Newspaper article The Daily Mercury (Mackay, Australia)

No Loyalty in the High Cost of Insuring Homes

Newspaper article The Daily Mercury (Mackay, Australia)

No Loyalty in the High Cost of Insuring Homes

Article excerpt

Ross Irby

ross.Irby@dailymercury.com.au

SHOP around and forget being loyal to your insurance provider.

That's the best money-saving advice offered up by a successful Mackay business owner and a retired businessman about getting affordable home/contents insurance.

After decades of loyalty to Suncorp the two Mackay residents have, like others, taken their business elsewhere rather than cop the massive price increases for their latest premiums.

It follows from the disgust felt toward Suncorp by an Emerald couple after they were hit by a $17,900 home and contents insurance renewal notice.

After 20 years with Suncorp they went elsewhere as loyalty did not pay.

South Mackay resident Des Kynaston, held policies with Suncorp for nearly 40 years from when it was SGIO. However, his home insurance premiums began rising sharply after Mackay's 2008 deluge from $4000 to over $7000 which was "trimmed" following negotiation.

"In 2014 the policy went to around $10,400. …

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