Episode 16 | Kris sits down with Angie O’Rourke to explore the often-overlooked role insurance plays in protecting the wealth, assets, and livelihoods of everyday Australians.
In this episode of the Enriched Wealth Podcast, Kris Tatt sits down with Angie O’Rourke, Senior Account Broker at Bendigo Insurance Brokers, to unpack the often-overlooked role of insurance in protecting the wealth, assets, and livelihoods of everyday Australians.
With deep experience across commercial, industrial, and personal insurance lines, Angie shares why building strong relationships and taking the time to understand each client’s risks is at the heart of what she does.
They discuss:
What a good insurance broker actually does behind the scenes
Common gaps in business insurance (and how to avoid them)
Why personalised advice beats online quotes every time
The growing demand for tools, trades, and professional indemnity cove
What business owners should review in their policies each year
Whether you’re running a business, managing property, or just want to feel confident your assets are protected, this episode will give you practical insights into getting your insurance right — without the overwhelm.
Transcript
Kris Tatt
In this episode, I sit down with Angie, an insurance broker, and we discuss all things general insurance.
We go over the the consequences of being underinsured, some of the things that that you might not be thinking about with your insurance, thinking about the devil.
That's in the detail of the clauses.
I know there's a big shock that I had when talking about business insurance and what that actually means when you're underinsured as a business, it is not the same as your own insurance.
So stick around to hear that.
Listen for the tips and tricks in here because I am going away to make sure that I am covered and I understand my policies better after doing this episode and I hope you will too.
Enjoy.
Welcome to the Enriched Wealth podcast.
Today I'm joined by Angie O'Rourke from Bendigo Insurance Brokers and she's an insurance broker, so we're excited to get into a conversation today about all things insurance.
So, Angie, welcome to the podcast.
Angie O'Rourke
Thanks for having me.
Kris Tatt
No worries.
I want to start off with what what got you into insurance?
Tell us a bit of it, your background, tell us a bit about the journey, what what sort of led you down the road to where you are now?
Angie O'Rourke
Just by chance, really.
It's a very long time ago.
Yep, when I was 16 1/2.
Kris Tatt
So about 10 years ago then?
Angie O'Rourke
Yeah, or maybe 20.
Kris Tatt
OK, Yep, no worries.
Angie O'Rourke
And a job came up in the local insurance company in Frankston back in the day.
Yep.
And yes, I went for the interview and.
Kris Tatt
And you've.
Angie O'Rourke
All since then.
Kris Tatt
Been in the business ever since.
Angie O'Rourke
Yes, I have.
Kris Tatt
Actually, and obviously Frankston's not Bendigo, so did you make a move to Bendigo at some stage as well too in that?
Angie O'Rourke
In 2018, OK.
Kris Tatt
Very.
Angie O'Rourke
Good.
Yes.
So based in Frankston and down in Mornington.
Yep, most of my life with a insurance company and then with brokers.
Yes, ever since.
Kris Tatt
Yep, and then moved up here in 2018.
Angie O'Rourke
And yeah, yes, yeah.
Well, actually I went to Griffith first in 2015.
Griffith.
Griffith.
Yes.
How?
Kris Tatt
Did you?
How did you find that?
Angie O'Rourke
Yes, it was great.
It was a great experience.
Kris Tatt
Yeah, I've got a brother in law that lives up there, so I've been there a couple.
Oh yes, Baron paddocks until you hit Griffiths and then it's this little Oasis to see out the middle of nowhere.
Angie O'Rourke
Oh, and so much happening up there, you, you know, you would not know, you know, so, but it was just a, a good opportunity.
We wanted a tree change.
Yep.
And the job came up.
Kris Tatt
Well, that's certainly a tree.
Angie O'Rourke
Change It was very long 7 1/2 hours so but it was it was too good to not take up you know, excellent and and that helped me get my job in Bendigo too so.
Kris Tatt
Excellent.
And and so now you're based at bending our insurance brokers.
Yes, in Bendigo as as an insurance broker.
And I wanna we're going to spend a bit of time unpacking what an insurance broker is because I think some people have they hear the word broker and they what does that do?
How does that work?
You know, and all of this.
So lots to unpack a little bit about what what what's the insurance broker actually do?
What?
What do you do day to day, Angie?
Angie O'Rourke
Well, we look after clients, really.
That's what it comes down to.
And that's probably the difference between a broker and like an insurance company.
Yes, you know, the insurance company looks after their clients.
But yeah, and act on behalf of the insurance company, but we act on behalf of the client.
Kris Tatt
Right, so where let's say I called up an insurance company and I, I won't have any names just so I don't offend anyone here, but I call up my insurance company and have a talk to them.
They will be able to sell me their products, correct within their suite and they'll be able to help me within what they have, correct?
But you sit down with the client and say, hey, what do you need?
Who's best suited to give you what you need rather than correct, only being able to choose and if I want to change, I've tried that before.
And you sit on hold for a couple of hours.
Yeah, you talk to the next one and you've got to talk to about 5 and they'll have their online quotes, but they're all got conditions and so exactly it gets a bit messy.
So you come in on the client side.
Angie O'Rourke
That's right, yeah.
And then?
Kris Tatt
Deal with and you've got how many insurance companies that.
Angie O'Rourke
Depending on the insurance, the domestic we've probably got 7.
Yep and vehicles.
We do all businesses as well.
Yep, and find, you know, professional indemity and public liability.
So we do everything.
Kris Tatt
So quite, quite a range of.
Angie O'Rourke
All insurances.
Kris Tatt
Yep.
So basically any general insurance, if you're thinking I've I've got a boat and I need to, I'd like to get a boat to start off with, but if I've got a boat, I can come get that insured.
Yes, I'm I'm actually a client.
I'm happy to say that.
So I get my get my cars looked after and the house looked after and things like that.
So and then your your job is then working with people when they bring come to you and say this is what I need or HE you're actually reviewing as.
Angie O'Rourke
Well, that's right, yeah.
So when people come and they want us to look at their insurance, we, you know, obtain all the details and discuss, you know, if it's something standing out, like if they have high contents, we'll discuss what do you have, you know, and just give that advice to most of the policies don't have any limits like on antiques or artwork, but some do.
Yep.
Or they might have a whole lot of jewellery.
So we just look at what they their needs are and then we look at the options available available.
Kris Tatt
And do you, do you find to you're asking questions that they may not have thought about as well like have you got this?
Do you have cover for that?
Yes.
And those kind of things, because I think there's probably a lot of things, if we use the house as an example, there's a lot of things that people have that they might not think they can insure, correct.
Angie O'Rourke
Is that yes, that's right.
And they actually even think they have items that is are insured.
I was talking to a client recently and we're looking at the whole property.
Yes.
And they were talking about a, a trailer, a cool room on a trailer.
And they thought on a Yeah.
And they thought that was covered under their contents.
But it's not because it's separate.
It's a motor vehicle.
Ah, yes.
There you go.
Yeah.
Kris Tatt
Said it was a motor.
Angie O'Rourke
Vehicle.
Yeah, yeah.
So yeah, it's just those sort of questions and.
Kris Tatt
Yep, and and what are you if we just stay on the House insurance as the example for a minute.
What's what's, what's some of the things that people don't think about when they're thinking about insurance?
Like what is?
Because I know we've talked about my policy before and there was even all little exclusions around the air conditioner and the motherboard within the air.
Like there's all of these things that people just aren't always aware of.
So what are some of the things that people may not be thinking about when they're looking at insurance and they're just getting a quote on price or they're just getting a quote on, you know, just just look after the cover and they don't really, really think because the devil's in the detail isn't.
Angie O'Rourke
It, it is, it is and and and the difference, I mean, I suppose with the brokers most of the policies include everything, so you know, includes fusion and includes flood and fusions up to a certain age limit of motors.
Kris Tatt
So what's?
Angie O'Rourke
Fusion, fusion of motors like an air conditioning burns out.
Yep.
Or or a fridge motor burns out.
Yeah, OK, yeah.
And so that's a fusion and that's an addition I think in most of the direct companies, not all of them, but.
Kris Tatt
And if you're not aware that you don't have it.
Angie O'Rourke
Exactly.
Yeah.
You don't have it.
Yeah, Yeah.
Kris Tatt
We've just had the fires recently as well, too.
Yes.
Have you, have you seen many exclusions or clauses that around bushfires that people need to be aware?
Like there's just no, no, that's pretty pretty.
Angie O'Rourke
Yeah, most insurers, I mean, we had them out just recently, yesterday actually, one of the companies came out to our office on the way through and Yep, we're talking.
But they're just, they just pay up straight away.
Excellent.
You know, especially when they've totally lost everything.
Yes.
Kris Tatt
Yeah, no, that's, that's good.
Yeah.
I want to talk a little bit about some of those weird things that people need insured within their house.
What's what's the weirdest?
Oh goodness on a policy?
Angie O'Rourke
Weirdest thing.
Kris Tatt
Or the most interesting what's something that you just thought, oh didn't?
Angie O'Rourke
Didn't think about that.
I don't.
I haven't really come across.
I mean, most of the things with home insurance is really like pretty standard jewellery or artwork or statues.
Kris Tatt
Books, does anyone?
Angie O'Rourke
Actually, yes, I, yeah, one of the yeah, one of my clients had a lot of books and they lost everything.
OK.
And it's a bit like books or CDs or or or albums, you know, if there is a claim like a theft or a fire, you if there was, unless it's a catastrophe, you really have to provide proof of what you had.
Kris Tatt
Yes, and so you people probably need to document it a.
Angie O'Rourke
Little.
Exactly.
Yeah, I often say to clients, take photos, you know, even take photos of everything in your house, to be honest, or a video, because if you lose everything, you don't know what you had.
Yes, and so.
Kris Tatt
You don't.
Can't remember what to replace.
Angie O'Rourke
Yeah, yeah.
And if there is a dispute which we haven't come across, then you've got proof of what you had.
So.
And that's, you know, and if you've got a large book collection, it can be quite expensive, but that, you know, you can't just go out and buy them, so no.
So if you had photos of the bookshelves and and you maybe document it.
Kris Tatt
Yep, yeah.
OK, that's that's good.
Now I'm just thinking of some of the collections my my friends have.
Angie O'Rourke
And yeah, even even for albums, you know, and CDs, you know.
Kris Tatt
Yep, yeah, there.
There'd be another one, wouldn't they?
Yes.
In terms of let's say I'm, I'm a client with you for a little while.
You go through a review process as well too.
Angie O'Rourke
Yes, we do.
Yes, we do.
Yeah.
And most of the time, you know, if the insurance doesn't, you know, goes up slightly because of the sum insured and you know, the market, we still do review.
But yeah, we do review the renewals each year.
Yep.
Kris Tatt
Yeah, I, I have a bit of an industry question around some of that.
Obviously been reviewing and I've I've noticed and you've probably noticed more than me.
Insurance has gone up a lot over the last couple of.
Angie O'Rourke
Years.
Yes, it has.
Kris Tatt
What's some of the driving factors behind that?
Angie O'Rourke
Bush.
Bush areas.
OK, yeah, used to be floods a few years ago, but now it's Bush.
Kris Tatt
So any, anything that's in sort of a higher risk area is is sort of pushing.
Angie O'Rourke
Prices up even just a Bush area, like even like Strathfield say, Yep, you know, there's a lot of Bush there.
I live just four houses from the Bush in Eagle Hawk, OK.
And my insurance went up $800 because of that.
So yeah, yeah, Bush is really impacting it.
Kris Tatt
OK, so that is.
Angie O'Rourke
That is.
Kris Tatt
Some of those costs.
Angie O'Rourke
Definitely yes.
Kris Tatt
In terms of when we talk about insurance, obviously car insurance is a big one and there's a lot of cars out there and people have little bumps and scrapes and all those kind of things as well too.
Are you seeing it it's harder and harder for people to insure cars full comprehensive or is it just getting more expensive to do that?
Angie O'Rourke
It is getting more expensive, yeah, most of the people still, you know, I haven't had anyone change.
Yep, cool cover to a third party only or anything like that, but they just reviewed what they have.
Yep.
And might increase their excess.
Yep, you know, and yeah.
Kris Tatt
Because that's one of the ways around it, isn't it?
You can either have a low excess and a high premium or a high premium and a low excess.
So it's that trade off.
Angie O'Rourke
Isn't it?
That's right, it is.
And you work with the client on that as well and there's different levels of cover and options that they have windscreen or hire car and.
Kris Tatt
Yep, because there is there is a lot of little clauses, isn't there around if you've got the car and something happens what you're covered for.
Isn't it like you can have a hire car if you've spent a total write off or?
Angie O'Rourke
If you have that option, take it.
Yeah, sometimes you can get hire car included in policies.
Yep.
If you're not at fault, Yep.
Some don't offer that.
Kris Tatt
OK, so again it comes down to the details.
Don't.
Angie O'Rourke
Yeah, if you've got windscreen or Yep, hire car and.
Kris Tatt
And if we talk about, let's say someone comes to you with insurance and just using cars at the yes at the moment, would you be able to review their existing policies and sort of talk about some of the issues that might be there within their policies?
Angie O'Rourke
Yep, that's what I was gonna mention.
You read my mind.
Yep.
I Yeah, I have received.
Well, I received them.
They're.
And if a client wants us to review, I say send us your current renewal.
Yes.
Because at the end of the day, you know, it doesn't matter what premium they're paying 'cause we can only offer what we have.
But I can look at, I can take down the details, but I can also look at what you know they may or may not have and may not.
Kris Tatt
Realise that they're not covered.
Angie O'Rourke
At all, Yes.
Kris Tatt
That's an.
Angie O'Rourke
Issue yes, and whether I can help them at the end of the day is irrelevant.
But you know, often I've like I've received one and it's a a brand new car and it's a high end car.
Yep.
And it doesn't have windscreen.
Well, I'd never offer a cover without windscreen.
Yes, on an expensive like it's a BMW.
Yep, you know, because you're looking at two 2 1/2 thousand.
Kris Tatt
Yes.
And I think that's some people don't realise, I think how expensive some parts have got for cars and they're like headlights for an example.
They're, they're, they're a lot more expensive than they used to be out there.
Angie O'Rourke
Oh well, I had claimed a couple of years ago when it was a bull bar and a headlight and I think the headlight was nearly 3000.
It was a Toyota Land Cruiser.
Yep, and Toyotas are very expensive to insure.
Kris Tatt
Yep.
And and that's just the headlight.
That's yes anything else no other body work or anything like that.
So yeah, yeah, it does.
I think that's sometimes people I don't think realise sometimes the cost of of repair and and that's.
Angie O'Rourke
Definitely, yeah.
Especially with the older vehicles too now because parts are so expensive that often they have to write them off because they can't get the parts or they're too expensive.
Kris Tatt
And when you say older vehicle, and this might shock a few people, how old's an older vehicle?
Angie O'Rourke
Maybe even 2014.
Kris Tatt
Yep.
So we're only talking 10 years.
Yes, yes.
And I think that's people, these people out there with the 2014 car going.
I I didn't think it was that old, but yeah, in, in in the car world, the car world moves on very quickly.
Angie O'Rourke
It does, yes.
And I mean, mine's 2011 and yeah, my premium's high, so.
Kris Tatt
Yeah.
Well, yeah, I'll be in the same category.
So there you go.
In terms of when, let's say someone comes to you and they're saying, look, can you review this and that?
And they say, Angie, we want to work with you.
You know what you're talking about.
I had no idea about these things within the insurance.
And look, to be honest, unless people love sitting up at night reading the courses in their insurance contracts, I'm sure no one really likes doing that.
What what is what?
What do you then charge for people to come work with you?
Angie O'Rourke
Well, we just, we don't charge anything to provide a quote.
So we're always happy to review the policies whether we can help them or we, you know, we offer if we can't help them with the premium or the policy.
Often we, you know, sometimes we're not as cheap as what they might have, but we offer a broader cover or they might have had an experience where it wasn't a very nice experience.
And so they don't want to, they want to have someone look after them.
So I mean, most of the fees we just charge I think a minimum of $75.00 for OK, domestic insurance.
So yeah, yeah.
So.
Kris Tatt
Very reasonable for the time saved, not sitting on the phone and and dealing with, with all the all the bits and pieces that comes along with insurance.
Yes, I'm gonna ask this question.
I, I know 'cause I've actually been through the process with you.
What happens when I need to make a claim?
Do I have to go and do that on my own?
Angie O'Rourke
No, not at all.
You just, you give us a call and we take all the details, we lodge the claim on your behalf and then we liaise with the insurer.
If it's a car, then the assessors appointed and then we just monitor, make sure that you've been in contact with the repairer and it's all booked in and everything is in order.
And if you need a hire car, we'll put you on to the right place to do that with the insurer.
Kris Tatt
That, that sounds like it's almost too easy.
Easy.
So there's no ringing up sitting on hold, having to talk to the insurance company and things like that.
No.
What when when you make a claim, does that?
Can that impact your premium?
Angie O'Rourke
It does, yes.
Yeah, yeah.
Kris Tatt
And that's, that's probably something people don't always weigh up, isn't it?
There's, there's, that's right.
There's the ongoing cost of if I claim for this that I might be able to, that might not be that much more expensive myself to do.
Do I need to go through the claim process or should I just pay that knowing that I might actually buy premiums in future years so it's actually costing me more in the long?
Angie O'Rourke
Run and we'll give that advice, you know, so which you know, I have seen claims gone through, you know, companies and it's like for $400.00 or 300 and it just impacts their premium.
So yes, if a client came and they said, you know, reversed into a poll and they've got a quote for 1200 and their excess is 1000, well, I'd say don't claim.
Yep, you know, don't claim for anything under three 1300 or 1400 because it does impact you for probably three years.
Yes, because if you remarket then you have to declare claims for the last three years.
Kris Tatt
So it's three years worth of.
Angie O'Rourke
Yeah, some are 5, but not many.
Most are three.
OK.
Kris Tatt
So, so it's just probably something for people to keep it more and less can impact them.
Angie O'Rourke
Oh no, it does.
Yep, definitely.
Kris Tatt
When, when you're going through, we've talked about claims, but if, if we're going through the claim process, you're essentially the intermediary art at the end of the day.
And I know when we, when I dealt with you for a claim a couple of years ago, it was very straightforward, dropped it off and, and then you, you organise the payment to the, to the, to the, I think it was the mechanic they had to fix it in the end.
But that was that was all done, that's right, in conjunction with yourself rather than me having to go here and go there and.
Angie O'Rourke
Yes, exactly.
The insurer does liaises, liaises with the.
Yep.
With the repairer, Yep.
But we, I'm, we know we're in the background making sure that everything's in order with the repairs and you know, everything's going to plan for you.
Yeah.
Kris Tatt
Perfect.
Yeah, I want to talk a little bit more, a little bit about some of your business insurance now if that's all right.
Yeah.
So we've got public liability, we've got, what else have you got in the business?
Angie O'Rourke
Under a standard business policy, you've got like fire and specified perils.
Yep.
Theft, business interruption, like from a fire glass, money.
Sometimes you can have cyber.
Well, cyber is a separate policy.
Yes.
Do you help with cyber?
Yeah, we do.
Cyber.
Yeah.
Excellent management liability.
Kris Tatt
Yeah, cyber is probably a big one.
And so in terms of that, that cybersecurity, what what are some businesses probably unaware of at the moment because it is a, it is a growing concern.
I think it is people aren't always aware of when they need to take it out.
So which businesses would you think need cybersecurity?
Angie O'Rourke
Well, I suppose it's really, you know how often if I suppose if you have lots of client information on your on your system, especially if you have like bank accounts and credit cards and private information, I suppose that's something you should definitely strongly consider.
Kris Tatt
Yes.
And, and in terms of that cyber cybersecurity cover, what are what are some of the things that impact that premium?
Because I think some people think if I've got the cover, I'll be right.
But yeah, it's kind of like getting the the house insurance.
You never actually wanna claim.
You never actually.
Angie O'Rourke
Wanna.
No, you don't.
Kris Tatt
So what what are some of the things that people aren't aware of when they're thinking about cyber security and, and, and what they might need to put in place for that?
I know you're not a tech expert, so I'm not asking a person all the technical information, but I think some people are probably a little bit unaware of how exposed they might be.
Angie O'Rourke
Exactly.
And, and I suppose you do need to make sure that you have all the right infrastructure with your IT company in place.
And it, it is a requirement with cyber that you have boxes ticked, you know, so if you know you have two people sign off any financial payments or if any of these changes of account details you have that signed off and you do regular upgrade updates with passwords.
Yes, and patches I think, I think patches has a lot to do with it.
Yep.
You just have to be on top of your IT and and your procedures, your risk management 'cause it is based on that.
Kris Tatt
Yes, yes.
And and how well is that framework?
Angie O'Rourke
Exactly.
Yeah, yeah.
Kris Tatt
No, that's good.
In terms of public liability, what what are some of the times that you see people don't think about public liability when they need to?
Because I know there's probably a lot of instances where people think it'll be right or they don't need it, but what are some of the instances that people need to be thinking about public liability insurance?
Angie O'Rourke
Well, I don't.
I haven't really come across many that don't have it.
OK, excellent.
I've never had a discussion with someone thought they shouldn't have it.
So normally they'll ring up and they've starting a business or they're remarketing their renewal.
Yep.
And then we just look at it and look at the the options available.
Yep, Excellent.
Yeah, that's fairly straightforward.
Yep.
Unless if you have a lot of like subcontractors, high payments to subcontractors within or a special industry that you're working, then it can be a bit more of a bit.
Kris Tatt
More of a risk.
Angie O'Rourke
Yeah.
And then we just look at specialist underwriters.
Kris Tatt
Yep.
Excellent.
Yeah, on the on the on the business side of things, what what are some of the, what are some of the issues that people may not be aware of when they're coming to ensure or coming and taking out business insurance?
Angie O'Rourke
Yeah, I suppose the main 1 is in under insurance.
Yep, because under insurance does apply to fire and specified perils, OK.
And business interruption, Yep, as well as some other separate covers, but that's the biggest thing I find.
And so we let the clients know we have that discussion, but what we find is well, what I found in discussion.
So if you insure your your premises and the buildings insured say for 500,000 yes.
And it burnt down and it was found that it cost $1,000,000 to replace.
Well, you.
Kris Tatt
Only get 500.
Angie O'Rourke
Well, no.
Oh, OK.
OK.
So the under insurance clause applies comes into play when you've insured less than 80%.
So if you insure less than 80% of the replacement, you actually are penalised.
So really you've underinsured by 50%, they'll only pay you 50% of 500,000.
Kris Tatt
Yes, so.
Angie O'Rourke
You get 250 right and the cost is 1,000,000 to replace.
OK.
So a lot of people because when you know we, we know to underinsurance and we talk about it on our policies with our clients and renewals.
And then you say, well, underinsurance supplies and I think like a home insurance, they think, Oh, well, if underinsured, I'll just get what I've got.
It's not.
Kris Tatt
So, so and this is specifically for business just so you're correct.
Angie O'Rourke
That they don't just business.
Kris Tatt
Rush out and think their house.
Yeah.
Angie O'Rourke
They're gonna get not home insurance.
Kris Tatt
So, so let me let me run through the numbers.
So if it's $1,000,000 and I to replace the building and I'm only insured for 750,000 I'm under that.
Angie O'Rourke
Oh, now you can.
OK.
Kris Tatt
So let's go 500.
So we're we're at 50% of the value because I'm under that 80%, I only get 50% of what I'm insured for, correct.
So I'm actually penalised yes, because I'm under insured by so much.
So what I thought was half a million is actually only 250, which means I'm 750 in the whole yes, which is yeah, I, I wasn't aware of that.
So there you go.
I'm learning today as well too.
So, so under insurance is is really a big thing for business.
Angie O'Rourke
I think so too.
Kris Tatt
And I think if they're not, and this is where again, we, we talk about all the time, but you've got to be across your numbers as a business owner, you've got to be across what's happening.
You've got to be understanding if turnovers increased and all of those kind of things.
Have we increased our policies around that?
Because I assume that under insurance clause isn't just for building replacement, it could be for coverage if you've got a period where you can't trade and things like.
Angie O'Rourke
That correct, So contents and stock under the building that this and business interaction option correct?
Yep.
So they apply in that regard too.
Kris Tatt
There you go.
So, so underinsurance is something that everyone needs to be conscious of if they are a business owner and they aren't doing, doing what they need to.
Yeah.
So yeah, that that is really good to think about.
Is there anything else that you see out there on the business side?
Are there clauses that people get tripped up on?
Is there things that people go?
I didn't wasn't aware of that.
Or sort of fly blindly on?
Or do you think most people, most people you deal with listen to your sage advice?
Angie O'Rourke
Well, sometimes, Yep.
But look, you know, they have, Yeah.
You just have to make sure that what you do is covered under the policy.
Just read your, you know, your invoice and just check what business activities you've noted.
Yes.
Yeah.
Because sometimes, you know, you might note that you're doing certain occupation, but you might tend to do other business activities.
And so, yes, or because you've got public liability, it doesn't mean you're covered for everything you do, only what's listed on the policy.
Kris Tatt
And, and so if I use an example and that's let's say you've got a a retailer, it's a florist and they've been trading as a florist for a while and then they start doing deliveries as well if they don't have that change of.
Angie O'Rourke
That might be that might be OK because it's incidental to their business.
Every florist delivers.
It's more like if you were a say a plumber and you were also had electrician working with you and you did electrical work.
You're not covered for electrical if it's not noted.
Kris Tatt
Yep, OK, good example.
Yeah, that's good.
Is there is there any industries that are more high risk that you see out there?
We've just talked about builders.
Is that one that sits?
Angie O'Rourke
In the plumbers category or plumbers are plumbers.
Yeah, just because of, yeah, just their industry.
Yep.
Kris Tatt
Yep.
Are there any other industries that you sort of stand out to you that you think that's a high risk area all people need to be?
Angie O'Rourke
Thinking anything with mining?
Mining.
Kris Tatt
Yeah.
Angie O'Rourke
OK.
You know, mining and those sort of industries that they would be high risk.
But yeah, so Yep, there there are high risk, you know, occupations out there, but.
Kris Tatt
Yes, they're from a business perspective.
Angie O'Rourke
Yeah, we'll just, we've got specialist underwriters that we go to.
Yep.
So 'cause not the standard business insurers will cover the high risk or different appetite.
So Yep, we've got those opportunities there.
Kris Tatt
And I think that's something that people aren't always aware of either, is that as a broker, you've got access to probably people that they don't think about.
Yeah.
Angie O'Rourke
Don't you?
Yes, we do.
Yeah, yeah, yeah.
So we've got specialists under eyes with, you know, business and liability and Yep, property professional, demony.
So yes, if they don't sit in the stand alone box then we've got specialists available.
Kris Tatt
You can bring in to to help support that and that and they're probably not people who are readily available to the public.
Angie O'Rourke
They're not.
They're not.
Kris Tatt
OK, so there you go.
So you have access to certain underwriters and markets that most people wouldn't even know exist.
Yes, OK, so there you go.
So there's there's a tip for everyone.
If you're unsure know that there is there is extra, extra support out there.
That's right, that when you need in terms of when, when, when you're thinking about engaging specialists or or different underwriters, do you have them for household and cars as well or is it more just on the business side that?
Angie O'Rourke
You see, we do have specialist high end insurers for homes and cars, yes?
Yep.
Kris Tatt
So if someone's got maybe a specific custom home or something like that that they think I need, I need, I need someone to understand me and then and I need, I need the right kind of insurance, you can come along.
Yes.
I I assume historic falls under that category as well too sometimes.
Angie O'Rourke
Yes, it does.
But architecture designed and you know, if you've got a house, you know, 7 million or 10 million or you know, there's, there's a specialist underwriter there that provide the highest level of cover.
Kris Tatt
Yes, and, and probably understands the nuances of that those buildings and, and what and what it means to cover those buildings.
Cause I think sometimes that can be the difference with some of those high end things and talk about high end cars and special parts that would sit on those cars.
It's the same for houses.
It'd be certain houses with certain infrastructure or certain components that a normal insurer would consider.
And so that would say, well, it's this, but we're only covering this.
And then you you might be out of pocket at the end of.
Angie O'Rourke
The day normally it's it's the, the policies are very comprehensive, yes.
So there wouldn't be any issues because you put all the information in.
But with the high end they actually would go and value the house.
They have their own valuers, property valuers and they go out and do an appraisal and there are a full property valuation.
Yep.
And then they will offer an extended replacement cover.
So say they value it and they say well you know, you should insure it for 7 million.
Yep.
And if there was a a fire and it was cost 9 million, well, they'll just pay.
Kris Tatt
OK, there you go.
So that's that's.
Angie O'Rourke
The highest, yes.
Kris Tatt
That's the value of of if.
If you've got those certain scenarios, yes, seeking specialists who who understand and can and do what needs to be done.
Angie O'Rourke
That's right.
And some clients, you know, want to pay for that, and that's fine.
You know, that's Yep.
Yep.
Kris Tatt
No, that's good.
Talking about underinsurance a little bit more, obviously the business one, I wasn't aware of the caveats there, but that's all right.
on the House side though, I've, I'm conscious that over the last five years replacement costs have skyrocketed for a range of reasons.
Do you see that a lot of people have got underinsured houses these days or they're not actually aware of what it would cost to replace?
Yes, their current home.
Angie O'Rourke
They're probably not aware more so than and it's hard to know what they should have from our perspective.
And we always recommend that they, you know, review their sums insured and, you know, often in discussions, you know, I say, well, you can either get your property valued by a qualified valuer.
Mm Hmm.
And I think that's about maybe 6 or $700.00.
Yeah.
Or the next best person.
I always say if you a builder, if you know any friends or family or builders, that's their industry.
Yep.
And so they, they, you know, should be able to give you some sort of idea or where it would sit.
Kris Tatt
Yes, and it makes.
Angie O'Rourke
That's what I recommend.
And because that's their industry, yes, so.
Kris Tatt
And to make sure you've actually got the right cover to meet.
Yeah, meet that.
Because I think that's, that's something people aren't always aware of.
They think I've got the cover, but if it's not enough, they're not, they're not going to be.
If if a fire comes that's right or something like that, there, there might be, yeah.
Angie O'Rourke
A gap in the cover and that way they'll either just have to build something smaller.
Kris Tatt
Or go back and get get more more up.
Angie O'Rourke
If they want to rebuild.
Kris Tatt
Something quite better too, yeah, which isn't great.
Angie O'Rourke
Yeah, but I do find like more so contents is actually where a lot of people probably don't have enough cover.
Kris Tatt
OK, so talk, talk me through contents because I know there's things that people don't consider when they're thinking about contents or they look around the house and go should be about this.
So what?
Yeah.
What, what are some of the things that you see with contents that people don't understand or don't get, don't get?
Angie O'Rourke
Well, I think just the replacement when you sit down and add it all up, because you've got all your furniture and your appliances, your tools in the shed, your personal tools and all, just your personal belongings and what's in the kitchen and it just adds up and it's new for old.
Sometimes clothing and linen can be depreciated, but most of the time it's new for old.
And so when you sit down, we've got a one page document, just list all the rooms.
And so when you sit down and think, OK, couch is new for old and this it soon adds up.
And and when you have a catastrophe or a loss, then you know that's where you're going to be out of pocket.
Kris Tatt
Yep, I think I might go through that exercise with my wife and make sure that we're covered it.
Correct me if I'm wrong and I might be wrong so you can correct me on the content side.
It also is flooring isn't it?
And curtains as well.
Angie O'Rourke
Carpets, carpets, carpets and curtains and blinds.
Yes, yes.
So if you've got like timber floors, that's building.
But Yep, carpet comes under contents.
Kris Tatt
So yes, so you on top of going through all the rooms and saying yes, this cost you gotta add.
Angie O'Rourke
Exactly.
Kris Tatt
Someone come in and put new carpet and then curtains as.
Angie O'Rourke
Well, correct.
So yeah.
Kris Tatt
You've got Curt if you've spent a bit of money on curtains.
Yeah, all that, all that.
Angie O'Rourke
Yeah, like shutters and things, they're expensive.
And Yep.
And also like fridges and washing machine and dish dishwashers come under building.
Kris Tatt
OK.
And the dishwasher comes under.
Angie O'Rourke
Building and the oven or yeah, the fridge because you can move it.
Kris Tatt
Yep.
Angie O'Rourke
OK, Yep, Yep, movable content, so.
Kris Tatt
There you go.
If there's a special item like I know you've, you've asked in the past about jewellery or you know, if someone's got a bike that's worth a lot of money, not, not me, but if you've got a, a bike that's worth a lot of money or something like that, you can put them as separate items, can't you?
Angie O'Rourke
You can the there's 2 levels of cover with home insurance.
There's a list of events which is just to define events.
Firestorm theft?
Yep, burst pipe and then you can have an accidental damage cover.
OK.
And that covers accidents on your home and contents?
Kris Tatt
Right.
Angie O'Rourke
You know, if you drop a television moving it or you a ladder goes through the wall while you're changing a light globe.
But the policies that we we offer covers your contents away from the home.
OK and it so if you had a bike, some policies have limits like up to 5000.
Yep, but they cover bikes.
So if you have a bike and you have an an incident and it covers jewellery and watches away from the home, OK, Some limits up to 10,000.
Kris Tatt
So let's say as an example, I'm, I'm, I'm travelling and I've, I've, I've gone away and my, my jewellery gets stolen.
Yep, that can actually be covered.
Angie O'Rourke
Yes, it would be.
Kris Tatt
I'm not at home.
Angie O'Rourke
It would be if you had the accidental damage with us, with our policies.
I'm not sure about the the direct markets, they're a bit, they're a bit different with theirs.
Kris Tatt
Yes.
And that's probably the other thing to keep in mind is again, coming back to those clauses.
Yeah.
And it's all about understanding for people what they've got.
And if they're not sure, come and see you and go through the process of saying, well, what, what, what do we need to consider?
Angie O'Rourke
Yeah, because sometimes clients do come with their documents and they might have listed items like a $3000 ring or a $5000 watch.
And so we would look at that and say OK, we'll under our accidental damage policy they'll be automatically covered.
Yes.
So you just make sure the sum insured includes it and yeah, perfect.
And I often say to clients, you know, if you've got jewellery or artwork, just, you know, you can send photos to us and we can keep them on your file only.
And that way, if you do lose something, you've got proof of ownership.
Kris Tatt
Yes, and and you've got it as.
Angie O'Rourke
Well, too, that's right.
Well, that's why we've got it, yes.
Kris Tatt
If the phone's been damaged or something, then all of a sudden you can't get the photos that you need to prove that.
Angie O'Rourke
Yeah, you have to have proof of proof of ownership.
Yep, with any claim.
Kris Tatt
Yep, Yep, there you go.
Is there, is there anything that let's say I come to you and we'll review the policy and we want to change or anything like that.
What, what are some of the things that people need to do if they're going to come and change over to you and and you just start taking over?
Is there a big, is there a lengthy process?
Is there lots of forms to fill out?
Is it, is it, is it as painless as putting a claim in with you, Angie or is it, is there more involved?
Angie O'Rourke
I'd like to hope so.
No, just you just give us a call and we can take down some details.
And like it's like with sending, send your current renewal because that's the best thing to do to make sure.
Because we need to quote apples for apples as well.
Yes, if you've got an accidental damage cover, I don't want to quote you a list of events.
Kris Tatt
Yes.
Angie O'Rourke
So, and then we can get the information, look at our options.
I normally email the quote, Yep.
And then they might call and just go through it and Yep, it's just a matter of replying to the email and saying they're happy to proceed and Yep.
Kris Tatt
That's it.
And one of the other things which I think people aren't always aware of too, is that you did cover notes as well.
So like like we were going to buy a car and we got a cover note for I think it was the the day of getting it back or something like that as well too.
So you can help with that if people are buying a new car or something.
Angie O'Rourke
Too.
That's right.
Yeah, it's actually, it's actually, we just added it to the existing policy.
We changed the existing policy.
OK, Yeah.
Or we can do a new one.
They don't really do cover notes as such anymore, but it's like a policy or a cover.
It's a cover, old fashioned.
No, no, the cover's still in place.
So yeah, there.
Kris Tatt
You go and people do they forget to cancel their insurance if they've made changes sometimes.
Angie O'Rourke
You mean if they don't want to proceed well.
Kris Tatt
Let's say they've sold a car and they forget to come and tell you that that car was haven't had that in six months.
Angie O'Rourke
Or we've we do get that sometimes.
Kris Tatt
Yeah, OK.
Angie O'Rourke
Yeah, sometimes you can't backdate too far, but if you have proof of sale, the insurers will look at that that.
Kris Tatt
Will help.
Yeah, yeah, All right.
So it's just something for people to keep in mind is where is it and how much have you got and, and is it relevant?
So yeah, yeah, exactly.
It's good.
What what are some of the things that that impact the the premiums for cars?
What are some of the things that you see like is, is it if it's stored in the garage, if it's got, if you've got a young driver, a learner driver and those kind of things, do they, are they all things that can impact the policy?
Angie O'Rourke
Or young drivers can if you wanted to note them.
Yep, but the learners don't affect anything.
Kris Tatt
OK, great.
Angie O'Rourke
So that's not an issue.
So Yep, Well, in most cases, unless you've got a special vehicle that's on a special policy, Yep, OK.
Like a high end vehicle?
Yep, might want to check that one.
Kris Tatt
Make sure you've got something a little bit.
Angie O'Rourke
More.
Yeah.
Learning.
Yep, exactly.
Kris Tatt
That's fair enough.
Yeah.
And and where they're stored, is that impacted as well if they're in a garage or if they're?
Angie O'Rourke
It can do It can do it might be a little bit cheaper.
Kris Tatt
Depending on where it's located exactly things as well is that is that probably more the impact of.
Angie O'Rourke
Where the location the?
Kris Tatt
Location, OK.
So yeah, what what's the actual risk of this area?
Angie O'Rourke
Yeah, exactly.
So like, I had a client who's got a caravan and they moved to Queensland and their premium went up $600.
Kris Tatt
Just 'cause you're in Queensland, yeah.
Angie O'Rourke
Right, with all those recent storms, yes, and.
Kris Tatt
That's and people don't always think about the the trade off sometime.
Angie O'Rourke
No, no.
So yeah, it definitely impacts premiums.
Kris Tatt
OK, that's really good.
Is there anything that you, any advice that you'd have for listeners out there that you think I, I would love them to know this.
I'd love them to keep this in mind when they're thinking about insurance because I think insurance and, and we've, I've talked about it with clients, whether it's their general insurance, their life insurance, where it's something that they need to do and they don't ever get on like.
Angie O'Rourke
No, it's.
Kris Tatt
Never urgent until the day that the house is flooded or the Bush fires coming and then all of a sudden they're thinking about their policy.
So what what do you have any tips for people to to be conscious of all things that you find they sort of let go when they should should be?
Angie O'Rourke
Just maybe have a look at if they haven't looked at it for a while and they just often you've had the discussion.
People say, you know, I just roll it over.
I don't look at it and it's time now.
Yes, and that's probably a good thing.
Just have a look at what you have and if you know, maybe do some reviewing.
Have a look at what it says you've got cover for and what you haven't.
Kris Tatt
Yep, and if they're not sure, come and see you and you can you can help them through the.
Angie O'Rourke
Process.
Yeah, excellent.
Kris Tatt
All right, very good.
Well, Angie, I want to thank you for today.
I want to thank you for your insights, your knowledge and experience around insurance.
I know for some pet listeners out there, they probably think insurance isn't exciting.
But I also think too, it could be costing you a lot of money that you're not thinking about.
Or you could be on the other side, it could cost a lot of money if something happens and you're not actually insured the way you need to.
So it's something that I think we we need to be conscious of.
Yeah.
And if if it's done right, we can sleep well at night.
Angie O'Rourke
Exactly right is.
Kris Tatt
Is sort of yeah, what I think so.
Angie O'Rourke
Thank you Chris for having me.
Kris Tatt
Thank you, Angie.
I appreciate it.
Angie O'Rourke
No worries.
Kris Tatt
Thank you.
Thanks.
