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Insurance blow-out a shock

Lance Rushby is one of many bemused by the large increase in insurance costs.
Lance Rushby is one of many bemused by the large increase in insurance costs. Rob Wright

WHEN Middle Boambee resident Lance Rushby opened the envelope to read the cost of his house and contents insurance for the next year, he couldn't believe his eyes.

The 82-year-old's premium had risen by $866, or more than 60%.

"I can afford to pay the insurance, so that's not my worry; the point is there's so many people who can't," he said.

"A large percentage of people would be on a pension or are self-funded retirees."

Being a resident in the home he built 30 years ago, Mr Rushby said he's been wondering why the rise in insurance premium is so large.

"Are they money-grabbing or are they in strife?" he asked.

"Financially they should be all right because their share price hasn't changed much in the past five years."

Mr Rushby is a gold card member with the NRMA and despite finding other insurers who offered cheaper quotes, he said he'll stick with his long-term insurer.

"Australia Unity was about $200 cheaper but I will stay with them (NRMA).

"They've been pretty good over a while but a 60% rise is a joke."

Has your insurance premium skyrocketed? Let us know below.

Topics:  home and contents, insurance, nrma, premiums


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