Are You Under Insured? Why Your Million Dollar Policy Might Only Pay $660K!

Rob Pizzichetta (Mont Wealth) interviews Chris Filer (Austbrokers Countrywide), a commercial insurance broker with 15 years’ experience and host of the “Another Bald Broker” podcast, about why insurance premiums have been rising and what consumers and business owners can do about it. Chris explains key drivers including inflation, supply chain issues, and local catastrophes like floods, bushfires and cyclones, with many premiums rising 5–10% while commercial property rates have recently plateaued and may be negotiated down. They discuss the value of brokers in advising on cover, navigating sub-limits and exclusions (e.g., jewellery item limits), managing claims, and avoiding underinsurance as rebuilding costs rise. Chris shares real claim examples and recommends reviewing sums insured, considering management liability for SMEs, testing brokers periodically, and reducing premiums by increasing excesses or using net-of-commission fee arrangements. 00:00 Welcome and Introductions 01:07 Why Premiums Are Rising 03:20 Why Use a Broker 05:15 Common Policy Traps 06:53 Underinsurance Explained 09:53 Cheap Cover Pitfalls 11:05 Claims Stories Good and Bad 15:50 Protecting Business Risks 17:47 Broker Checklist for Owners 20:43 Premium Outlook and Savings 23:49 Disclaimer and Contact Details https://open.spotify.com/show/7dMYOJ18DENp7zDRyKnBTq Mobile: 0400 058 985 Email: [email protected]