Sunday, 5 May 2013

Saving money on home and contents insurance

I received my home and contents insurance renewal letter this week, and (yikes) it had gone up by around 35% from last year!

In the 15+ years I’ve lived in Australia, I’ve never made a home and contents insurance claim.  And it’s not like I live on the banks of a river or in the bush.  So it’s hard to believe that my home is really such a risk. 

Therefore, it’s time once again to shop around.  As I’ve found in the past, quotes can be more than $1,000 different for the same property.  And even if you’re happy with your current insurer, you should still get an online quote, as sometimes a quote for a new policy with the same insurer can wind up cheaper than your renewal quote. 

There are dozens of insurers offering home and contents insurance in Australia.  Some options to select the right one for you include:
  • Do it yourself (DIY)
  • Consult an insurance broker
  • Explore cash back brokers (these brokers generally refund managed fund and personal insurance commissions, but some them now refund mortgage and general insurance commissions as well)