Insurance premium increase inconsistency
Hi all, I recently got my annual contents insurance renewal, and let out a few words that cannot be repeated here when I read my premium had increased 23% for the next year, now 40% in 3 years. So I looked at what I own, and calculated I could drop the insured value by 30% - I rang the insurer and asked them to recalculate based on the new number, and they advised that they could reduce the premium by only 9%. I do not accept that a 30+% reduction in insured value, equating to only a 9% reduction in premium, is arrived at using their standard calculation tables - I believe they are applying non linear "adjustments" (lets call them "spite adjustments"), to spite us for wanting to reduce upward spiraling premium increases, AKA to keep sucking us dry. I'd like to hear the stories of others who have tried as I have to reduce their premiums but have been offered what is frankly an insultingly measly reduction in premium for such a significant decrease in insured value - EDIT - the insurer made over A$100M in profit in the prior fiscal year, I'm with AA
Poll: Should the government levy industries that contribute to financial hardship?
As reported in the Post, there’s a $30 million funding gap in financial mentoring. This has led to services closing and mentors stepping in unpaid just to keep helping people in need 🪙💰🪙
One proposed solution? Small levies on industries that profit from financial hardship — like banks, casinos, and similar companies.
So we want to hear what you think:
Should the government ask these industries to contribute?
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59.4% Yes, supporting people is important!
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26.1% No, individuals should take responsibility
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14.5% ... It is complicated
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