicks from me.
Then Liz came out with her party hat on and said:
“There’s an out-of-control fire near the farm … and the wind is blowing in the wrong direction.”
I nervously sipped my juice while my family gave me my marching orders:
I was told to go home and collect a stuffed cheetah, two teddy bears, and a prized poster of Kysaiah ‘Kozzy’ Pickett. Oh, and the passports. (“Dont’ forget the the damn passports!”)
I’ll be honest, as I drove back to the farm I was slightly freaked out.
Still, a lot of people all over Australia have been feeling this way lately: with the cyclone, floods and fires (thankfully the fire near our place was eventually contained). And even if you haven’t – you sure as hell have been burned by your insurer. As one Barefooter wrote to me recently:
“Our home Insurance has tripled – from $400 per month to over $1,200. Why is no one talking about this?! You can’t even get a mortgage without having insurance, so there is no way out!”
Sheizenhowzen!
Over a third of insurers have increased prices by more than 15% in the last year (the worst hikers according to CHOICE were Kogan, RAC and Honey).
Now that doesn’t sound too bad right?
Well, hold my OJ:
In a recent ‘shadow shop’, CHOICE found the biggest price difference between identical home and contents insurance policies wasn’t double or even triple … it was TWENTY TIMES.
Blitzenschnauzer!
Okay, so here’s what I want you to do.
First, load up Mr Inbetween on Binge (thank me later), grab your preferred brew, get your phone out of your pocket, and take prime position on the La-Z-Boy. We’re going to do some multi-tasking.
1. Grab your home and contents policy (or just contents if you’re renting) and find your ‘sum insured’ – that’s the total amount you’re covered for. Write it down.
2. Next, google three quotes.
3. Right-yo, it’s time to get off the recliner. Grab your phone and film your place like you’re making a true-crime doco – open cupboards, dig through drawers, and don’t forget the garage. If you ever need to claim, this footage will be worth its weight in gold.
4. Then walk outside and act like a meth-head casing the joint: Do you have a yappy dog? Deadbolts on the door? Security cameras? Note down anything you’ve done to Fort Knox your home.
5. Then call your insurer and follow this script:
You: “Hi, my name is [Your Name] and I’m really struggling to afford my home and contents insurance policy. I’d like to discuss how we can reduce my premium. My policy number is XYZ.”
Insurer: “I’d be happy to help.”
You: “After a lot of research, I’ve found comparable coverage from other insurers at more competitive rates. Additionally, I’ve implemented several safety measures in my home, such as [consult your meth-head list]. Given these factors, I’m seeking a reassessment of my premium.”
Insurer: “Let me review your policy and see what adjustments we can make.”
Cue condescending loop of a voiceover woman saying “Your call is important to us”.
Insurer: “Thank you for your patience. Based on the information provided, we can offer a premium reduction of [amount].”
You: “I appreciate that. However, considering the competitive quotes I’ve received, plus the safety enhancements I’ve made, I believe there’s room for a more substantial reduction. Additionally, I’m willing to increase my excess, which should further lower my premium by at least an additional 10%.”
Insurer: “I understand. Let me see what more we can do.”
James Blunt’s “You’re Beautiful” plays.
Insurer: “After further review, we can offer an additional discount, bringing your new premium to [new amount].”
You: “Now we’re talking. Send me that in writing and we’re good.”
Insurer: “Done! Anything else?”
You: “Yes, please cancel my auto-renew immediately.”
Insurer: “Are you sure? That’s how we screw you next year.”
In the time it takes you to watch the first episode of Mr Inbetween, you should be able to save yourself hundreds and potentially thousands of dollars.
There’s only one thing left to do. My final instruction is to send me an email at [email protected] and tell me how much you saved. I’ll report back next week.
Tread Your Own Path!
