I have stated elsewhere on HotCopper about my views on the Royal Commission. Some testimony I saw last night was very disappointing. 2 quotes from a builder for a major repair or replacement of a house does not mean the insurance company is getting value. I would have thought they are entirely entitled to offer a cash settlement figure for an amount that is appropriate in the industry. It does save them the hassle of managing the building project as well I guess.
In our local town that was hit by two hail storms within about 15 months widespread over quoting was evidenced for replacing rooves. A matter of fact I think Suncorp when explaining lower profits even mentioned these particular storms. If the insurance company does not get value for repairs then premiums go up. Perhaps someone should tell the socialistically inclined counsel at the Royal Commission that this is a fact of life!! I mention this as another example where two or even 3 or 4 quotes would not necessarily mean the insurance company should accept them!
SUN Price at posting:
$14.44 Sentiment: Hold Disclosure: Held
(20min delay)
