Home Insurance Premiums Skyrocketed by 28% in 2023: Here's How You Can Fight Back
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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.
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!
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.
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!
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