Hikes to home insurance: 63% of customers say their premiums have gone up
Millions of Aussies are being forced to pay more for their home and contents insurance, according to new research by Finder.
A whopping 63% of Aussie home and contents insurance customers – equivalent to 7.4 million people – say their premiums have gone up in the past 12 months, according to a new Finder survey.
The research found a further 14% of customers are unaware if their premiums have gone up, while just over 1 in 5 (22%) said they hadn't been hit with higher costs.
James Martin, insurance expert at Finder, said there was little to no cost benefit for staying loyal to home insurers.
"The best deals are typically offered to new customers when they sign up online.
"Insurers often offer discounts of up to 30% for new customers, so it absolutely pays to shop around each year.
"You can also call your insurer and ask them to price-match or give you the best possible deal. It doesn't always work, but it's worth a shot – they'll often do what they can to keep your business."
Sarah Megginson, managing editor at Finder, recently saved a staggering $1,450 on her home insurance policy.
Megginson's home insurance premium went up 33% – from $3,300 to $4,400.
"I shopped around, it took me about an hour and I got a policy with the same coverage for $2,950.
"So I actually saved 10% on my old policy and didn't sacrifice any cover or benefits," she said.
Finder's data shows 60% of Aussies protect themselves some form of home insurance. That's the equivalent of 11.8 million Australians.
Despite the cost of living going up, only 11% of home insurance customers have switched brands in the last 6 months.
Martin said it was now more crucial than ever for Aussies to choose an insurer that would give them the best deal.
The winners for Finder's Home Insurance Awards 2022 were recently announced – given to the best home insurers on our database.
Winners were selected by Finder's insurance experts from a pool of 68 home insurance policies in the Finder database, who then secured 153 home insurance quotes based on 10 different profiles.
ANZ home insurance was Finder's 2022 comprehensive winner, while Budget Direct took the top gong for value in this year's awards.
"ANZ home insurance comes with all the bells and whistles, plus it's the only insurer to offer full building replacement if yours is destroyed.
"Budget Direct is cheaper than most insurers and it covers most of the essentials such as fires, storms and theft (and flood cover as an option)," Martin said.
Martin said switching things like car and home insurance every year is one of the best ways to protect your budget.
"We've been hit with a barrage of savings tips during the cost of living crisis – switching to supermarket brands, ditching streaming services, selling stuff online, the list goes on.
"These are quite helpful but there's an even bigger opportunity for savings if you look at your largest household expenses – such as your home loan, home and car insurance costs," Martin said.
| Has your home and contents insurance premiums gone up in the past 12 months? | |
|---|---|
| Yes | 63% |
| No | 22% |
| I don't know | 14% |
| Source: Finder survey of 649 respondents with a home and contents insurance policy, December 2022 |
Finder's home insurance comparison can help you save time and money on one of your biggest household bills.
