In 2023, Australian homeowners were hit with a staggering 28% increase in home insurance premiums, the largest average rise in two decades. According to the Actuaries Institute, the median home insurance premium surged by over $400, reaching an all-time high of $1,894. This has left nearly one in eight Australian households, or 1.24 million, "affordability stressed", spending more than four weeks of their annual income on home insurance.

For those living in high-risk properties, including flood-prone areas, the situation is even more dire, with premiums rising by a whopping 50%. This has led to concerns that many households may abandon insurance altogether due to the prohibitive costs.

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

But there's good news. You don't have to be a victim of these skyrocketing costs. Compare the Market*, a leading comparison business, can help you look for a better deal* on home insurance.

Compare the Market* compares up to 7 different home insurance brands*, and can help you look for comprehensive coverage with potentially better prices. Their Executive General Manager of General Insurance,, Adrian Taylor, offers some valuable advice for homeowners looking to save on their insurance premiums.

"When comparing policies, make sure you're comparing the same sum insured, same excesses, and same optional cover," Taylor advises. "Play around with the excess amount to see if it lowers the cost of the insurance premium, but remember that any excess may be payable if you need to claim. You may be able to get a discount by bundling your home and contents insurance with your car insurer. However, it always pays to compare as you may save more by having different policies with different providers."

Mr Taylor also suggests considering a home security system, which can deter thieves and potentially lower your premium.

Don't wait for your renewal notice to arrive to see if you can save money on home and contents insurance*. With Compare the Market, you can take control of your insurance costs.

Don't let rising insurance premiums leave you unprotected. Compare, save, and secure your home with Compare the Market* 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!

 

[ElizabethL]

I would like to compare a few of my policies but I won’t with these places because I don’t like them calling me, non stop, once you give them your details.
The first contact is done online, why can’t the follow up be online as well?

 

[Leenie]

They don’t accept home security, I have asked about this ,I have sensor lights cctv etc and makes no difference. Yet they want window locks ,triple door locks etc ,makes no sense. At least with CCTV you can see who is doing the robberies etc. go figure.

 

[mylittletibbies]

I wish mine had only gone up 28%.
Mine went up 50/% and there's no way I'm going to get flooded any time soon, I live in the Wheatbelt.
I do my comparing myself but after trying 6 other companies I gave up.
These compare companies do not compare ALL companies and as said are a pain in the rear end with their phone calls

 

[Leenie]

I wish mine had only gone up 28%.
Mine went up 50/% and there's no way I'm going to get flooded any time soon, I live in the Wheatbelt.
I do my comparing myself but after trying 6 other companies I gave up.
These compare companies do not compare ALL companies and as said are a pain in the rear end with their phone calls

They also get paid to switch you over , I read that switching health funds they get approx $1200 .

 

[Leenie]

They also get paid to switch you over , I read that switching health funds they get approx $1200 .

That’s why they keep hounding you to swap.

 

[Teddy is my boy]

They also get paid to switch you over , I read that switching health funds they get approx $1200 .

Mine home insurance went up from just under $1000 to $1995. l moved to a safer area into an over 55’s village and hadn’t made any claims for 10 years. The same company reduced my car insurance from $1150 to $720 as they said l was in a lower risk area, go figure.

 

[Maurice_McGahey]

In 2023, Australian homeowners were hit with a staggering 28% increase in home insurance premiums, the largest average rise in two decades. According to the Actuaries Institute, the median home insurance premium surged by over $400, reaching an all-time high of $1,894. This has left nearly one in eight Australian households, or 1.24 million, "affordability stressed", spending more than four weeks of their annual income on home insurance.

For those living in high-risk properties, including flood-prone areas, the situation is even more dire, with premiums rising by a whopping 50%. This has led to concerns that many households may abandon insurance altogether due to the prohibitive costs.

View attachment 36121

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

But there's good news. You don't have to be a victim of these skyrocketing costs. Compare the Market*, a leading comparison business, can help you look for a better deal* on home insurance.

Compare the Market* compares up to 7 different home insurance brands*, and can help you look for comprehensive coverage with potentially better prices. Their Executive General Manager of General Insurance,, Adrian Taylor, offers some valuable advice for homeowners looking to save on their insurance premiums.

"When comparing policies, make sure you're comparing the same sum insured, same excesses, and same optional cover," Taylor advises. "Play around with the excess amount to see if it lowers the cost of the insurance premium, but remember that any excess may be payable if you need to claim. You may be able to get a discount by bundling your home and contents insurance with your car insurer. However, it always pays to compare as you may save more by having different policies with different providers."

Mr Taylor also suggests considering a home security system, which can deter thieves and potentially lower your premium.

Don't wait for your renewal notice to arrive to see if you can save money on home and contents insurance*. With Compare the Market, you can take control of your insurance costs.

Don't let rising insurance premiums leave you unprotected. Compare, save, and secure your home with Compare the Market* 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!

Of COURSE insurance policies have increased. How do you think that insurance companies are paying their executives multi-million dollar packages. Meanwhile, there has been an increase in people opting out of the insurance fraud where they can. Twenty three years ago I was presented with an insurance bill for a motorbike that was one fifth of the retail value of that new bike. I decided to carry my own risk. After all, I had never had a motor accident (car or bike) for twenty years. The "insurance gods" noticed this and started to interfere with my life. A young fella back his ute out of a parking space near where my bike was parked after a workshop service and knocked it over. There was not much damage, but the repair bill still came to $1800. I approached his employer ... his father ... who denied liability for the damage. What many people don't understand is that you have a Common Law right for damage to be made good to property damaged by the negligence of someone else. So I had a lawyer that was working on something else for me to write a letter to the business asking for financial recompense. I received a letter back from that business' insurance company requesting I supply quotes so that the damage could be made good.

Twice more that motorbike was damaged. Once by another negligent driver and once by the negligence of the Northern Territory Construction Agency who had set traps on the Barkley Highway. Construction Agency caved almost instantly, because I told their lawyer, "You may enjoy your agency appearing in the NT News on a weekly basis as I highlight my accident and the accident at the start of that weekend when your negligence actually broke the ankle of another rider who had to be flown into Townsville Hospital with that painful injury. I know that I will!" In both instances, the negligent party paid for the damage through their own insurance.


Now WHY has your home insurance increased? Take the City of Gympie 160 kilometres North of Brisbane. The weather gods have not been kind to Gympie for the last ten years. Large hail has hit small parts of the city over the past ten years. The last hail was last Monday, but I refer to a hail show that hit the Bunnings area of Gympie about 4 years ago. The hail damaged some cars in the Bunnings car park but no houses were hit. The houses near my house, 8 kms away were not touched. So imagine my surprise when about 40 Sunshine Coast roofing contractors turn up replacing corrugated iron roofs around my neighborhood! One house was only about three years old! The iron was coming off, in near pristine condition and stacked ready to be taken and installed somewhere else! New iron was then installed. As I walked past the house, I said to the owner, I don't think that we got any hail here. He looked at me, winked and said, "Don't tell the insurance company! This roof is about 20 years premiums worth." I don't think that he understood the prime task of insurance companies ... to fleece as many mugs as possible, with as high premiums as possible ... and payouts provide excuses to raise those premiums.

I went about my business, carrying my own risk ... including on home insurance ... and recalculated how much I had save by not using insurance companies ... about $50,000 at that time, over 16 years.

I don't like being considered a mug. I don't feel like a sheep. And if you are an insurance company shareholder, your lifestyle is not being paid for by me, nor an increasing number of ordinary Australians.

I am amused everytime that I see a TV ad touting, "Have your roof examined by our professionals. You may qualify for a new roof for free!" I even have the roofing companies phoning me.
I say, "I don't carry home insurance. I find it too ... " Click, call disconnected ... "expensive."

 

[windyweather]

In 2023, Australian homeowners were hit with a staggering 28% increase in home insurance premiums, the largest average rise in two decades. According to the Actuaries Institute, the median home insurance premium surged by over $400, reaching an all-time high of $1,894. This has left nearly one in eight Australian households, or 1.24 million, "affordability stressed", spending more than four weeks of their annual income on home insurance.

For those living in high-risk properties, including flood-prone areas, the situation is even more dire, with premiums rising by a whopping 50%. This has led to concerns that many households may abandon insurance altogether due to the prohibitive costs.

View attachment 36121

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

i think all insurance companies need to be thoroughly scrutinised.--usualy THEY are raking in money while their customers are losing out.

But there's good news. You don't have to be a victim of these skyrocketing costs. Compare the Market*, a leading comparison business, can help you look for a better deal* on home insurance.

Compare the Market* compares up to 7 different home insurance brands*, and can help you look for comprehensive coverage with potentially better prices. Their Executive General Manager of General Insurance,, Adrian Taylor, offers some valuable advice for homeowners looking to save on their insurance premiums.

"When comparing policies, make sure you're comparing the same sum insured, same excesses, and same optional cover," Taylor advises. "Play around with the excess amount to see if it lowers the cost of the insurance premium, but remember that any excess may be payable if you need to claim. You may be able to get a discount by bundling your home and contents insurance with your car insurer. However, it always pays to compare as you may save more by having different policies with different providers."

Mr Taylor also suggests considering a home security system, which can deter thieves and potentially lower your premium.

Don't wait for your renewal notice to arrive to see if you can save money on home and contents insurance*. With Compare the Market, you can take control of your insurance costs.

Don't let rising insurance premiums leave you unprotected. Compare, save, and secure your home with Compare the Market* 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!

 

[ElizabethL]

They also get paid to switch you over , I read that switching health funds they get approx $1200 .

No wonder they pester you and don’t let up. It doesn’t matter how many phone numbers I block they just use a different line. They are leeches.

 

[BlackWolf]

In 2023, Australian homeowners were hit with a staggering 28% increase in home insurance premiums, the largest average rise in two decades. According to the Actuaries Institute, the median home insurance premium surged by over $400, reaching an all-time high of $1,894. This has left nearly one in eight Australian households, or 1.24 million, "affordability stressed", spending more than four weeks of their annual income on home insurance.

For those living in high-risk properties, including flood-prone areas, the situation is even more dire, with premiums rising by a whopping 50%. This has led to concerns that many households may abandon insurance altogether due to the prohibitive costs.

View attachment 36121

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

But there's good news. You don't have to be a victim of these skyrocketing costs. Compare the Market*, a leading comparison business, can help you look for a better deal* on home insurance.

Compare the Market* compares up to 7 different home insurance brands*, and can help you look for comprehensive coverage with potentially better prices. Their Executive General Manager of General Insurance,, Adrian Taylor, offers some valuable advice for homeowners looking to save on their insurance premiums.

"When comparing policies, make sure you're comparing the same sum insured, same excesses, and same optional cover," Taylor advises. "Play around with the excess amount to see if it lowers the cost of the insurance premium, but remember that any excess may be payable if you need to claim. You may be able to get a discount by bundling your home and contents insurance with your car insurer. However, it always pays to compare as you may save more by having different policies with different providers."

Mr Taylor also suggests considering a home security system, which can deter thieves and potentially lower your premium.

Don't wait for your renewal notice to arrive to see if you can save money on home and contents insurance*. With Compare the Market, you can take control of your insurance costs.

Don't let rising insurance premiums leave you unprotected. Compare, save, and secure your home with Compare the Market* 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!

not in bush fire of flooding area, but my Coles home content was double the amount from last year. I done a quick look at compare the market but nothing really cheaper. Also mean I have to read term and condition etc. and that hard going for someone who has dyslexia. these terms and conditions are over 80 pages long.

​

 

[Leenie]

not in bush fire of flooding area, but my Coles home content was double the amount from last year. I done a quick look at compare the market but nothing really cheaper. Also mean I have to read term and condition etc. and that hard going for someone who has dyslexia. these terms and conditions are over 80 pages long.

​

They don’t make it easy .

 

[Leenie]

Of COURSE insurance policies have increased. How do you think that insurance companies are paying their executives multi-million dollar packages. Meanwhile, there has been an increase in people opting out of the insurance fraud where they can. Twenty three years ago I was presented with an insurance bill for a motorbike that was one fifth of the retail value of that new bike. I decided to carry my own risk. After all, I had never had a motor accident (car or bike) for twenty years. The "insurance gods" noticed this and started to interfere with my life. A young fella back his ute out of a parking space near where my bike was parked after a workshop service and knocked it over. There was not much damage, but the repair bill still came to $1800. I approached his employer ... his father ... who denied liability for the damage. What many people don't understand is that you have a Common Law right for damage to be made good to property damaged by the negligence of someone else. So I had a lawyer that was working on something else for me to write a letter to the business asking for financial recompense. I received a letter back from that business' insurance company requesting I supply quotes so that the damage could be made good.

Twice more that motorbike was damaged. Once by another negligent driver and once by the negligence of the Northern Territory Construction Agency who had set traps on the Barkley Highway. Construction Agency caved almost instantly, because I told their lawyer, "You may enjoy your agency appearing in the NT News on a weekly basis as I highlight my accident and the accident at the start of that weekend when your negligence actually broke the ankle of another rider who had to be flown into Townsville Hospital with that painful injury. I know that I will!" In both instances, the negligent party paid for the damage through their own insurance.


Now WHY has your home insurance increased? Take the City of Gympie 160 kilometres North of Brisbane. The weather gods have not been kind to Gympie for the last ten years. Large hail has hit small parts of the city over the past ten years. The last hail was last Monday, but I refer to a hail show that hit the Bunnings area of Gympie about 4 years ago. The hail damaged some cars in the Bunnings car park but no houses were hit. The houses near my house, 8 kms away were not touched. So imagine my surprise when about 40 Sunshine Coast roofing contractors turn up replacing corrugated iron roofs around my neighborhood! One house was only about three years old! The iron was coming off, in near pristine condition and stacked ready to be taken and installed somewhere else! New iron was then installed. As I walked past the house, I said to the owner, I don't think that we got any hail here. He looked at me, winked and said, "Don't tell the insurance company! This roof is about 20 years premiums worth." I don't think that he understood the prime task of insurance companies ... to fleece as many mugs as possible, with as high premiums as possible ... and payouts provide excuses to raise those premiums.

I went about my business, carrying my own risk ... including on home insurance ... and recalculated how much I had save by not using insurance companies ... about $50,000 at that time, over 16 years.

I don't like being considered a mug. I don't feel like a sheep. And if you are an insurance company shareholder, your lifestyle is not being paid for by me, nor an increasing number of ordinary Australians.

I am amused everytime that I see a TV ad touting, "Have your roof examined by our professionals. You may qualify for a new roof for free!" I even have the roofing companies phoning me.
I say, "I don't carry home insurance. I find it too ... " Click, call disconnected ... "expensive."

My daughter and son in law just had the roof on their home replaced plus large 3bay shed etc from a previous hail storm early this year ,lucky they had insurance , and it has been damaged again on Monday when we had a really bad hail storm ,hail was large . The cost to replace the roofs was well over $100,000, as had their neighbor, .

 

[Suzanne rose]

They also get paid to switch you over , I read that switching health funds they get approx $1200 .

That they do . They also get paid by the companies they list

 

[Suzanne rose]

I'm with Australian seniors insurance for both house and car and I just received my renewal for home and contents insurance and it went up 25%
So I called my old insurance company Apia and it's 25 % lower than Australian Seniors plus alot more extras

As for my car insurance Apia is $2 more a month but that's with cheaper insurance by staying under 10,000km whereas Australian Seniors was under 4,000 km

 

[EJMHK]

I would like to compare a few of my policies but I won’t with these places because I don’t like them calling me, non stop, once you give them your details.
The first contact is done online, why can’t the follow up be online as well?

Then instead of phone calls you end up getting endless e-mails from them.

 

[ElizabethL]

Then instead of phone calls you end up getting endless e-mails from them.

I would prefer an email to a phone call.

 

[mylittletibbies]

Then instead of phone calls you end up getting endless e-mails from them.

Do it yourself on the internet, it's not hard although a little time consuming.
Worth it though if you can save yourself hundreds of dollars.

 

[mylittletibbies]

I'm with Australian seniors insurance for both house and car and I just received my renewal for home and contents insurance and it went up 25%
So I called my old insurance company Apia and it's 25 % lower than Australian Seniors plus alot more extras

As for my car insurance Apia is $2 more a month but that's with cheaper insurance by staying under 10,000km whereas Australian Seniors was under 4,000 km

Strange, when I compared about six
companies recently APIA was by far the dearest. I ended up staying with Australian Seniors.
I'm in WA, don't know if that makes a difference, but don't see why it should.

 

[Suzanne rose]

Strange, when I compared about six
companies recently APIA was by far the dearest. I ended up staying with Australian Seniors.
I'm in WA, don't know if that makes a difference, but don't see why it should.

I've learnt it does.
I was with Apia 4 years ago until their premium went up $200 amonth , that's when I switched to Australian seniors, now Apia is the cheaper one and basically the same price when I was originally with them. So work that out.

I'm thinking in a year ot two when I get my renewal then it will be high again.

I made my first claim ever which was last year for a broken water pipe in my bathroom and I had to wait 6 weeks for approval with Australian Seniors then another 4 months for job to be finished.

I had a friend who had a similar problem a couple of months ago and she got approval within 48 hours and job completed in 3 weeks. She was with GIO