Are you one of the 87% of Australians who've seen their home insurance premiums skyrocket with their most recent renewal notice? If so, you're not alone. According to a recent national survey by Choice, nearly nine out of ten policyholders are feeling the pinch.

The Actuaries Institute’s research reveals a staggering 28% rise in median home insurance premiums in the year to March, with an average cost of $1,894 across all states. For high-risk properties, including those in flood-prone areas, the increase is even more alarming at 50%.

Home insurance premium increases have FAR outstripped inflation over the last 12 months

This is the biggest rise in two decades, and it's causing serious concern among peak bodies. The fear is that households may abandon insurance altogether due to these prohibitive costs. In fact, nearly one in eight Australian households (1.24m) are now considered “affordability stressed”, spending more than four weeks of their annual income on home insurance.

But there's a silver lining.

Enter Compare the Market*, a comparison business that could be your secret weapon in the fight against these rising costs. They compare up to 7 different home insurers*, helping you look for a better deal for your situation.

Adrian Taylor, a home insurance expert at Compare the Market*, offers some valuable advice. "When comparing policies to your current insurance, make sure that you are comparing the same sum insured, same excesses and same optional cover. That way, you can be sure your results are accurate to your situation."

Taylor also suggests playing around with the excess amount to see if it lowers the cost of the insurance premium, and considering a home security system for potential discounts. He also advises seniors to let their insurer know their retirement status, as this may help lower the premium.

"Don’t wait for your renewal notice to arrive to see if you can save money on home and contents insurance. If you have an existing policy, you can cancel anytime. Just keep in mind there may be a cancellation fee, but the savings you could get from switching may well outweigh the cost to cancel," Taylor adds.

So, if you're feeling the sting of the biggest home insurance premium increase in two decades, it's time to fight back. Compare the Market* is here to help you navigate these turbulent waters and look for a policy that suits your needs and budget. Don't let rising costs get you down - take action today!*

*Please note, members, this is a sponsored article. All content of ours that has an asterisk next to it means we may get a commission to write an article or post a deal. We simply do this to assist with the costs of running the SDC. Thank you!

 

[maggiej]

I do this by comparing all insurances every time they come up for renewal. They all go up and are mostly similar to each other with very little variation.

 

[MHM]

I do this by comparing all insurances every time they come up for renewal. They all go up and are mostly similar to each other with very little variation.

And like it or not, they are not likely to fall at an time in the near future.

 

[Rain72]

Comparison websites only show selected insurers so are of limited value.
But more disturbing than the rising cost is the inequitable policy of insurers refusing to insure homes with EPS cladding. This is fast becoming the most popular form of cladding as bricks and bricklayers become scarcer and more costly. What's more, it is a superior cladding that presents LOWER insurance risk. It is cheaper to repair or replace than other claddings. It has a very high degree of fire resistance. It is less prone to water damage than many other claddings.
It is shocking and disgraceful that the owner of a steel frame home clad with EPS - which is far less likely to suffer damage and far cheaper to repair if it does - is slugged with premiums up to 5 times what the owner of a similar home with combustible timber frame and brick veneer is charged. The result is that many owners of high-quality homes will be unable to afford home insurance at all.
I know some EPS claddings, in the distant past, were not fire-rated. Those have long since been banned. It's time insurers caught up with the times and amended their procedures to be fair to owners of homes that present low risk.

 

[tumoulin]

Compare the Market came up with nothing after I entered my details. What a waste of time. Clearly a scam as it asks you to leave your name and phone number to be passed on to some high powered salesperson who will try to rip you off.

 

[Ezzy]

Are all insurers whether in vulnerable areas or not, having made a claim or not being treated the same?

HAVE THE NEW PREMIUMS BEEN CALCULATED TO INCLUDE INSURANCE PAYOUTS IN FIRE OR FLOOD AREAS WHICH DOESN'T AFFECT MOST OF US? A GOOD WAY FOR THE COMPANIES TO MAINTAIN THEIR PROFIT MARGIN & APPEASE SHAREHOLDERS!!!

 

[tumoulin]

Are all insurers whether in vulnerable areas or not, having made a claim or not being treated the same?

HAVE THE NEW PREMIUMS BEEN CALCULATED TO INCLUDE INSURANCE PAYOUTS IN FIRE OR FLOOD AREAS WHICH DOESN'T AFFECT MOST OF US? A GOOD WAY FOR THE COMPANIES TO MAINTAIN THEIR PROFIT MARGIN & APPEASE SHAREHOLDERS!!!

The companies with the lowest premiums refuse to insure people in what they deem to be high risk areas. Then companies like Mozo give them an award for being the best value for money when they actually deserve condemnation for not offering universal coverage which creates an uneven playing field.

 

[midgemills]

If you have other products with NRMA eg: green slip, road assistance and other insurance it's worth going to a local NRMA office and having a chat with an insurance assistant. I saved over $900 on my home and contents insurance this year as QBE had almost doubled what I had been paying them for several years.

 

[BlackWolf]

Are you one of the 87% of Australians who've seen their home insurance premiums skyrocket with their most recent renewal notice? If so, you're not alone. According to a recent national survey by Choice, nearly nine out of ten policyholders are feeling the pinch.

The Actuaries Institute’s research reveals a staggering 28% rise in median home insurance premiums in the year to March, with an average cost of $1,894 across all states. For high-risk properties, including those in flood-prone areas, the increase is even more alarming at 50%.

View attachment 36123

Home insurance premium increases have FAR outstripped inflation over the last 12 months

This is the biggest rise in two decades, and it's causing serious concern among peak bodies. The fear is that households may abandon insurance altogether due to these prohibitive costs. In fact, nearly one in eight Australian households (1.24m) are now considered “affordability stressed”, spending more than four weeks of their annual income on home insurance.

But there's a silver lining.

Enter Compare the Market*, a comparison business that could be your secret weapon in the fight against these rising costs. They compare up to 7 different home insurers*, helping you look for a better deal for your situation.

Adrian Taylor, a home insurance expert at Compare the Market*, offers some valuable advice. "When comparing policies to your current insurance, make sure that you are comparing the same sum insured, same excesses and same optional cover. That way, you can be sure your results are accurate to your situation."

Taylor also suggests playing around with the excess amount to see if it lowers the cost of the insurance premium, and considering a home security system for potential discounts. He also advises seniors to let their insurer know their retirement status, as this may help lower the premium.

"Don’t wait for your renewal notice to arrive to see if you can save money on home and contents insurance. If you have an existing policy, you can cancel anytime. Just keep in mind there may be a cancellation fee, but the savings you could get from switching may well outweigh the cost to cancel," Taylor adds.

So, if you're feeling the sting of the biggest home insurance premium increase in two decades, it's time to fight back. Compare the Market* is here to help you navigate these turbulent waters and look for a policy that suits your needs and budget. Don't let rising costs get you down - take action today!*

*Please note, members, this is a sponsored article. All content of ours that has an asterisk next to it means we may get a commission to write an article or post a deal. We simply do this to assist with the costs of running the SDC. Thank you!

 

[BlackWolf]

what most annoying, is not finding a better quote its reading it's the term and conditions. This could be 120+ pages as a pdf (file) plus another 10 to 20 pages with amendments. They don't make it easy to read or understand. I'm dyslexic and have CFS/Fibromyalgia (one symptom is brain fog) there no way in two weeks to read that sort of thing before your insurances is due.

 

[Barbara V]

Last year my car insurance was $62 a month ,my car is 23yrs old excellent condition low mileage and they put value at $1000,this year it has gone up to $127 a month ,the thing is if any repairs come over quoted price they write if off. Where would I get a car mechanically sound serviced every 6mnths for that price of $1000. Disgusting

 

[Suzanne rose]

Like I've said before shop around yourself it's not hard.

Four years ago I was with Apia and when my renewal came it had gone up $100 a month so I rang around and went with Australian Seniors then in December my monthly premiums went up $150 a month so I looked around and found Apia was much cheaper and actually only $50 more than what I was originally paying and included much more than Australian Seniors.

Apia isn't on any of the compare websites and like Ive said before only the companies who join and pay are promoted on their website. So I feel there are better deals out there and the Compare company is dishonest

 

[Nana Zorak]

This is one reason why I opted out of receiving any notifications from them.

 

[Ngarmada]

Are you one of the 87% of Australians who've seen their home insurance premiums skyrocket with their most recent renewal notice? If so, you're not alone. According to a recent national survey by Choice, nearly nine out of ten policyholders are feeling the pinch.

The Actuaries Institute’s research reveals a staggering 28% rise in median home insurance premiums in the year to March, with an average cost of $1,894 across all states. For high-risk properties, including those in flood-prone areas, the increase is even more alarming at 50%.

View attachment 36123

Home insurance premium increases have FAR outstripped inflation over the last 12 months

This is the biggest rise in two decades, and it's causing serious concern among peak bodies. The fear is that households may abandon insurance altogether due to these prohibitive costs. In fact, nearly one in eight Australian households (1.24m) are now considered “affordability stressed”, spending more than four weeks of their annual income on home insurance.

But there's a silver lining.

Enter Compare the Market*, a comparison business that could be your secret weapon in the fight against these rising costs. They compare up to 7 different home insurers*, helping you look for a better deal for your situation.

Adrian Taylor, a home insurance expert at Compare the Market*, offers some valuable advice. "When comparing policies to your current insurance, make sure that you are comparing the same sum insured, same excesses and same optional cover. That way, you can be sure your results are accurate to your situation."

Taylor also suggests playing around with the excess amount to see if it lowers the cost of the insurance premium, and considering a home security system for potential discounts. He also advises seniors to let their insurer know their retirement status, as this may help lower the premium.

"Don’t wait for your renewal notice to arrive to see if you can save money on home and contents insurance. If you have an existing policy, you can cancel anytime. Just keep in mind there may be a cancellation fee, but the savings you could get from switching may well outweigh the cost to cancel," Taylor adds.

So, if you're feeling the sting of the biggest home insurance premium increase in two decades, it's time to fight back. Compare the Market* is here to help you navigate these turbulent waters and look for a policy that suits your needs and budget. Don't let rising costs get you down - take action today!*

*Please note, members, this is a sponsored article. All content of ours that has an asterisk next to it means we may get a commission to write an article or post a deal. We simply do this to assist with the costs of running the SDC. Thank you!

If your advice is compromised owing to your receiving of a 'kickback' commission from the entity you're promoting, then it's unethical.
.... Neoliberal platitudes cannot save it.
.... Competent economic management application - i.e. economic application guided by the dynamic universal principles of management - observes its management application a science, as differentiated from whatever notion comes into your head.

 

[PattiB]

Our policies had all increased dramatically this year so we called AMMI, who we’ve been insured with for a very long time, told them that we weren’t happy with their prices and managed to get the cost reduced by several hundred dollars. I know of some who do this every renewal & will often change insurance companies if the old one refuses to reduce at all. Suppose we will have to go through this every year. Living in a tiny house with limited possessions sounds enticing sometimes, though we would need a couple of spare ones for all our “essential“ stuff.

 

[Ngarmada]

Sponsorship from commercial interests declared at the end of such service promotions, is far less compromised than paid advertising - which accurately defines this article - and also retains more potential for the reliably informing of readers, including,
.... such articles retaining more freedom to deliver factual analysis of the issues it addresses.

This kind of sponsorship was the traditional model of such reciprocal market arrangement, until the adoption of neoliberalism,
.... when commercial interests realised they could demand paid advertising from corrupt, so claimed 'consumer advocates,'
.... with the effective removal of competent regulation according to prevailing neoliberal platitudes - 'cutting red tape' to cut costs - and get it.

Inevitably, economic confidence tricks have their use-by date, and neoliberal economics is now unravelling as it bears its predictable end.

The problem is, the longer the end takes to arrive, the more damaging its economic potential has to become.
.... It's not bloody rocket science!

 

[Phantom55]

Last year my car insurance was $62 a month ,my car is 23yrs old excellent condition low mileage and they put value at $1000,this year it has gone up to $127 a month ,the thing is if any repairs come over quoted price they write if off. Where would I get a car mechanically sound serviced every 6mnths for that price of $1000. Disgusting

you can ask your ins co for price to buy "the wreck" at a very low price, my car was 'written off' and they paid me out $7000 less the first $700 and offered me the wreck for $1500 which I took and I got repaired for$1500 (good as new)I sold it 18 months later for $6000,..if your car is worth less than $10000 it will be "written off "regardless of damage it is better to insure 3rd party property damage and fix your own damage..(if you were in the wrong) if in the right your damage is fixed by the other co......they will try to tell you no ...but they are wrong ,you will win

 

[tumoulin]

Like I've said before shop around yourself it's not hard.

Four years ago I was with Apia and when my renewal came it had gone up $100 a month so I rang around and went with Australian Seniors then in December my monthly premiums went up $150 a month so I looked around and found Apia was much cheaper and actually only $50 more than what I was originally paying and included much more than Australian Seniors.

Apia isn't on any of the compare websites and like Ive said before only the companies who join and pay are promoted on their website. So I feel there are better deals out there and the Compare company is dishonest

They are dishonest as I said in my post. They try to put you in direct contact with some salesperson. They do not find you the best deal.

 

[PattiB]

what most annoying, is not finding a better quote its reading it's the term and conditions. This could be 120+ pages as a pdf (file) plus another 10 to 20 pages with amendments. They don't make it easy to read or understand. I'm dyslexic and have CFS/Fibromyalgia (one symptom is brain fog) there no way in two weeks to read that sort of thing before your insurances is due.

Sorry that you have CFS. I suffered for many years with CFS & it’s a horrible debilitating thing to have, especially when there isn’t any effective treatment. I remember the brain fog very well, I’m an avid reader but found by the time I’d turned a page I couldn’t remember what had happened on the previous page, it was a truly terrible experience. I hope that you have supportive people in your life. I still get very tired, especially when I’ve overdone things as I did over Christmas so I’m trying to rest & recover. Wish you all the best in your recovery.

 

[Pamnewell]

Yes CFT Fibro and effects are debilitating. Reading is something I have given up on, reading the one page over snd over until I give uup. The level of stress these increases cause only adds to the pain levels of Fibromyalgia.
Keep well both of you
Pamela