Assumptions

Must read information

Specific risk profiles have been selected based on common home insurance attributes for the North Queensland region, and key rating factors generally affecting premiums to give a range of profiles that is broadly representative of buildings and contents risks in North Queensland. These risk profiles are only an indication and are not tailored to your particular property, personal circumstances or relevant insurance history. As such, the resulting premium information is indicative only (your actual quotes may be higher or lower than the comparison results displayed). A quote obtained from an individual insurer will vary, perhaps significantly, from the indicative premiums presented on this website.

Assumptions about sum insured, construction year, roof type and walls

Building

• Building insurance premiums for a sum insured of $750,000 are based on the building being constructed between 1980 and 2009 inclusive, with a tiled roof and brick veneer walls.
• Building insurance premiums for a sum insured of $550,000 are based on the building being constructed between 1980 and 2009 inclusive, with an iron roof and brick veneer walls.
• Building insurance premiums for a sum insured of $450,000 are based on the building being constructed between 1980 and 2009 inclusive, with an iron roof and timber walls.
• Building insurance premiums for a sum insured of $350,000 (for construction periods 1960 to 1979, and 1980 to 2009) are based on the building having an iron roof and timber walls.
• Building insurance premiums for a sum insured of $250,000 are based on the building being constructed between 1980 and 2009 inclusive, with an iron roof and fibro walls.

Contents

• Contents insurance premiums for a sum insured of $150,000 are based on the building being constructed between 1980 and 2009 inclusive, with a tiled roof, brick veneer walls and a local alarm installed.
• Contents insurance premiums for a sum insured of $120,000 are based on the building being constructed between 1980 and 2009 inclusive, with an iron roof, brick veneer walls and a local alarm installed.
• Contents insurance premiums for a sum insured of $90,000 are based on the building being constructed between 1980 and 2009 inclusive, with an iron roof, timber walls and with no security features.
• Contents insurance premiums for a sum insured of $70,000 are based on the building being constructed between 1980 and 2009 inclusive, with an iron roof, timber walls and a local alarm installed.
• Contents insurance premiums for a sum insured of $50,000 are based on the building being constructed between 1980 and 2009 inclusive, with an iron roof, timber walls and no security features.
• Contents insurance premiums for a sum insured of $30,000 are based on the building being constructed between 1980 and 2009 inclusive, with an iron roof, fibro walls and no security features.
• Contents insurance premiums for a renter are based on a sum insured of $30,000, and the building being constructed between 1980 and 2009, with an iron roof, timber walls and no security features.
• Contents insurance premiums for a unit dweller is based on a sum insured of $40,000, and the building being constructed between 1980 and 2009, with a tiled roof, brick veneer walls and no security features.

Other assumptions

Listed in the table below are a number of other questions that insurers ask as part of the quoting process. Answers to these questions generally have a smaller influence on the premium charged by an insurer and are more closely related to the chance of obtaining a quote online.

Default answers have been adopted for these questions, as provided in the table below. Please note that most of these default responses are intentionally aligned to the ‘most common’ option (that is, the option that is most likely to be chosen by the ‘average’ person). This option also tends to be a lower risk option.

Question	Default Answer	Comment
Policyholder/occupant age	50	-
Flood cover?	Yes	Include flood cover
Fusion covered?	-	Premiums for different coverage levels (where applicable) are collected for this site
Accidental damage covered?	-	Premiums for different coverage levels (where applicable) are collected for this site
Additional personal belongings / valuables cover?	No	For example, jewellery
Claim history	None in last 3 years	-
Years insurance held	10 years (or maximum value allowed on the insurer's website)	-
Already covered under strata building insurance?	No	Applicable to building policies only
Strata Title?	No, Yes for Unit contents profiles	Applicable to contents policies only
Building Type	Detached house (except for 'Unit' profiles)	-
Is someone usually home during the day?	No	That is, all occupants work/are out during the day
Property usage	Private	-
Restricted access to property?	No	-
More than 5 people living at premises?	No	-
Currently unoccupied?	No	-
Currently under construction?	No	-
Constructed in last 6 months?	No	-
Condition of building/construction quality?	Average/standard as default	Sometimes varied to achieve required sum insured
Does property have any unrepaired damage including storm?	No	-
Has house been demolished/sold/relocated?	No	-
Prior claim refused?	No	-
Denied purchase/refused insurance?	No	-
Criminal convictions/history?	No	-
Previous insurer	Other	-
Deadlocks	Yes	-
Key operated window locks	Yes	-
Smoke detector (back to base only)	No	-
Dangerous substances stored on premise?	No	-
Property below ground level	No	-
On stilts	No	-
Concierge	No	-
Home safe	No	-
Cover for portable contents?	No	Refer also to the comparison results for 'portable valuables' and 'items temporarily removed from the insured address' as these may be optional extras.
RACQ membership	No	-
Seniors card holder?	No	-
Large site?	No	For example, a farm
Water tanks?	No	-
Tennis court?	No	-
Architectural design?	No	-
European appliances?	No	-
Frameless shower screens?	No	-
Granite/marble/stone tiling?	No	-
Large windows?	No	-
Plantation shutters?	No	-
Curved walls?	No	-
Ducted air conditioning?	No	-

Last updated: Tuesday, May 19, 2015