Frequently
Asked Questions

Insurance provides protection for you and your assets against financial risks in case of unexpected events. While insurance cannot prevent these events from occurring, having coverage means you won't be solely responsible for covering the entire cost of a loss that's covered by your policy.

This reduces the likelihood of needing to dip into your savings, investments, or borrow money, or seek financial assistance from family or friends, or even sell your assets to cover expenses such as repairs, construction costs, or outstanding debts. It also means you won't have to rely on government or community aid, which typically focuses on major disasters like floods or bushfires and may not fully address your specific needs for rebuilding your life.

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. Insurance policies typically run for a duration of 12 months, after which the terms are subject to renegotiation. 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.

A Insurance Premium is the amount you pay the insurer per month or per year. The premium is determined by many factors, each different depending on the insurers. The factors that can contribute to your Insurance Premium include:

• Address

• Age of Insured

• Claims & Convictions history

• Sum Insured

Everything is determined by the type of Insurance Policy you are taking out. A typical Insurance policy runs for 12 months.

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.

• Changes you make that reduce your risk, such as installing a home alarm system, putting in a sprinkler system, or even changing a car's 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.

• 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.

• 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.

• Investment returns. Insurers invest premiums to help ensure they have sufficient capital to pay future claims. Poor returns may require a lift in premiums.

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.

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 firstly pay the $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. Our In-House Claims Team will help you navigate this come claim time.

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.

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.

Talk to our Personal Lines team who specialise in Home & Contents, Landlords, Strata, Pleasure Craft & more.
They will work with you to understand your needs and find you the correct policy for you, It may not necessarily be the cheapest however they will recommend the best for your circumstances.

Talk to our Commercial Sales Team.
They have the expertise to help you set up the insurances you need. Whether it is your first business, a growing business or a large established business, we are here to help.

Simply email or call your Holdfast Insurance Broker direct or you can call 08 8273 0900 or email info@holdfast.com.au with your new details.

Absolutely. Holdfast Insurance Brokers are there for you, whenever you need us. We have offices in SA & NT. However, we do travel to interstate clients.

Holdfast Insurance Brokers can recommend motor vehicle insurance that allows you to use any motor vehicle repairer you want. Some policies can limit the choice, so let us do the thinking for you.

Holdfast Insurance Brokers can provide you with a home and contents insurance policy that covers you in the event of a cyclone.

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.

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.

Call your Holdfast Insurance Brokers or lodge your claim online here. We will guide you through the claims process. Your Broker, and our Claims Team are here to help you and make sure you are looked after during a claim and that you get the best outcome..

Every claim is different, and it often depends on the incident and the wording of your policy. According to the Financial Ombudsman Service, 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.

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.

There are two ways you can pay your premium:

1. In one annual payment to Holdfast via EFT, Bank Transfer, BPAY or Cheque; or

2. 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.

3. We can also offer options to funding companies which allows you to pay in installments when it is not offererd by the insurer