The cost of living can be a pressing concern for many, especially those with limited budgets and fixed incomes.

The good news is it seems relief is on the horizon for millions of Aussie households, thanks to the announcement of a significant cut in home insurance premiums.

If you live in New South Wales (NSW), you might have heard that the state government has decided to eliminate the Emergency Services Levy (ESL) from home insurance premiums.

This levy, used to fund emergency services in response to various disasters, including fires, storms, floods, and transport accidents, had previously been added to all home insurance policies. This change means you could soon save hundreds of insurance costs each year!

The New South Wales government announced that they’re removing the Emergency Services Levy (ESL) from home insurance premiums. Credit: Shutterstock

Over 17 per cent of households across NSW were without home and contents insurance. In high-risk parts of Australia—areas prone to flooding, for example—the insurance premiums soared by up to 50 per cent.

Even the average increase was notable, at 28 per cent in the year leading up to March.

The reduction of this levy could make home insurance up to 15 per cent cheaper for NSW residents, according to the Insurance Council of Australia.

With the average home and contents insurance policy being $160.75 per month or $1,929 per year, households could save up to $289 per year.

NSW Premier Chris Minns stated that while this reform wasn't an easy one to orchestrate, it was 'the right thing to do'.

‘For too long, this has been in the too-hard basket for NSW. But, as we face the threat of more natural disasters, we have a significant opportunity to make the system fairer [and] more sustainable for the future,’ he stated.

The Insurance Council of Australia was happy about the change, calling them 'great news' for those looking to insure their homes in the state.

CEO Andrew Hall stated, 'Reforming the ESL will be a major win for insurance affordability in New South Wales, an issue that is being discussed around kitchen tables and in small businesses around the state.’

The levies collected were forecasted to reach $1.3 billion this year, according to state budget papers. The NSW government needs to reassess how to distribute the cost across the state and intends to consult with stakeholders and industry experts on the reform.

It's important to note that NSW is the only state that funds its emergency services with a levy. All other mainland states have already removed similar levies—and Tasmania is in the process of reforming its own.

You can watch NSW Premier Chris Minns’ announcement here:

​

Key Takeaways

• The NSW government has announced it will remove the Emergency Services Levy from home insurance premiums.
  
• Removing the levy is predicted to make home insurance, on average, 15 per cent cheaper for NSW residents.
  
• The average home and contents insurance policy is currently $1,929 annually, meaning households could save up to $289 annually.
  
• The Insurance Council of Australia supported the reform, stating it could significantly improve insurance affordability in New South Wales.
  

What are your thoughts on this reform, members? For NSW residents, do you believe it can bring some relief amid the cost-of-living crisis? Share your opinions in the comments below!

 

[Suzanne rose]

Only NSW ......

The only two states left that have this levy in their home insurance are NSW and Tasmania

 

[willywop]

The cost of living can be a pressing concern for many, especially those with limited budgets and fixed incomes.

The good news is it seems relief is on the horizon for millions of Aussie households, thanks to the announcement of a significant cut in home insurance premiums.

If you live in New South Wales (NSW), you might have heard that the state government has decided to eliminate the Emergency Services Levy (ESL) from home insurance premiums.

This levy, used to fund emergency services in response to various disasters, including fires, storms, floods, and transport accidents, had previously been added to all home insurance policies. This change means you could soon save hundreds of insurance costs each year!

View attachment 35200

The New South Wales government announced that they’re removing the Emergency Services Levy (ESL) from home insurance premiums. Credit: Shutterstock

Over 17 per cent of households across NSW were without home and contents insurance. In high-risk parts of Australia—areas prone to flooding, for example—the insurance premiums soared by up to 50 per cent.

Even the average increase was notable, at 28 per cent in the year leading up to March.

The reduction of this levy could make home insurance up to 15 per cent cheaper for NSW residents, according to the Insurance Council of Australia.

With the average home and contents insurance policy being $160.75 per month or $1,929 per year, households could save up to $289 per year.

NSW Premier Chris Minns stated that while this reform wasn't an easy one to orchestrate, it was 'the right thing to do'.

‘For too long, this has been in the too-hard basket for NSW. But, as we face the threat of more natural disasters, we have a significant opportunity to make the system fairer [and] more sustainable for the future,’ he stated.

The Insurance Council of Australia was happy about the change, calling them 'great news' for those looking to insure their homes in the state.

CEO Andrew Hall stated, 'Reforming the ESL will be a major win for insurance affordability in New South Wales, an issue that is being discussed around kitchen tables and in small businesses around the state.’

The levies collected were forecasted to reach $1.3 billion this year, according to state budget papers. The NSW government needs to reassess how to distribute the cost across the state and intends to consult with stakeholders and industry experts on the reform.

It's important to note that NSW is the only state that funds its emergency services with a levy. All other mainland states have already removed similar levies—and Tasmania is in the process of reforming its own.

You can watch NSW Premier Chris Minns’ announcement here:

​

Key Takeaways

• The NSW government has announced it will remove the Emergency Services Levy from home insurance premiums.
• Removing the levy is predicted to make home insurance, on average, 15 per cent cheaper for NSW residents.
• The average home and contents insurance policy is currently $1,929 annually, meaning households could save up to $289 annually.
• The Insurance Council of Australia supported the reform, stating it could significantly improve insurance affordability in New South Wales.

What are your thoughts on this reform, members? For NSW residents, do you believe it can bring some relief amid the cost-of-living crisis? Share your opinions in the comments below!

 

[willywop]

who said all states have removed the fire levie here in western australia it is a seperate levie on your local goverment rates

 

[mylittletibbies]

We also pay the emergency services in our council rates.

Really, as well as on your insurance.
That's a bit rough

 

[buttons1426]

The cost of living can be a pressing concern for many, especially those with limited budgets and fixed incomes.

The good news is it seems relief is on the horizon for millions of Aussie households, thanks to the announcement of a significant cut in home insurance premiums.

If you live in New South Wales (NSW), you might have heard that the state government has decided to eliminate the Emergency Services Levy (ESL) from home insurance premiums.

This levy, used to fund emergency services in response to various disasters, including fires, storms, floods, and transport accidents, had previously been added to all home insurance policies. This change means you could soon save hundreds of insurance costs each year!

View attachment 35200

The New South Wales government announced that they’re removing the Emergency Services Levy (ESL) from home insurance premiums. Credit: Shutterstock

Over 17 per cent of households across NSW were without home and contents insurance. In high-risk parts of Australia—areas prone to flooding, for example—the insurance premiums soared by up to 50 per cent.

Even the average increase was notable, at 28 per cent in the year leading up to March.

The reduction of this levy could make home insurance up to 15 per cent cheaper for NSW residents, according to the Insurance Council of Australia.

With the average home and contents insurance policy being $160.75 per month or $1,929 per year, households could save up to $289 per year.

NSW Premier Chris Minns stated that while this reform wasn't an easy one to orchestrate, it was 'the right thing to do'.

‘For too long, this has been in the too-hard basket for NSW. But, as we face the threat of more natural disasters, we have a significant opportunity to make the system fairer [and] more sustainable for the future,’ he stated.

The Insurance Council of Australia was happy about the change, calling them 'great news' for those looking to insure their homes in the state.

CEO Andrew Hall stated, 'Reforming the ESL will be a major win for insurance affordability in New South Wales, an issue that is being discussed around kitchen tables and in small businesses around the state.’

The levies collected were forecasted to reach $1.3 billion this year, according to state budget papers. The NSW government needs to reassess how to distribute the cost across the state and intends to consult with stakeholders and industry experts on the reform.

It's important to note that NSW is the only state that funds its emergency services with a levy. All other mainland states have already removed similar levies—and Tasmania is in the process of reforming its own.

You can watch NSW Premier Chris Minns’ announcement here:

​

Key Takeaways

• The NSW government has announced it will remove the Emergency Services Levy from home insurance premiums.
• Removing the levy is predicted to make home insurance, on average, 15 per cent cheaper for NSW residents.
• The average home and contents insurance policy is currently $1,929 annually, meaning households could save up to $289 annually.
• The Insurance Council of Australia supported the reform, stating it could significantly improve insurance affordability in New South Wales.

What are your thoughts on this reform, members? For NSW residents, do you believe it can bring some relief amid the cost-of-living crisis? Share your opinions in the comments below!

its about time the levy should be on rates so that everone contibutes not just those with insurance, the libs backed away from this as being too hard, the reason its on insurance is because the firebrigades were first created by the insurance companies i believe,roy

 

[Brody]

who said all states have removed the fire levie here in western australia it is a seperate levie on your local goverment rates

Hello to all Senior Discount
Club members, I am grateful
for any rebate they will give me.
I agree it is unfair that we
have to pay to cover emergency problems. And yes,it is
difficult on a fixed income.
I am fortunate, in that I can
budget quite well, which is not easy
by any means, it is restricted in having some things , but by doing that I get by.
So every bit helps.

 

[Brody]

Hello to all Senior Discount
Club members, I am grateful
for any rebate they will give me.
I agree it is unfair that we
have to pay to cover emergency problems. And yes,it is
difficult on a fixed income.
I am fortunate, in that I can
budget quite well, which is not easy
by any means, it is restricted in having some things , but by doing that I get by.
So every bit helps.

 

[Suzanne rose]

its about time the levy should be on rates so that everone contibutes not just those with insurance, the libs backed away from this as being too hard, the reason its on insurance is because the firebrigades were first created by the insurance companies i believe,roy

What about all the home renters

 

[Brody]

What about all the home renters

I believe the renter's are doing it tough enough. I am not a renter but my Son is
He is an invalid pensioner.
The owners can put the rent up whenever they want. They should be thankful, when the renter's look after the property.
There are heaps of renters that trash the houses and put the owners under a whole lot of stress and financial loss.
. With Insurance there should be a rebate for people who have been lucky enough to have not made a claim. That in my opinion would be very helpful.

 

[KiwiTrish]

The cost of living can be a pressing concern for many, especially those with limited budgets and fixed incomes.

The good news is it seems relief is on the horizon for millions of Aussie households, thanks to the announcement of a significant cut in home insurance premiums.

If you live in New South Wales (NSW), you might have heard that the state government has decided to eliminate the Emergency Services Levy (ESL) from home insurance premiums.

This levy, used to fund emergency services in response to various disasters, including fires, storms, floods, and transport accidents, had previously been added to all home insurance policies. This change means you could soon save hundreds of insurance costs each year!

View attachment 35200

The New South Wales government announced that they’re removing the Emergency Services Levy (ESL) from home insurance premiums. Credit: Shutterstock

Over 17 per cent of households across NSW were without home and contents insurance. In high-risk parts of Australia—areas prone to flooding, for example—the insurance premiums soared by up to 50 per cent.

Even the average increase was notable, at 28 per cent in the year leading up to March.

The reduction of this levy could make home insurance up to 15 per cent cheaper for NSW residents, according to the Insurance Council of Australia.

With the average home and contents insurance policy being $160.75 per month or $1,929 per year, households could save up to $289 per year.

NSW Premier Chris Minns stated that while this reform wasn't an easy one to orchestrate, it was 'the right thing to do'.

‘For too long, this has been in the too-hard basket for NSW. But, as we face the threat of more natural disasters, we have a significant opportunity to make the system fairer [and] more sustainable for the future,’ he stated.

The Insurance Council of Australia was happy about the change, calling them 'great news' for those looking to insure their homes in the state.

CEO Andrew Hall stated, 'Reforming the ESL will be a major win for insurance affordability in New South Wales, an issue that is being discussed around kitchen tables and in small businesses around the state.’

The levies collected were forecasted to reach $1.3 billion this year, according to state budget papers. The NSW government needs to reassess how to distribute the cost across the state and intends to consult with stakeholders and industry experts on the reform.

It's important to note that NSW is the only state that funds its emergency services with a levy. All other mainland states have already removed similar levies—and Tasmania is in the process of reforming its own.

You can watch NSW Premier Chris Minns’ announcement here:

​

Key Takeaways

• The NSW government has announced it will remove the Emergency Services Levy from home insurance premiums.
• Removing the levy is predicted to make home insurance, on average, 15 per cent cheaper for NSW residents.
• The average home and contents insurance policy is currently $1,929 annually, meaning households could save up to $289 annually.
• The Insurance Council of Australia supported the reform, stating it could significantly improve insurance affordability in New South Wales.

What are your thoughts on this reform, members? For NSW residents, do you believe it can bring some relief amid the cost-of-living crisis? Share your opinions in the comments below!

When does it come in

The cost of living can be a pressing concern for many, especially those with limited budgets and fixed incomes.

The good news is it seems relief is on the horizon for millions of Aussie households, thanks to the announcement of a significant cut in home insurance premiums.

If you live in New South Wales (NSW), you might have heard that the state government has decided to eliminate the Emergency Services Levy (ESL) from home insurance premiums.

This levy, used to fund emergency services in response to various disasters, including fires, storms, floods, and transport accidents, had previously been added to all home insurance policies. This change means you could soon save hundreds of insurance costs each year!

View attachment 35200

The New South Wales government announced that they’re removing the Emergency Services Levy (ESL) from home insurance premiums. Credit: Shutterstock

Over 17 per cent of households across NSW were without home and contents insurance. In high-risk parts of Australia—areas prone to flooding, for example—the insurance premiums soared by up to 50 per cent.

Even the average increase was notable, at 28 per cent in the year leading up to March.

The reduction of this levy could make home insurance up to 15 per cent cheaper for NSW residents, according to the Insurance Council of Australia.

With the average home and contents insurance policy being $160.75 per month or $1,929 per year, households could save up to $289 per year.

NSW Premier Chris Minns stated that while this reform wasn't an easy one to orchestrate, it was 'the right thing to do'.

‘For too long, this has been in the too-hard basket for NSW. But, as we face the threat of more natural disasters, we have a significant opportunity to make the system fairer [and] more sustainable for the future,’ he stated.

The Insurance Council of Australia was happy about the change, calling them 'great news' for those looking to insure their homes in the state.

CEO Andrew Hall stated, 'Reforming the ESL will be a major win for insurance affordability in New South Wales, an issue that is being discussed around kitchen tables and in small businesses around the state.’

The levies collected were forecasted to reach $1.3 billion this year, according to state budget papers. The NSW government needs to reassess how to distribute the cost across the state and intends to consult with stakeholders and industry experts on the reform.

It's important to note that NSW is the only state that funds its emergency services with a levy. All other mainland states have already removed similar levies—and Tasmania is in the process of reforming its own.

You can watch NSW Premier Chris Minns’ announcement here:

​

Key Takeaways

• The NSW government has announced it will remove the Emergency Services Levy from home insurance premiums.
• Removing the levy is predicted to make home insurance, on average, 15 per cent cheaper for NSW residents.
• The average home and contents insurance policy is currently $1,929 annually, meaning households could save up to $289 annually.
• The Insurance Council of Australia supported the reform, stating it could significantly improve insurance affordability in New South Wales.

What are your thoughts on this reform, members? For NSW residents, do you believe it can bring some relief amid the cost-of-living crisis? Share your opinions in the comments below!

When does it begin it will be a huge help building insurance is such a big thing I have to pay it monthly

 

[thomas]

The cost of living can be a pressing concern for many, especially those with limited budgets and fixed incomes.

The good news is it seems relief is on the horizon for millions of Aussie households, thanks to the announcement of a significant cut in home insurance premiums.

If you live in New South Wales (NSW), you might have heard that the state government has decided to eliminate the Emergency Services Levy (ESL) from home insurance premiums.

This levy, used to fund emergency services in response to various disasters, including fires, storms, floods, and transport accidents, had previously been added to all home insurance policies. This change means you could soon save hundreds of insurance costs each year!

View attachment 35200

The New South Wales government announced that they’re removing the Emergency Services Levy (ESL) from home insurance premiums. Credit: Shutterstock

Over 17 per cent of households across NSW were without home and contents insurance. In high-risk parts of Australia—areas prone to flooding, for example—the insurance premiums soared by up to 50 per cent.

Even the average increase was notable, at 28 per cent in the year leading up to March.

The reduction of this levy could make home insurance up to 15 per cent cheaper for NSW residents, according to the Insurance Council of Australia.

With the average home and contents insurance policy being $160.75 per month or $1,929 per year, households could save up to $289 per year.

NSW Premier Chris Minns stated that while this reform wasn't an easy one to orchestrate, it was 'the right thing to do'.

‘For too long, this has been in the too-hard basket for NSW. But, as we face the threat of more natural disasters, we have a significant opportunity to make the system fairer [and] more sustainable for the future,’ he stated.

The Insurance Council of Australia was happy about the change, calling them 'great news' for those looking to insure their homes in the state.

CEO Andrew Hall stated, 'Reforming the ESL will be a major win for insurance affordability in New South Wales, an issue that is being discussed around kitchen tables and in small businesses around the state.’

The levies collected were forecasted to reach $1.3 billion this year, according to state budget papers. The NSW government needs to reassess how to distribute the cost across the state and intends to consult with stakeholders and industry experts on the reform.

It's important to note that NSW is the only state that funds its emergency services with a levy. All other mainland states have already removed similar levies—and Tasmania is in the process of reforming its own.

You can watch NSW Premier Chris Minns’ announcement here:

​

Key Takeaways

• The NSW government has announced it will remove the Emergency Services Levy from home insurance premiums.
• Removing the levy is predicted to make home insurance, on average, 15 per cent cheaper for NSW residents.
• The average home and contents insurance policy is currently $1,929 annually, meaning households could save up to $289 annually.
• The Insurance Council of Australia supported the reform, stating it could significantly improve insurance affordability in New South Wales.

What are your thoughts on this reform, members? For NSW residents, do you believe it can bring some relief amid the cost-of-living crisis? Share your opinions in the comments below!

isn't this also included in your yearly council rates? Emergency Services Levy.

 

[Zemo]

WHATEVER price decrease these companies or the government give out, ... it would only be a temporary reduction. Next year the prices will be back up there. Look at fuel, it is now the NORM OF $2.00 +, ... look at Milk prices, look at insurances, look at banks. (Multi billion$$ profits,, who benefits, not the millions struggling, it's the rich who can afford to buy shares within the companies. )
They put prices up, saying it's temporary, but soon it's.... you're used to paying the prices now, why should we change back.

We the poor, keep getting thrown titbits to say oh thank you, we need this, & yet it WILL be handed back on something else. ALWAYS.
Give with one hand, take back with the other.

Isn't it more like giving with one hand, taking back with both? And is there a mention anywhere of the body corporate costs when you go into some "retirement" homes? We've never gone too far unto it, but one outfit we heard of (it's very well known here in Queensland) rushes you about $600 a month in BC fees. I thought the days of the bushranger were long gone.

 

[Clogs]

The cost of living can be a pressing concern for many, especially those with limited budgets and fixed incomes.

The good news is it seems relief is on the horizon for millions of Aussie households, thanks to the announcement of a significant cut in home insurance premiums.

If you live in New South Wales (NSW), you might have heard that the state government has decided to eliminate the Emergency Services Levy (ESL) from home insurance premiums.

This levy, used to fund emergency services in response to various disasters, including fires, storms, floods, and transport accidents, had previously been added to all home insurance policies. This change means you could soon save hundreds of insurance costs each year!

View attachment 35200

The New South Wales government announced that they’re removing the Emergency Services Levy (ESL) from home insurance premiums. Credit: Shutterstock

Over 17 per cent of households across NSW were without home and contents insurance. In high-risk parts of Australia—areas prone to flooding, for example—the insurance premiums soared by up to 50 per cent.

Even the average increase was notable, at 28 per cent in the year leading up to March.

The reduction of this levy could make home insurance up to 15 per cent cheaper for NSW residents, according to the Insurance Council of Australia.

With the average home and contents insurance policy being $160.75 per month or $1,929 per year, households could save up to $289 per year.

NSW Premier Chris Minns stated that while this reform wasn't an easy one to orchestrate, it was 'the right thing to do'.

‘For too long, this has been in the too-hard basket for NSW. But, as we face the threat of more natural disasters, we have a significant opportunity to make the system fairer [and] more sustainable for the future,’ he stated.

The Insurance Council of Australia was happy about the change, calling them 'great news' for those looking to insure their homes in the state.

CEO Andrew Hall stated, 'Reforming the ESL will be a major win for insurance affordability in New South Wales, an issue that is being discussed around kitchen tables and in small businesses around the state.’

The levies collected were forecasted to reach $1.3 billion this year, according to state budget papers. The NSW government needs to reassess how to distribute the cost across the state and intends to consult with stakeholders and industry experts on the reform.

It's important to note that NSW is the only state that funds its emergency services with a levy. All other mainland states have already removed similar levies—and Tasmania is in the process of reforming its own.

You can watch NSW Premier Chris Minns’ announcement here:

​

Key Takeaways

• The NSW government has announced it will remove the Emergency Services Levy from home insurance premiums.
• Removing the levy is predicted to make home insurance, on average, 15 per cent cheaper for NSW residents.
• The average home and contents insurance policy is currently $1,929 annually, meaning households could save up to $289 annually.
• The Insurance Council of Australia supported the reform, stating it could significantly improve insurance affordability in New South Wales.

What are your thoughts on this reform, members? For NSW residents, do you believe it can bring some relief amid the cost-of-living crisis? Share your opinions in the comments below!

Any savings regarding anything to do with our way of life is great. Pity the Sth Australian Govt doesn't follow suit. But we all know that the Emergency Services Levy is just another tax, with the monies collected to be spent wherever/whatever our sneaky Politicians will spend the money on.

 

[RieTreesSilver]

The cost of living can be a pressing concern for many, especially those with limited budgets and fixed incomes.

The good news is it seems relief is on the horizon for millions of Aussie households, thanks to the announcement of a significant cut in home insurance premiums.

If you live in New South Wales (NSW), you might have heard that the state government has decided to eliminate the Emergency Services Levy (ESL) from home insurance premiums.

This levy, used to fund emergency services in response to various disasters, including fires, storms, floods, and transport accidents, had previously been added to all home insurance policies. This change means you could soon save hundreds of insurance costs each year!

View attachment 35200

The New South Wales government announced that they’re removing the Emergency Services Levy (ESL) from home insurance premiums. Credit: Shutterstock

Over 17 per cent of households across NSW were without home and contents insurance. In high-risk parts of Australia—areas prone to flooding, for example—the insurance premiums soared by up to 50 per cent.

Even the average increase was notable, at 28 per cent in the year leading up to March.

The reduction of this levy could make home insurance up to 15 per cent cheaper for NSW residents, according to the Insurance Council of Australia.

With the average home and contents insurance policy being $160.75 per month or $1,929 per year, households could save up to $289 per year.

NSW Premier Chris Minns stated that while this reform wasn't an easy one to orchestrate, it was 'the right thing to do'.

‘For too long, this has been in the too-hard basket for NSW. But, as we face the threat of more natural disasters, we have a significant opportunity to make the system fairer [and] more sustainable for the future,’ he stated.

The Insurance Council of Australia was happy about the change, calling them 'great news' for those looking to insure their homes in the state.

CEO Andrew Hall stated, 'Reforming the ESL will be a major win for insurance affordability in New South Wales, an issue that is being discussed around kitchen tables and in small businesses around the state.’

The levies collected were forecasted to reach $1.3 billion this year, according to state budget papers. The NSW government needs to reassess how to distribute the cost across the state and intends to consult with stakeholders and industry experts on the reform.

It's important to note that NSW is the only state that funds its emergency services with a levy. All other mainland states have already removed similar levies—and Tasmania is in the process of reforming its own.

You can watch NSW Premier Chris Minns’ announcement here:

​

Key Takeaways

• The NSW government has announced it will remove the Emergency Services Levy from home insurance premiums.
• Removing the levy is predicted to make home insurance, on average, 15 per cent cheaper for NSW residents.
• The average home and contents insurance policy is currently $1,929 annually, meaning households could save up to $289 annually.
• The Insurance Council of Australia supported the reform, stating it could significantly improve insurance affordability in New South Wales.

What are your thoughts on this reform, members? For NSW residents, do you believe it can bring some relief amid the cost-of-living crisis? Share your opinions in the comments below!

South Australia has an Emergency Services levy, this is a once a year charge on all property holders based on the value of the property similar to rates. This has been billed directly from State Revenue. Its been in place for at least the last 8 years since I've lived in SA. It can be paid annually or monthly.

 

[maggiej]

I too am from WA and we pay the levy with our rates. We also pay with our rates etc GST AND stamp duty. When GST was brought in it was supposed to do away with stamp duty but no our state kept the levy plus the GST. We also do not live in a fire zone or flood area so we are contributing to the funds that payout for those in the danger areas with the high cost of insurance that goes up dramatically when there have been floods or fires in other areas.

 

[Luckyus]

The cost of living can be a pressing concern for many, especially those with limited budgets and fixed incomes.

The good news is it seems relief is on the horizon for millions of Aussie households, thanks to the announcement of a significant cut in home insurance premiums.

If you live in New South Wales (NSW), you might have heard that the state government has decided to eliminate the Emergency Services Levy (ESL) from home insurance premiums.

This levy, used to fund emergency services in response to various disasters, including fires, storms, floods, and transport accidents, had previously been added to all home insurance policies. This change means you could soon save hundreds of insurance costs each year!

View attachment 35200

The New South Wales government announced that they’re removing the Emergency Services Levy (ESL) from home insurance premiums. Credit: Shutterstock

Over 17 per cent of households across NSW were without home and contents insurance. In high-risk parts of Australia—areas prone to flooding, for example—the insurance premiums soared by up to 50 per cent.

Even the average increase was notable, at 28 per cent in the year leading up to March.

The reduction of this levy could make home insurance up to 15 per cent cheaper for NSW residents, according to the Insurance Council of Australia.

With the average home and contents insurance policy being $160.75 per month or $1,929 per year, households could save up to $289 per year.

NSW Premier Chris Minns stated that while this reform wasn't an easy one to orchestrate, it was 'the right thing to do'.

‘For too long, this has been in the too-hard basket for NSW. But, as we face the threat of more natural disasters, we have a significant opportunity to make the system fairer [and] more sustainable for the future,’ he stated.

The Insurance Council of Australia was happy about the change, calling them 'great news' for those looking to insure their homes in the state.

CEO Andrew Hall stated, 'Reforming the ESL will be a major win for insurance affordability in New South Wales, an issue that is being discussed around kitchen tables and in small businesses around the state.’

The levies collected were forecasted to reach $1.3 billion this year, according to state budget papers. The NSW government needs to reassess how to distribute the cost across the state and intends to consult with stakeholders and industry experts on the reform.

It's important to note that NSW is the only state that funds its emergency services with a levy. All other mainland states have already removed similar levies—and Tasmania is in the process of reforming its own.

You can watch NSW Premier Chris Minns’ announcement here:

​

Key Takeaways

• The NSW government has announced it will remove the Emergency Services Levy from home insurance premiums.
• Removing the levy is predicted to make home insurance, on average, 15 per cent cheaper for NSW residents.
• The average home and contents insurance policy is currently $1,929 annually, meaning households could save up to $289 annually.
• The Insurance Council of Australia supported the reform, stating it could significantly improve insurance affordability in New South Wales.

What are your thoughts on this reform, members? For NSW residents, do you believe it can bring some relief amid the cost-of-living crisis? Share your opinions in the comments below!

Can't see any sort of relief with the Victorian Government.

 

[MHM]

The cost of living can be a pressing concern for many, especially those with limited budgets and fixed incomes.

The good news is it seems relief is on the horizon for millions of Aussie households, thanks to the announcement of a significant cut in home insurance premiums.

If you live in New South Wales (NSW), you might have heard that the state government has decided to eliminate the Emergency Services Levy (ESL) from home insurance premiums.

This levy, used to fund emergency services in response to various disasters, including fires, storms, floods, and transport accidents, had previously been added to all home insurance policies. This change means you could soon save hundreds of insurance costs each year!

View attachment 35200

The New South Wales government announced that they’re removing the Emergency Services Levy (ESL) from home insurance premiums. Credit: Shutterstock

Over 17 per cent of households across NSW were without home and contents insurance. In high-risk parts of Australia—areas prone to flooding, for example—the insurance premiums soared by up to 50 per cent.

Even the average increase was notable, at 28 per cent in the year leading up to March.

The reduction of this levy could make home insurance up to 15 per cent cheaper for NSW residents, according to the Insurance Council of Australia.

With the average home and contents insurance policy being $160.75 per month or $1,929 per year, households could save up to $289 per year.

NSW Premier Chris Minns stated that while this reform wasn't an easy one to orchestrate, it was 'the right thing to do'.

‘For too long, this has been in the too-hard basket for NSW. But, as we face the threat of more natural disasters, we have a significant opportunity to make the system fairer [and] more sustainable for the future,’ he stated.

The Insurance Council of Australia was happy about the change, calling them 'great news' for those looking to insure their homes in the state.

CEO Andrew Hall stated, 'Reforming the ESL will be a major win for insurance affordability in New South Wales, an issue that is being discussed around kitchen tables and in small businesses around the state.’

The levies collected were forecasted to reach $1.3 billion this year, according to state budget papers. The NSW government needs to reassess how to distribute the cost across the state and intends to consult with stakeholders and industry experts on the reform.

It's important to note that NSW is the only state that funds its emergency services with a levy. All other mainland states have already removed similar levies—and Tasmania is in the process of reforming its own.

You can watch NSW Premier Chris Minns’ announcement here:

​

Key Takeaways

• The NSW government has announced it will remove the Emergency Services Levy from home insurance premiums.
• Removing the levy is predicted to make home insurance, on average, 15 per cent cheaper for NSW residents.
• The average home and contents insurance policy is currently $1,929 annually, meaning households could save up to $289 annually.
• The Insurance Council of Australia supported the reform, stating it could significantly improve insurance affordability in New South Wales.

What are your thoughts on this reform, members? For NSW residents, do you believe it can bring some relief amid the cost-of-living crisis? Share your opinions in the comments below!

It will be a saving for those prudent enough to fully insure their property and liabilities. A lesser saving will be available to those who under-insure but, of course no saving at all for those who do not consider insurance is for them. Of course, whether the reforms really achieve a saving in the community depends on the method by which the government choses to replace the ESL. If it is a charge on property ownership, it will most likely involve an increase in aggregate Council rates, even if the government decides to do away with a specific emergency fund and fund emergency service from the public coffer, this will only mean either an increase in taxation or diminished public spending. The only real winners are the insurance companies, as the aggregate cost to the individual insured of annual insurance premiums should come down by up to 35%. That is, if the insurance companies decide to pass on the savings to their customers. Time will tell. Insured consumers should not hold their breath.

 

[MHM]

I too am from WA and we pay the levy with our rates. We also pay with our rates etc GST AND stamp duty. When GST was brought in it was supposed to do away with stamp duty but no our state kept the levy plus the GST. We also do not live in a fire zone or flood area so we are contributing to the funds that payout for those in the danger areas with the high cost of insurance that goes up dramatically when there have been floods or fires in other areas.

Everything you write is correct and justifiably condemned.
The most egregious element is insurers using bushfire loss and flood loss data to calculate annual rates by which premiums are calculated. This is due to irresistible pressure from governments of all colour and region.
Governments do not understand the intricacies and nuances of insurance but bully the insurance market, which does not have the intestinal fortitude to resist the governments' so-called :social justice" programs. The prudent full insured then pays the bill.

 

[Jill57]

The cost of living can be a pressing concern for many, especially those with limited budgets and fixed incomes.

The good news is it seems relief is on the horizon for millions of Aussie households, thanks to the announcement of a significant cut in home insurance premiums.

If you live in New South Wales (NSW), you might have heard that the state government has decided to eliminate the Emergency Services Levy (ESL) from home insurance premiums.

This levy, used to fund emergency services in response to various disasters, including fires, storms, floods, and transport accidents, had previously been added to all home insurance policies. This change means you could soon save hundreds of insurance costs each year!

View attachment 35200

The New South Wales government announced that they’re removing the Emergency Services Levy (ESL) from home insurance premiums. Credit: Shutterstock

Over 17 per cent of households across NSW were without home and contents insurance. In high-risk parts of Australia—areas prone to flooding, for example—the insurance premiums soared by up to 50 per cent.

Even the average increase was notable, at 28 per cent in the year leading up to March.

The reduction of this levy could make home insurance up to 15 per cent cheaper for NSW residents, according to the Insurance Council of Australia.

With the average home and contents insurance policy being $160.75 per month or $1,929 per year, households could save up to $289 per year.

NSW Premier Chris Minns stated that while this reform wasn't an easy one to orchestrate, it was 'the right thing to do'.

‘For too long, this has been in the too-hard basket for NSW. But, as we face the threat of more natural disasters, we have a significant opportunity to make the system fairer [and] more sustainable for the future,’ he stated.

The Insurance Council of Australia was happy about the change, calling them 'great news' for those looking to insure their homes in the state.

CEO Andrew Hall stated, 'Reforming the ESL will be a major win for insurance affordability in New South Wales, an issue that is being discussed around kitchen tables and in small businesses around the state.’

The levies collected were forecasted to reach $1.3 billion this year, according to state budget papers. The NSW government needs to reassess how to distribute the cost across the state and intends to consult with stakeholders and industry experts on the reform.

It's important to note that NSW is the only state that funds its emergency services with a levy. All other mainland states have already removed similar levies—and Tasmania is in the process of reforming its own.

You can watch NSW Premier Chris Minns’ announcement here:

​

Key Takeaways

• The NSW government has announced it will remove the Emergency Services Levy from home insurance premiums.
• Removing the levy is predicted to make home insurance, on average, 15 per cent cheaper for NSW residents.
• The average home and contents insurance policy is currently $1,929 annually, meaning households could save up to $289 annually.
• The Insurance Council of Australia supported the reform, stating it could significantly improve insurance affordability in New South Wales.

What are your thoughts on this reform, members? For NSW residents, do you believe it can bring some relief amid the cost-of-living crisis? Share your opinions in the comments below!

Great for NSW residents. So what about the other States that also have very high insurance as well ??

 

[katdragon2010]

From memory I pay a levy with my council rates.

Yes, so do I. They may have taken it off one place, but put it in another. Either way we will be paying for it.