In a shocking revelation, a national survey by Choice found that nearly 87% of home and contents insurance policyholders have seen their premiums rise with their most recent renewal notice. The Actuaries Institute’s research further confirms this alarming trend, revealing a 28% increase in median home insurance premiums in the year to March, averaging at a staggering $1,894 across all states.

For high-risk properties, including those in flood-prone areas, the premiums have shot up by a whopping 50%. This is the most significant rise in two decades, leading to concerns that households may abandon insurance altogether due to the skyrocketing costs.

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

As a result, 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 amidst this gloomy scenario. Compare the Market*, a leading comparison business, is helping Australians fight back against these rising costs.

Adrian Taylor, Executive General Manager of General Insurance at Compare the Market*, offers some valuable advice. "When comparing policies to your current insurance, ensure you're comparing the same sum insured, same excesses, and same optional cover. This way, you can be sure your results are comparable," he advises.

Mr Taylor also suggests playing around with the excess amount to see if it lowers the cost of the insurance premium. He reminds us that while choosing a higher excess for a lower premium means you'll have to pay more in the event of a claim, the savings from switching may well outweigh the cost to cancel.

He also recommends considering a home security system, and notifying your insurer of your retirement status, all of which could potentially lower your premium.

With Compare the Market*, you can compare up to 7 different home insurers*, helping you to look for a better deal. So, don't wait for your renewal notice to arrive. Take control of your home insurance costs today with Compare the Market*.

Remember, it's not just about finding the cheapest insurance, but the right insurance for you. And with Compare The Market, you're in safe hands.

*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!

 

[Mika in the van]

When I renewed our home insurance (which stated a 40% increase) I told them we have CCTV cameras with a recorder. They said they only give a discount if it’s a system monitored by a security company. They charge anywhere from $180 to $720 per year for the service. So it’s not really saving you money at all!

 

[Trina G]

In a shocking revelation, a national survey by Choice found that nearly 87% of home and contents insurance policyholders have seen their premiums rise with their most recent renewal notice. The Actuaries Institute’s research further confirms this alarming trend, revealing a 28% increase in median home insurance premiums in the year to March, averaging at a staggering $1,894 across all states.

For high-risk properties, including those in flood-prone areas, the premiums have shot up by a whopping 50%. This is the most significant rise in two decades, leading to concerns that households may abandon insurance altogether due to the skyrocketing costs.

View attachment 36122

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

As a result, 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 amidst this gloomy scenario. Compare the Market*, a leading comparison business, is helping Australians fight back against these rising costs.

Adrian Taylor, Executive General Manager of General Insurance at Compare the Market*, offers some valuable advice. "When comparing policies to your current insurance, ensure you're comparing the same sum insured, same excesses, and same optional cover. This way, you can be sure your results are comparable," he advises.

Mr Taylor also suggests playing around with the excess amount to see if it lowers the cost of the insurance premium. He reminds us that while choosing a higher excess for a lower premium means you'll have to pay more in the event of a claim, the savings from switching may well outweigh the cost to cancel.

He also recommends considering a home security system, and notifying your insurer of your retirement status, all of which could potentially lower your premium.

With Compare the Market*, you can compare up to 7 different home insurers*, helping you to look for a better deal. So, don't wait for your renewal notice to arrive. Take control of your home insurance costs today with Compare the Market*.

Remember, it's not just about finding the cheapest insurance, but the right insurance for you. And with Compare The Market, you're in safe hands.

*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!

I will certainly be looking around this year. Mine went up 49.5%.

 

[Leenie]

I also have cctv ,sensor lights etc and makes no difference, yet they think triple locks on doors and window locks are ok , at least with cctv you can see who is committing the crime ,makes no sense.

 

[PattiB]

We have a monitored alarm system which does save a bit on insurance but costs increase every year (on insurance) & we couldn’t believe our car insurance this year. Husband had a chat to AAMI & they did lower it a fair amount. The alarm system does give us peace of mind when we’re away though we are about to install cameras etc. we live in a quiet area but you never know these days.

 

[Pommyoz]

Unless you have antique furniture, mega jewellery and Persian carpet throughout, why insure for contents? Your building is worth saving 100%, contents are replaceable. Photos of course need a strong box. We hanged and saved.

 

[fleursc]

We flooded twice last year, losing both our cars - twice. Our property was damaged, and we lost a substantial amount of our contents. Due to a technicality as we had just moved into the property, our contents weren't covered, although the building was. While I understand the idea of only insuring valuable items, when you lose almost everything in a natural disaster, it costs a lot to replace all the electrical items, linen, clothing, furniture etc. Unsurprisingly, our insurance rose dramatically this year, but we wouldn't risk not having it now. We did shop around for the best price though.

 

[wjs1957]

When I renewed our home insurance (which stated a 40% increase) I told them we have CCTV cameras with a recorder. They said they only give a discount if it’s a system monitored by a security company. They charge anywhere from $180 to $720 per year for the service. So it’s not really saving you money at all!

Same here!!

 

[PattiB]

We flooded twice last year, losing both our cars - twice. Our property was damaged, and we lost a substantial amount of our contents. Due to a technicality as we had just moved into the property, our contents weren't covered, although the building was. While I understand the idea of only insuring valuable items, when you lose almost everything in a natural disaster, it costs a lot to replace all the electrical items, linen, clothing, furniture etc. Unsurprisingly, our insurance rose dramatically this year, but we wouldn't risk not having it now. We did shop around for the best price though.

What an unfortunate thing to happen, it must’ve been totally devastating. I agree with your views on insurance as it must cost an astronomical amount to replace everything. Husband & I have both agreed that while we wouldn’t replace everything eg my yarn cupboard, fabric cupboard & whatever other craft stuff I have it would be expensive to replace even the basic stuff. We can’t even cope without health insurance as without it Ted would have had a lot more problems than simply losing an eye. Hope that you are back on your feet after your terrible ordeal. Hope that you have a happy Christmas.

 

[Luckyus]

We have a monitored alarm system which does save a bit on insurance but costs increase every year (on insurance) & we couldn’t believe our car insurance this year. Husband had a chat to AAMI & they did lower it a fair amount. The alarm system does give us peace of mind when we’re away though we are about to install cameras etc. we live in a quiet area but you never know these days.

A few years ago I worked with a fellah who lived in the Dandenongs and at the time these security systems were largely in their infancy and cost an absolute bomb this was beffore mobile phones. When we paid off and he went home found that someone had pinched all his security gear?.

 

[PattiB]

A few years ago I worked with a fellah who lived in the Dandenongs and at the time these security systems were largely in their infancy and cost an absolute bomb this was beffore mobile phones. When we paid off and he went home found that someone had pinched all his security gear?.

Scumbags!

 

[Kay3550]

Aah yes, Insurance, the necessary evil. We live on an 'over' 5 acre bush block, so have to take out farm Insurance, even though we don't & can't farm anything on the property. Total rip off at 3 times the cost of a single dwelling. Then they gave us a nice $700 price rise this year. If you are on acreage, at least make sure you have the right policy or its useless!

 

[elaine41]

When my insurance company raised my premium & told me that I had to cover for risk of a tsunami (I live west of the ranges) I told them to take a hike as if I was hit by a tsunami they wouldn't pay out because they would all be dead. They still told me they would pay out!!! I now only cover for contents. If I lose my house I will have the money to buy new furniture etc & move into retirement living where I only pay rent.

 

[Squizzy1]

In a shocking revelation, a national survey by Choice found that nearly 87% of home and contents insurance policyholders have seen their premiums rise with their most recent renewal notice. The Actuaries Institute’s research further confirms this alarming trend, revealing a 28% increase in median home insurance premiums in the year to March, averaging at a staggering $1,894 across all states.

For high-risk properties, including those in flood-prone areas, the premiums have shot up by a whopping 50%. This is the most significant rise in two decades, leading to concerns that households may abandon insurance altogether due to the skyrocketing costs.

View attachment 36122

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

As a result, 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 amidst this gloomy scenario. Compare the Market*, a leading comparison business, is helping Australians fight back against these rising costs.

Adrian Taylor, Executive General Manager of General Insurance at Compare the Market*, offers some valuable advice. "When comparing policies to your current insurance, ensure you're comparing the same sum insured, same excesses, and same optional cover. This way, you can be sure your results are comparable," he advises.

Mr Taylor also suggests playing around with the excess amount to see if it lowers the cost of the insurance premium. He reminds us that while choosing a higher excess for a lower premium means you'll have to pay more in the event of a claim, the savings from switching may well outweigh the cost to cancel.

He also recommends considering a home security system, and notifying your insurer of your retirement status, all of which could potentially lower your premium.

With Compare the Market*, you can compare up to 7 different home insurers*, helping you to look for a better deal. So, don't wait for your renewal notice to arrive. Take control of your home insurance costs today with Compare the Market*.

Remember, it's not just about finding the cheapest insurance, but the right insurance for you. And with Compare The Market, you're in safe hands.

*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!

That puts one in eight insured on welfare like income of $26kpa, is that unusual?

 

[Squizzy1]

Aah yes, Insurance, the necessary evil. We live on an 'over' 5 acre bush block, so have to take out farm Insurance, even though we don't & can't farm anything on the property. Total rip off at 3 times the cost of a single dwelling. Then they gave us a nice $700 price rise this year. If you are on acreage, at least make sure you have the right policy or its useless!

That should make you eligible for the victims of crime payout.

 

[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.

 

[Rain72]

Compare the Market only displays information about insurance companies who subscribe to their service. They showed me 3 choices, all over $1000 more expensive than one I found by other means.
What really irks me is that insurers often refuse to cover houses with EPS cladding and there is no logical reason for this. It's fast becoming the most popular house cladding. Insurers need to keep up with the times.

 

[sandiefran]

In a shocking revelation, a national survey by Choice found that nearly 87% of home and contents insurance policyholders have seen their premiums rise with their most recent renewal notice. The Actuaries Institute’s research further confirms this alarming trend, revealing a 28% increase in median home insurance premiums in the year to March, averaging at a staggering $1,894 across all states.

For high-risk properties, including those in flood-prone areas, the premiums have shot up by a whopping 50%. This is the most significant rise in two decades, leading to concerns that households may abandon insurance altogether due to the skyrocketing costs.

View attachment 36122

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

As a result, 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 amidst this gloomy scenario. Compare the Market*, a leading comparison business, is helping Australians fight back against these rising costs.

Adrian Taylor, Executive General Manager of General Insurance at Compare the Market*, offers some valuable advice. "When comparing policies to your current insurance, ensure you're comparing the same sum insured, same excesses, and same optional cover. This way, you can be sure your results are comparable," he advises.

Mr Taylor also suggests playing around with the excess amount to see if it lowers the cost of the insurance premium. He reminds us that while choosing a higher excess for a lower premium means you'll have to pay more in the event of a claim, the savings from switching may well outweigh the cost to cancel.

He also recommends considering a home security system, and notifying your insurer of your retirement status, all of which could potentially lower your premium.

With Compare the Market*, you can compare up to 7 different home insurers*, helping you to look for a better deal. So, don't wait for your renewal notice to arrive. Take control of your home insurance costs today with Compare the Market*.

Remember, it's not just about finding the cheapest insurance, but the right insurance for you. And with Compare The Market, you're in safe hands.

*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!

Haven't done our home and contents insurance as yet, but did our car insurance this week.
We were quoted $1,335 from our current insurer - an increase of over $600 on the previous year.
Got on to comparison sites - after I recovered from the shock - and found one company that offers "drive less, pay less". We do not do any long drives any more.
The result: for 4,000km per year (that was our average) the premium was $420!
Yes, over $900 less - now that's a saving!

 

[Suzanne rose]

Compare the market only show the insurance companies that pay to be on their list.

I was with Apia insurance a few years ago until my house insurance went up. I then went to Australian Seniors Insurance then when I received my renewal notice a few weeks ago it had gone up over $1000 annually or $130 a month.

I was paying $330 a month for house, contents and car insurance, increased ammount went up to $450 a month now I'm back with Apia and paying $402 a month but with extras . Australia Seniors didn't cover accidental breakage or if you lose an item including both in your home and out , plus my car insurance Australian Seniors included a discount if you drove under 4000km where as Apia is driving under 10,000 km. Our km for this year was 8,000 km

If you see you are reaching the km just call and add more increase will be around an extra $7 a month

Best to shop around yourself and check what's covered and what's not

 

[Staffordshire Whippet]

Compare the Market only displays information about insurance companies who subscribe to their service. They showed me 3 choices, all over $1000 more expensive than one I found by other means.
What really irks me is that insurers often refuse to cover houses with EPS cladding and there is no logical reason for this. It's fast becoming the most popular house cladding. Insurers need to keep up with the times.

"Keep up with the times"? I suspect that insurers well and truly have done so. Quoting Wikipedia:

"Expanded polystyrene (EPS) is another type of cladding that is combustible and increases the likelihood of fire spreading more quickly, as it may shrink, melt or ignite when exposed to elevated temperatures. "

Why would an insurer willingly take on an increased risk?