387 | Everything you need to know about Home & Contents Insurance – Chat with Steve Mickenbecker

It’s no secret that Australia is facing an insurance crisis. 

Did you know that roughly 70-80% of all Aussies are underinsured?!  

With the constant string of natural disasters from fires to floods, the ability to choose the right personal insurance that actually covers you is becoming more and more critical!  

It might not be our sexiest topic folks, but it’s definitely super important to know!! 

But how are you supposed to know what insurance is best for you?   

Or what makes an insurance policy a good insurance policy??  

Thankfully to help us clear this muddy water we’ve got Steve Mickenbecker, financial services expert!  

As well as being part of Canstar’s Group Executive Team (aka. Australia’s Biggest Financial Comparison site!!), Steve is also Canstar’s financial commentator.

He brings more than 30 years of experience in home loans, superannuation, insurance, mortgages, banking, credit cards, investment, budgeting, money management and SO MUCH MORE!  

Basically…he’s the ultimate insurance guru!!  

And he’s here to explain… 

What the heck is Stagflation?!  

How to ensure your insurance policy appropriately covers flood damage!  

What the future for insurance policy services will be (Are we destined to forever be served by robots and AI?!)  

PLUS, Steve will deep dive into some of  Canstar’s and the Insurance Council of Australia’s Catastrophe Data. 

Listen in now folks – this one is real eye-opener! 🤯 

 

Free Stuff Mentioned 

• Check out these facts and figures from Canstar’s database:
  • The average cost of home and contents insurance 
  • The number of home and contents insurance policies WITH flood cover 
• Check out the Insurance Council of Australia’s Catastrophe Data (It’s a shocking one folks)
• Read Mercer’s report on the most expensive cities in the world!  

 

Here’s some of the gold we cover… 

• 2:02 – Money problems are actually Money H___!  
• 3:48 – Welcome Steve Mickenbecker!!  
• 5:37 – From ledger cards to cryptocurrency: Steve’s Money Backstory  
• 14:36 – How Steve first got into finance!  
• 16:21 – What the heck is Stagflation?! (And why haven’t we seen it since??)  
• 22:13 – Why is it important to get your insurance right?   
• 25:24 – What factors should you consider when selecting insurance? 
• 27:44 – The underinsurance epidemic and why we’re seeing it today! 
• 29:10 – How to CORRECTLY calculate if you’re underinsured… 
• 35:23 – Folks, THIS is why you should read annual changes in your insurance policy!  
• 36:36 – How to ensure your big-ticket items inside your house are actually covered!  
• 40:20 – Steve’s rule of thumb for knowing what items you should ensure 
• 42:05 – How to choose the best insurer for you!  
• 47:30 – So…what actually makes a good policy?  
• 51:15 – How much excess is juust right? 
• 53:31 – Online vs. Human insurance service  
• 55:45 – What sort of records should people keep for claims?  
• 58:21 – Data dive into natural disaster coverage… 
• 1:00:30 – The Average out of pocket costs for home and contents insurance!! (WOW!)  

And… 

• 1:06:25 – Have you heard of this bookmarking hack?!  
• 1:08:00 – Ben checks out the MOST expensive cites around the world…