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!

 

[JedCorella]

Why are you using articles as adds? Con pare the market does not cover all services and is selectives as to who they refer you to to maximise their profits.

 

[RodgerDodger]

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!

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.
I recently went thru that exercise and compare the market doesn't do you any favors unless you get lucky .My premium was much higher than last year, I rang my insurer well known one, battled, gained a little but they (the insurers) bounce off each other and know you ARE in a corner. The above article should be taken as it looks better on paper than real life, that was my experience anyway!

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!

 

[Gaena]

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

I had not thought of going for 3rd party as i have always gone for comprehensive and honestly did not really understand the difference, my car is 10 years old but in good condition with regular servicing and I have a lifetime no claim bonus, which I thought would protect me, obviously not as my premium went up by just under $30.00 this time around, when i asked why I was told that the assessors had decided that parts for my car in the case of an accident were now increasingly hard to get and had become expensive, I have a Jeep. Go figure!!

 

[Ezzy]

I had not thought of going for 3rd party as i have always gone for comprehensive and honestly did not really understand the difference, my car is 10 years old but in good condition with regular servicing and I have a lifetime no claim bonus, which I thought would protect me, obviously not as my premium went up by just under $30.00 this time around, when i asked why I was told that the assessors had decided that parts for my car in the case of an accident were now increasingly hard to get and had become expensive, I have a Jeep. Go figure!!

Just another way for the insurance companies to get a quick buck l think.