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How can I find home and contents insurance that is both appropriate for my needs and budget-friendly?

November 6, 2023

Given soaring cost of living, which includes higher home loan interest rates, rising petrol prices, and increasing grocery bills, it is now more important than ever to closely monitor your financial expenditures.

Home & contents insurance is no different in this regard, as insurance premiums are on the upswing. According to analysis conducted by the comparison website Finder, certain home insurance policies experienced price hikes of as much as 104% in the past year.

Furthermore, a staggering 63% of Australian home & contents insurance customers, equivalent to 7.4 million people, reported a hike in their insurance premiums in the last 12 months. This trend highlights the importance of regularly reviewing and comparing your home & content insurance policies.

But before diving into the tips for saving on your insurance, let's revisit why having home & contents insurance is worthwhile. Home & contents cover provides a financial safety net that helps you deal with damages and incidents that affect your home and belongings. This coverage typically includes protection against events such as fire, theft, storm damage, and more. When you make a claim, your insurer steps in to cover the costs of repairs, replacements, and even the complete rebuilding of your property. However, it's crucial to remember that your policy will have specific conditions and only covers events explicitly mentioned in the policy document.

Why compare Home & Contents insurance?

There are multiple compelling reasons to explore different insurance policies, starting with the potential for savings. As mentioned previously, premiums can vary considerably among providers. When you compare policies, you might discover a more budget-friendly choice that still fulfills your coverage requirements.

Some insurance providers may offer higher limits on insurance claims, providing you with better coverage in case of a major incident. It's crucial to assess your coverage limits to ensure they align with your assets and potential liabilities.

Different policies offer various optional extras that can be tailored to your specific needs. By comparing policies, you can find a policy that better suits your situation, whether it's coverage for valuable artwork, electronics, or special items like jewellery.

It's a common misconception that loyalty pays when it comes to financial products such as insurance. The facts are that many insurance companies offer their best deals to new customers. This means that staying with the same insurer for years can lead to you missing out on significant savings.

Life is constantly changing, and your insurance needs may change with it. Buying a new home, getting married, having children, or accumulating valuable assets are all factors that may necessitate an update to your insurance policy. By comparing policies with the assistance of financial specialists such as Our Broker, you can make sure that your coverage adapts to your changing life circumstances without breaking the bank.