Why should I use a Broker instead of an insurance company?
Holdfast Insurance Brokers have access to enhanced policy wordings which give you better cover than that often available with direct policies. The reality is insurance is complicated. Our experienced staff will find a policy that is right for you from our large suite of insurance companies, including some that the general public don’t have direct access to. In the event of a claim, your Broker will be there to assist you along the way rather than you going through the process alone. We act on YOUR behalf and not the insurance company.
Q: How can insurance help me?
Insurance protects you and your assets from the financial risk of something going wrong. Insurance can’t stop something from happening, but if something unexpected does happen that is covered by your policy, it means you won’t have to pay the full cost of a loss.
That means that if something goes wrong, you’re much less likely to have to raid your savings or your investments, borrow money, ask family or friends for financial help, or sell your assets to pay for repairs, building costs or outstanding debts. You won't have to rely on assistance from governments and community groups that usually only help in disaster situations such as floods or bushfire where the assistance might not reflect the extent of your loss and so may not help you to rebuild your life.
Q: What is an insurance policy?
An insurance policy is a legally binding contract between the insurer and the policyholder. The contract sets out the terms and conditions under which you agree to pay a premium to the insurance company, and the terms and conditions under which the insurance company agrees to compensate you for loss after an unforeseen event. It is important to ensure that you have the right insurance policy with the right amount of cover for your risk. Contact Holdfast Insurance Brokers and let us do the thinking for you.
Q: What is a premium?
A premium is the amount you pay an insurer for insurance cover. It reflects what the insurer believes is the likelihood you will make a claim. It also includes an insurer’s business costs, and may also reflect the benefits of any discounts or bonuses the insurer may offer to you.
The amount you have to pay is shown in the policy schedule, which the insurer will send you when the cover has been arranged.
The final amount you pay also includes state and territory stamp duties and levies, and the Goods and Services Tax (GST). These taxes can add a significant amount to the sum the insurer requires you to pay for the policy.
Q: Why do premiums change?
There are a few different reasons your premium may change, including:
Inflation. Insurers will often adjust premiums to keep pace with inflation
Changes in government taxes and any state or territory duties or levies
A reassessment of your individual risk by your insurer, especially following a claim or a natural disaster, or fresh information from government or an expert
Changes you make that reduce your risk, such as installing a home alarm system, putting in a sprinkler system, or even changing a car colour.
The number of claims experienced in that sector of the insurance industry
Large-scale claims due to natural disasters such as floods and cyclones
Investment returns. Insurers invest premiums to help ensure they have sufficient capital to pay future claims. Poor returns may require a lift in premiums
Regional or global changes that affect the price and availability of reinsurance
The value or quantity of what you are insuring may have changed
The insurer’s cost of doing business
If you don't understand why your insurance premium has changed, contact Holdfast Insurance Brokers and we'll help make sure you have got the insurance that is right for you.
Q: What is an excess and how does it work?
Many insurance policies include an excess. This is the amount you have to pay if you decide to make a claim on your policy. It’s a way of you accepting a small portion of the risk yourself. The amount of the excess is specified in your policy.
How does it work? If your home is damaged in a storm, the cost of repairing the damage might be $4000. If you had a $600 excess, you’d pay the first $600 and the insurer would pay the remainder.
Not every type of policy has the same kind and level of excess, and excesses don’t all apply in the same situations. Your insurer may have different types of excesses, and some policies may have more than one applicable excess. Contact Holdfast Insurance Brokers and we'll do the thinking for you.
Q: What is a risk?
In insurance jargon, a risk is the chance that something harmful or damaging will occur and leave you facing a loss. Insurance spreads the cost of risk among a large group of people who face similar risks. Holdfast Insurance Brokers can help you identify your risks and find an insurance policy to cover them.
Q: What is a Product Disclosure Statement?
Australian law requires insurers to include all the terms and conditions of the insurance product in a document, known as the Product Disclosure Statement (PDS). This is an important legal document that usually forms part of your insurance contract. It is written in plain English and gives a full description of all of the terms and restrictions of the insurance policy. It includes a description of the features, benefits, cost and risks associated with the policy.
However, information provided in a PDS does not take into account your individual needs or financial situation. Your Holdfast Insurance Broker can help you decide whether a policy offers cover that is right for you before making a decision.
Q: What is general or 'personal' insurance?
General insurance helps us protect ourselves and the things we value, such as our homes, our cars and our valuables, from the financial impact of risks, big and small – from fire, flood, storm and earthquake, to theft, car accidents, travel mishaps – and even from the costs of legal action against us. Holdfast Insurance Brokers can help you choose the types of risks you wish to cover by choosing the right kind of policy with the features you need. Let us do the thinking for you.
Q: What is business insurance?
Business insurance can help protect business owners and independent professionals against everyday risks. From the equipment and machinery you need to stay in business, to ensuring that you, your employees, and any members of the public with whom you interact in your business are protected from the risk you face as a business owner.
It may also provide financial support if your business is unable to operate following an unexpected event such as a fire or natural disaster.
There are two forms of insurance that are compulsory for most Australian businesses.
Workers’ compensation
Every state and territory operates its own Workers’ Compensation scheme, which protects employees in the event of an accident or sickness. Each jurisdiction has different requirements. For more information, visit your state or territory’s workers’ compensation authority or simply talk to Holdfast Insurance Brokers.
Compulsory Third Party
If you operate a vehicle, Compulsory Third Party car insurance covers you for claims made against you for personal injuries arising from the use of your car. This type of insurance is a requirement of registering and operating a vehicle.
You should consider other forms of motor vehicle insurance to cover other risks and liabilities, such as damage to property or your own or another person’s vehicle. Each state and territory CTP scheme is different. For more information on these schemes, visit your state or territory’s vehicle registration authority or simply talk to Holdfast Insurance Brokers.
Q: Why do I get charged a broker fee?
Holdfast Insurance Brokers charge a small, annual fee in exchange for the 24-hour, 7 day service we provide you. It's so we can be on hand whenever you need help with your insurance or in the event you make a claim. We work for you.
Q: How can I pay for my policy?
There are two ways you can pay your premium:
In one annual payment to Holdfast via EFT, Bank Transfer, BPAY or Cheque; or
If provided, in monthly instalments by direct debit from your nominated bank account or credit card. If available, your Holdfast Insurance Broker can help arrange this.
Q: How do I make a claim?
Call your Holdfast Insurance Broker direct and we will guide you through the claims process. Your Broker, and our Claims Department are here to help you and make sure you are looked after during a claim.
Q: Will the insurer pay my claim?
Every claim is different, and it often depends on the incident and the wording of your policy. According to the Financial Ombudsman Service, however, insurers pay 97% of all claims lodged each year. The key is making sure you have the right policy and the technical support to guide you through the claims process. At Holdfast Insurance Brokers, we are here to do both.
Q: Under my home policy am I covered for Cyclone?
Holdfast Insurance Brokers can provide you with a home and contents insurance policy that covers you in the event of a cyclone.
Q: Under my home policy, am I automatically covered for Flood?
Many insurers include flood cover as a compulsory part of taking out a household policy. Some insurers include flood as a standard inclusion, but allow the policyholder to remove it– this is known as opt-out flood cover. Some insurers will cover flood in policies only up to very low defined values – for instance, damage of $15,000 or less. Some insurers will not cover flood under any circumstances.
Let Holdfast Insurance Brokers do the thinking for you, and make sure you have the policy that is right for you.
Q: What is a flood?
Under Australian regulations, a flood is the covering of normally dry land by water that has escaped, or been released, from the normal confines of a lake, river, creek, reservoir, canal, dam or any other natural watercourse.
Q: Can I choose my own motor vehicle repairer?
Holdfast Insurance Brokers can give you motor vehicle insurance that allows you to use any motor vehicle repairer you want.
Q: How do I make changes to my policy?
Simply email or call your Holdfast Insurance Broker direct or you can call 1800 465 332 or email info@holdfast.com.au with your new details.
Q: Will you come and see me if I can’t come to you?
Absolutely. Holdfast Insurance Brokers are there for you, whenever you need us.