DR CHET SPEVENS | Finance Expert | CONTACT
Home and contents insurance is important. Ask any homeowner and they’ll tell you that. From flooding to bushfire to theft, there is just too much that’s out of our control to justify not insuring your castle.
But with the cost of housing now utterly ridiculous, and the cost of construction materials about a ba’gillion times more expensive than they were pre-Covid, insuring your palace is expensive.
And you’ve got to ask yourself, do I really need insurance? Like, do you actually need it?
It’s a question I’ve been contemplating lately. If I count up all my many homes, I’m spending $45k on home and contents insurance each year. And I’ve never once made an insurance claim.
That’s wasted money. And each year is more expensive than the last. Wow, the corporate fat cat execs up in their fancy insurance company towers must be laughing their monocles off.
It’s not just me getting ripped off, either. Data from the Property Institute of Betoota shows that more than 90% of Betootians have never made a claim, yet have spent $800m on insurance over the last decade.
What a joke. We’re getting cheated by insurance companies and why? Because they tell us that fraud is ‘bad’ or fraud is ‘illegal’.
Yea right. If you ask me they’re the fraudsters. They’re illegal.
I’ve had enough. It’s time we took the power back. Are you with me?!
Good. Because I’ve worked out an ingenious insurance hack that will save you at least 30% on fees.
The trick is to lie out your arse on your renewal form.
I know! Simple, right? If you’ve got no moral compass like me and can’t imagine actually making an insurance claim for an unexpected catastrophe that destroys your home, then lie on your application form today.
Think how much it would cost to rebuild your home. Got the number in your head?
Ok, now halve that number, and write it into your insurance form.
Next, calculate the total value of all of your worldly possessions. It must be in the tens of thousands at least. Got the number? Brilliant, now forget it and instead write down that your contents are valued at only $10.
Success! You’ve swindled the insurance fat cats. You’re the Peter Pan of the insurance world.
Congratulations and God bless you.