For some reason shrouded in the mists of time, one of our household insurance premiums falls due just before Christmas. When it comes to insurance, in the past I often just paid the renewal premium, perhaps in the vague hope that if I ever need to make a claim, being a long-term policy-holder might assist in some way. In the case of this particular policy, for a number of years I've just paid the amount asked.
Not any more. With the advent of the era of on-line quotes, for the last year or so, I've obtained at least one other quote every time an insurance premium has fallen due. While my philosophy has remained that I won't switch for the sake a few dollars and I stick to brands that I know, I have found that in fact there can be very significant differences in the premiums on offer. This year, in spite of it being a busy time of year, I obtained some other quotations for the insurance that recently became due. The best quote (from a well-respected Australian owned insurer) was about 60% of the price being asked by the original insurer, being a difference of several hundred dollars.
I realise that not all policies are the same, so I carefully studied the policy document when it arrived. Yes, there are some differences in the cover provided, but these are not all in favour of the original policy. In some respects the new policy provides slightly better coverage, in other respects, the old policy did. At least there's been a non-financial benefit of the exercise - I have read the policy and am now aware of where we stand. And, yes, "flood" is excluded but "storm" (including stormwater runoff from areas surrounding the house) is covered.