I am looking at updating my home + contents cover, and have been reading many PDS's and most insurers dont cover bullion. I found some old info but wanted to start a new thread with relevant info. I am currently with NRMA and they do cover bullion. What other insurers are out there that will cover it as well? so far these insurers dont: Commbank Suncorp RACQ
stick with NRMA reliable. Been with them 20yrs. They replaced my aircon. Hale damage. and I am sure they will honour my bullion claim if ever. LD.
Might be a good idea to ask about "cash and cash equivalents" rather than "bullion" if they don't need specifics. Many will be happy to insure a $12,000 necklace, but they freak out if you mention that you've got "one troy ounce of gold bullion". Look into "cash rated" safes if that's an option for you. If someone robs your $10,000 cash rated safe, the insurance company will pay out $10,000, regardless of the value of it's contents.
most of the PDS's I have read either specifically name / mention gold / silver bullion to include or exclude it, so I would say most know what it is and most it seems dont want to touch it. although they will cover jewelry and coin collections so I can have my legal tender coins covered even if they are silver / gold but not bullion bars.
pity it does not exist though Silver prices might be going sideways but unfortunately my insurance policy gets more expensive every year
Vero Vero Vero x1000 Quick story.... Three years ago I had four policies and due to CRAZY life circumstances I only renewed three of the four. The one I missed was not paid and four month later I had a tenant TRASH the house. It was not pretty. I called and they said that I was not insured. They were very sorry and clearly I admitted it was not their fault, but totally mine. Well, the lovely operator put me on hold and a few minutes later the supervisor said they WOULD HONOUR MY CLAIM EVEN THOUGH I WAS NOT INSURED! YES! YOU HEARD IT! The claim was around $7,000 from memory. Very loyal customer here... Now move to four months ago. I had a 30 year old solar hot water system on a different property and due to high winds it was lifted off the tiles and smashed around quite a bit. They moved heaven and earth to get people to me and get it assessed in 24 hours. Well, guess what? They approved a replacement, the organised EVERYTHING, including a crane to remove the old one, put up a new $7,500 system. It only cost me $500 excess. Now... get this... in all the rain I had water coming in... turns out one of the tiles UNDER the new system was cracked. Bummer. They once again arranged an assessor and after a few days they APPROVED repair under the OLD CLAIM, saving me $500 and so here we go again... new CRANE is ordered... lifting it to replace a tile or two... I can't imagine the cost. I am telling everyone, VERO are the ONLY people to have on your side. Shiny.
