Frequently Asked Questions
Are my Home and Contents sums insured high enough?
This is one of the hardest questions to answer, but one we are asked on a regular basis.
To prepare for the worst case scenario, you should be sure that your sums insured cover:
a) the current cost of re-building your home (including fences and gates, paving and driveways, below-ground pools, sheds and other outbuildings etc.) and
b) the purchase all your home contents (including floor coverings and window treatments, artwork, personal valuables, outdoor play equipment and furniture, gardening and other tools and sporting equipment).
This is what ‘New for Old’ or ‘Replacement Cover’ means -only some items such as linen, clothing and old motors (e.g. fridge motor) might be depreciated.
While we cannot advise you what values are adequate to insure for, we can provide you with information and advice that will help you to determine what values are appropriate for your circumstances.
What is an Excess?
An excess (or deductible) is the amount of money that the insured will have to pay themselves in the event of a claim.
There are several types of excesses to be aware of:
Standard or Basic excesses will appear on either the policy schedule (invoice) or within certain sections of the Policy Disclosure Statement (policy wording) – as in the case of earthquake excesses.
Voluntary Excesses are selected by the insured person in exchange for a lower premium and may be additional to, or replace basic excesses and will be displayed of the policy schedule.
Imposed Excesses are applied to individual policies or risks because of an insured’s poor claims or moral history and are in addition to basic excess and will be displayed of the policy schedule.
Age Excesses generally relate to motor insurance, generally relate to drivers under the age of 25 and are additional to the basic excess and will be displayed of the policy schedule or in the Policy Disclosure Statement.
Undeclared Driver Excesses specifically relate to motor insurance where the premium is calculated based on specified drivers. This type of excess will be in additional to both the basic excess and an age excess if applicable and will be displayed of the policy schedule or in the Policy Disclosure Statement.
Waiting Period or Excluded Period is another form of excess specified within the Income Protection insurance policy schedule and indicates the period of consecutive days of disablement following medical treatment by a registered medical practitioner that will not be paid for as part of a claim.
How much will you charge me for an enquiry?
At Rainbow Coast Insurance Brokers, our practice is not charge fees for insurance quotes or general insurance enquiries.
Like most general insurance brokers, we derive most of our policy income from commissions which are paid to us by the insurance companies. We may also charge you a broker fee.
Our broker fees are calculated based on the complexity of the product and/or the size of the premium. We believe our broker fees are inexpensive given the service provided and we are happy to discuss our broker fees at any time during the process of your enquiry.
General Advice Warning
General advice on this website has been prepared without taking into account your objectives, financial situation or needs. Before acting on the advice, consider its appropriateness. Consider our disclosure documents, which include our FSG and Product Disclosure Statements (PDS) for some products.