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Post by spinifex on Jul 8, 2018 13:32:14 GMT 10
The Spinifex household did it's most important, gold plated, diamond studded prep this weekend. The thing that will most likely save you from a huge amount of stress at a time when you will have plenty already. It's a tri-annual event. Boring as batshit ... but avoid it at your peril. (We spiced it up with a deeply groovy funk soundtrack ... "Play that funky music white-boy!") The Great Insurance Audit. Room by room contents valuation. Photo's of everything saved onto 2, yes 2, USB's. One stays with us ... the other with my mother in law. She has scans of insurance papers, investment documents etc also ... all in a locked metal box. Pleased to report that this year our valuation came in just under what our insured contents amount is on the policy renewal. Based on direct experience ... I can't stress this enough ... if you have insurance you MUST do this task if it's going to do you any real good. On a related note ... have your medical admin in order too. Powers of guardianship, attorney and care orders. If you fail to do this you are begging for the worst kind of punishment. Now I'm off to rotate some ammo stocks ... ... "Everyone's a winner, that's the truth ..."
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Post by Peter on Jul 8, 2018 14:25:33 GMT 10
Excellent advice.
I know two families who have lost their houses to fire; the enormity of the task of starting from scratch was overwhelming for them. One of these families didn't have their insurance in order and didn't get nearly the money they expected from insurance.
Insurance companies will always strive hard to reduce their payouts. They simply do not care how difficult things are for the policy-holder.
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Post by Peter on Jul 8, 2018 14:26:20 GMT 10
You really do this three times a year? Damn, I though I was keen doing it once a year...
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Post by SA Hunter on Jul 8, 2018 19:46:31 GMT 10
Thanks-that's an idea I would never come up with - know what I am doing when I get home next weekend.
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Post by Joey on Jul 8, 2018 20:43:18 GMT 10
You guys can afford contents insurance? I work in the mines and can barely afford to pay my extras only health cover which is about to be cancelled as we aren't using it and they pay sweet F-all when I do claim my glasses through them. I know it should be done even if I'm renting, as my trade tools alone is maybe 50K alone when you add it all up
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Post by WolfDen on Jul 8, 2018 20:49:56 GMT 10
You really do this three times a year? Damn, I though I was keen doing it once a year... Yeah once a year or after I've made a big purchase. Three times...wow I'm impressed.
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Post by Peter on Jul 8, 2018 21:39:16 GMT 10
You guys can afford contents insurance? I work in the mines and can barely afford to pay my extras only health cover which is about to be cancelled as we aren't using it and they pay sweet F-all when I do claim my glasses through them. I know it should be done even if I'm renting, as my trade tools alone is maybe 50K alone when you add it all up Watch out for any tax implications of cancelling parts of health insurance; if I understand correctly there are convoluted conditions on getting the Medicare Rebate. Yes, you should have insurance. Yes, it's a gamble, but no, you'll never forgive yourself if your ute (or van, or shed, or whatever) gets robbed and you lose your source of income.
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hd1340
Senior Member
Posts: 330
Likes: 426
Location: WA
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Post by hd1340 on Jul 8, 2018 21:41:30 GMT 10
You guys can afford contents insurance? I work in the mines and can barely afford to pay my extras only health cover which is about to be cancelled as we aren't using it and they pay sweet F-all when I do claim my glasses through them. I know it should be done even if I'm renting, as my trade tools alone is maybe 50K alone when you add it all up Cancelled mine(health insurance)a few years ago roughly $2500 a year for the last 20 years before I cancelled it had my teeth cleaned once in that 20 years got about $100 off. The year I cancelled it paid an extra $1300 medicare levy. The numbers definitely didn't add up, if you're not using it do your sums. Some may be better than others. But again the missus has the top cover and has been getting a few test done for some heredity health issues lucky if she's getting 30% back.
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Post by Joey on Jul 9, 2018 4:30:33 GMT 10
As I mentioned I've only got the extras cover so I sort of still get slugged the Levi at tax time, there's no way I could afford the hospital cover side of it, even though I have a mining job, personal debt has made me a poor man but rich on paper lol that and also trying to run a business on the side in a futile attempt to raise a little extra cash
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Post by Joey on Jul 9, 2018 10:23:11 GMT 10
I took my son to the dentist 2yrs as 2 of his teeth were coming through crooked and wanted an opinion on it, just for the checkup with my dental benefit I still paid $130 out of pocket
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Post by spinifex on Jul 9, 2018 17:44:37 GMT 10
You really do this three times a year? Damn, I though I was keen doing it once a year... Hell no. Once every three years. Which does make you keener than us! We did it every second year for a while back when we bought our first house but realised the rate of change of household contents has slowed a lot over the last 15 years. Shed contents are critical too. And special mention for curtains/blinds/carpets at installed cost. They are classified as contents in our package and not as 'buildings'. They add up big! Clothing same. Surprisingly high when added up across a household.
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Post by spinifex on Jul 9, 2018 17:48:14 GMT 10
You guys can afford contents insurance? I work in the mines and can barely afford to pay my extras only health cover which is about to be cancelled as we aren't using it and they pay sweet F-all when I do claim my glasses through them. I know it should be done even if I'm renting, as my trade tools alone is maybe 50K alone when you add it all up Cancelled mine(health insurance)a few years ago roughly $2500 a year for the last 20 years before I cancelled it had my teeth cleaned once in that 20 years got about $100 off. The year I cancelled it paid an extra $1300 medicare levy. The numbers definitely didn't add up, if you're not using it do your sums. Some may be better than others. But again the missus has the top cover and has been getting a few test done for some heredity health issues lucky if she's getting 30% back. Same here, we just ran extras cover for about a decade. Crunched the numbers and health insurance didn't stack up. We dropped it. Worst money I ever spent.
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Post by spinifex on Jul 9, 2018 18:01:04 GMT 10
Thanks-that's an idea I would never come up with - know what I am doing when I get home next weekend. Yeah ... using a funk based soundtrack to take the edge off a boring task really works wonders. I reckon I'll use it when I sort my taxes too ...
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Post by Peter on Jul 9, 2018 21:08:42 GMT 10
You really do this three times a year? Damn, I though I was keen doing it once a year... Hell no. Once every three years. Which does make you keener than us! We did it every second year for a while back when we bought our first house but realised the rate of change of household contents has slowed a lot over the last 15 years. Shed contents are critical too. And special mention for curtains/blinds/carpets at installed cost. They are classified as contents in our package and not as 'buildings'. They add up big! Clothing same. Surprisingly high when added up across a household. Ahhhh - it's a triennial event. I just imagined you doing a complete stocktake every March, July, and November. I was going to tell you to get a life...
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Post by graynomad on Jul 10, 2018 20:40:02 GMT 10
I haven't had ANY insurance for years, so far so good as the bloke who jumped off the 10th floor was heard to say as he passed the 4th.
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Post by SA Hunter on Jul 11, 2018 23:06:35 GMT 10
I only have extras - no point having private hospital in the bush. No private hospitals.
Went to the dentist ( no, didn't faint or cry - surprisingly ). Had 2 fillings and a cap. $2084.00 less my extras - $460.00. I have another cap being done next week - another $1800, I pay about $340.00
The young fella now needs braces - costs $6990.00 - we get $3000.00 back.
I've had these extras for 21 yrs. Sometimes I wonder if it's better to take the money I pay and keep it aside for these expenses.
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