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 RACV Insurance - claims

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swobies



Posts : 31
Join date : 2009-02-25
Location : Montmorency & 2 Settlers Way Marysville

PostSubject: RACV Insurance - claims   Fri Feb 27, 2009 5:51 am

We have a policy with RACV. Here are a few questions that I've asked them about the policy, to help us make some decisions about what to do. Obviously these questions may not apply to you if you're insured elsewhere or if you want to do something different to us, but they may help you when you next have to deal with them.

How long do we have to start rebuilding? The policy document says six months, but it may not be possible to do so with what we know of the town so far.

If it takes longer, most likely the insurance company would move to pay the remainder of the claim as cash, even if work has commenced. This is negotiable between the policy holder and RACV to some extent, but it sounds like RACV have the final say to me.

How does any changes to building regulations affect the claim?

Too early to say, depends on what the changes are.

The policy document indicates that racv will pay for loss of rental income over and above the value of the policy. Does this apply to weekend rentals, or to properties which have permanent tennants? How do we prove the rental income?

Most likely this doesn't apply to weekend rentals, however this is something that would get looked at as part of the claims assessment process. This seems really to be designed to cover a "permanent" tennant who has a rental agreement in place. By losing the house, you lose the income that you would have had to the end of that agreement. Weekenders don't really have a rental agreement as such, and there's no certainty on the forward bookings that may or may not occur.

We haven't actually lodged our claim yet, as we're still gathering information to make sure that we don't get led down the wrong path ....
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Bonnie Simons



Posts : 7
Join date : 2009-02-19

PostSubject: RACV insurance   Fri Feb 27, 2009 6:02 am

We also have a policy with the RACV and have been assigned a case manager. I was told yesterday that they will be waiving the reinstatement requirement in the current circumstances and will simply pay out the policy. Likewise for the contents, no need to itemise they will pay out the amount insured. However, like the rest of us, the assessors are unable to get into town so nothing will happen until they have actually inspected our block. (Unless we need assistance with emergency accommodation.)
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swobies



Posts : 31
Join date : 2009-02-25
Location : Montmorency & 2 Settlers Way Marysville

PostSubject: Re: RACV Insurance - claims   Fri Feb 27, 2009 6:16 am

We've been told the same thing (that they will pay out the policy once they've seen the house), so it's nice that they're being consistent. I guess I'm just looking for alternatives so that we can see what the impact will be to us if we take the cash and rebuild, take the cash and sell (don't want to do this) or get the insurance company to rebuild.

Also talking to the accountant to see what happens to us from a tax perspective ...
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lisa nolte



Posts : 186
Join date : 2009-02-15

PostSubject: Re: RACV Insurance - claims   Fri Feb 27, 2009 9:32 am

Insurance and tax......its tricky. Check out a previous post (insurance and tax) referring you to The Insurance Ombudsman
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swobies



Posts : 31
Join date : 2009-02-25
Location : Montmorency & 2 Settlers Way Marysville

PostSubject: Re: RACV Insurance - claims   Mon Mar 02, 2009 2:49 am

From my earlier comments on the policy covering loss of rental income - it seems to depend on who you talk to. A friend contacted RACV to ask the same question, and they were told that this would be included... might be worth mentioning if you're asking the same question.
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swobies



Posts : 31
Join date : 2009-02-25
Location : Montmorency & 2 Settlers Way Marysville

PostSubject: Re: RACV Insurance - claims   Tue Mar 03, 2009 1:36 pm

A quick update - RACV have agreed to pay the rental income in addition to the value of the policy. We need to provide evidence of the past few years rentals (which we have).

RACV have advised that they are not going to wait to be able to enter Marysville to make a physical inspection - they will be assessing claims based on what they can see on Google Earth.
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lisa nolte



Posts : 186
Join date : 2009-02-15

PostSubject: Re: RACV Insurance - claims   Tue Mar 03, 2009 1:45 pm

You are kidding! Google Earth! Do they need proof that things were actually there? Smile
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Jacky



Posts : 3
Join date : 2009-02-23

PostSubject: RACV paying out now   Tue Mar 03, 2009 11:04 pm

If you have a reinstatement policy, it may be better to wait until the Government changes the building regulatations.

Under our CommInsure policy they say they will pay the cost of rebuilding according to the building regs at the time they build.

There seems to be no doubt that the new regs will mean that building costs are higher.

Jacky
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swobies



Posts : 31
Join date : 2009-02-25
Location : Montmorency & 2 Settlers Way Marysville

PostSubject: Re: RACV Insurance - claims   Wed Mar 04, 2009 12:40 am

Our policy doesn't seem to have anything about reinstatement, but I guess it's worth me checking back again with RACV. They're probably getting sick of my phone calls but that's probably better than missing out on something that we should be entitled to ...
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swobies



Posts : 31
Join date : 2009-02-25
Location : Montmorency & 2 Settlers Way Marysville

PostSubject: Re: RACV Insurance - claims   Wed Mar 11, 2009 12:49 pm

Have contacted a solicitor through the bushfire assistance help line, and provided them a copy of the policy document to see the legal interpretation.

More soon .... I have to say that the bushfire assistance people were very quick - they provided me with the contact details of the solicitor and he called me within a few hours of my original call.

Remembering Lisa's earlier post - don't act solely on this information, as is may not be applicable to you. Still useful to know if you're going through the same process ...
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