Compare home insurance offers and deals

Everyone wants to get the best possible deal on their home insurance. Good value and affordable premiums are two signs that a home insurer may be offering a good deal.

That said, there is no single “best deal” for everyone, as every Australian has different needs and wants when it comes to their insurance. The best home insurance deal for one person may not be the best option for another. For example, sometimes “no-frills” cheap home insurance deals could leave you underinsured, while sometimes paying extra for optional cover can offer value to the right household.

Doing some simple research into the deals available from different insurers, and comparing your available options, can help you work out what may be the best home insurance deal for you.

The cost of your home insurance premium will be determined by a wide range of factors. Some of these you can’t do a lot about, such as the location and age of your property, and the type of property it is (e.g. a freestanding house, unit townhouse etc.). But there are some simple changes you can make that could help to reduce the premiums you pay on your home insurance.

Your insurance excess is how much money you’ll be paying out of your own pocket when making a claim, with the insurer covering any costs in excess of this figure.

Choosing a higher excess amount can result in lower insurance premiums. Of course, it’s important to weigh up the cost of higher premiums versus the cost of paying a higher excess when you make a claim, which could be needed when you’re already under personal and financial stress.

You may have the option to choose total replacement cover for your home and/or contents insurance, where the insurer agrees to cover the full cost (minus the excess) of repairing, replacing or rebuilding your home and/or its contents if they are damaged or destroyed. However, this type of insurance is more likely to be on the pricey side.

The other option is sum-insured insurance, where the insurer agrees to cover the cost of fixing damage up to an agreed sum that is set when you commence or renew a policy. This may result in lower premiums than total replacement cover, especially if you err on the lower side when setting your sum insured amount. However, this could also leave you at risk of being underinsured when you really need it.

A home insurance policy covers the physical structure of your property, but not the movable possessions you keep inside. This may require a separate contents insurance policy, which costs extra. 

You could consider leaving out contents insurance if you’re not sure you’ll need it, which could save you some money in premiums. Just keep the risk in mind that you could end up having to cover the cost of replacing your belongings yourself if disaster was to strike.

Some insurers offer extra cover that may not necessarily add extra value for you. For example, you may not want to pay extra to cover accidental damage to your contents, or motor burnout or fusion damage insurance for your electrical appliances. Just remember that while this could save you money in premiums, you could end up out of pocket if you’re not covered and these items are damaged. 

If your insurer has raised your premiums, or your household’s situation has changed, your current policy may no longer match your needs. Before renewing your insurance, consider comparing home insurance quotes from other competing insurers for a better deal. You could ask your current insurer to match what you’re being offered, and if they won’t budge, prepare to make the switch.

Making some changes to your home insurance policy could help to reduce your premiums overall. Some insurers may also offer extra discounts for certain customers. While this may vary depending on the insurer, the policy, and your personal situation, some common discounts include:

Some insurers offer a discount if you apply for a policy over the internet, rather than over the phone or in person at a branch office.

While adding contents insurance to a home insurance policy will cost you extra, bundling the two policies together can give you a discount on both, so you won’t pay quite as much.

Some insurers offer a discount on your home insurance policy if you take steps to improve the security of your home against theft or burglary, such as by adding an alarm system or security cameras.

While not all insurers offer it, some insurers offer to discount your premiums if you stick with them for the long term. 

Insurers often charge less for premiums when paid in one lump sum, rather than on a quarterly or monthly basis. It may be a bigger single financial hit, but you may pay less in total.

Some insurers offer a discount if you have a clean claims history. This claims history follows you even if you switch insurers, so you may be able to negotiate a discount from a new insurer.  

Some of the other discounts and extra bonuses that an insurer may offer with a home insurance policy include:

Older Australians receiving a pension may be able to use their concession card to apply for a discounted insurance policy. Other Australians with concession cards may also be able to apply for discounts with selected insurers.  

Some insurers may offer a discount to customers who not only take out a home and contents insurance policy, but other insurance policies as well, such as combined car and home insurance deals. Additionally, insurers that are also banks may offer to bundle discounted insurance deals in with other financial products, such as bank accounts, home loans or credit cards. 

Remember to compare the available options for all of these products to make sure you’re getting a deal that suits your needs.

Some insurers may offer extra cover, such as for glass breakage or accidental damage, without you having to pay a higher premium or excess.

A few home insurers may offer new customers gift cards, cashback deals, or similar free gifts or discounts as an incentive to switch their home insurance cover over to them. These offers may only be available for a limited time, or may have specific eligibility requirements.

One simple way to find home insurance deals is to compare offers from multiple insurers side by side. 

Using a rate table, you can enter some basic details, such as the type of cover you’re looking for, where you’re located and what features and benefits you are interested in. You can then look at the details of different insurance offers alongside one another. Once you have a shortlist of potential candidates, you can contact the insurers for quotes, which you can then compare to determine the best home insurance deals for you and your household’s needs.

When contacting an insurer for a quote, consider asking what discounts or deals they offer, and if you may be able to qualify for them. You may not know you’re eligible until you ask.