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The coronavirus outbreak is having a major effect on our everyday lives, including our finances. If you've been affected, it can be a tough time. You're not alone and home insurance providers are doing their bit to help. Many are offering payment extensions, reduced payments and more.
You might be able to reduce or defer your payments depending on who you are with. Most of the providers offering help are financial institutions who also provide home insurance. Therefore, the financial hardship assistance they provide might not be limited solely to your home insurance. Here's a list of how and where you might find help.
| Insurer | How they're helping | Where to get help |
|---|---|---|
| Bank of Melbourne | You can reduce or defer your payments for a short term period. | Financial hardship assistance form |
| Bank SA | You can reduce or defer your payments for a short term period. | Financial hardship assistance form |
| Budget Direct | Delay a fortnightly or monthly instalment by up to 14 days, if you're temporarily short of funds. | Call 1800 182 310 |
| Huddle | Help provided on a case-by-case basis | 1300 777 200 |
| St.George | You can reduce or defer your payments for a short term period. | Financial hardship assistance form |
| Virgin Money | Free independent counselling and advice from a Financial Counsellor | 1800 007 007 |
| Westpac | You can reduce or defer your payments for a short term period. | Financial hardship assistance form |
To find out if you can defer or reduce your home insurance payments, you should:
Many home insurance providers are not providing any assistance to those suffering from financial hardship. If you're one of these people, there are few other ways you can keep cash in your wallet.
While it will differ from insurer to insurer, you can expect the following to happen in most cases:
If you go about it this way, you'll probably have a hard time getting an insurance policy in the future. The best way to cancel your policy is to do it in writing. Email and call your insurer letting them know that you would like to cancel. You'll need to have the following information on hand:
Are you worried about your finances during this time? Spending time on a little admin can save you from spending more cash than you need to.
Here are some guides on how to save money on your daily expenses. There are loads of little things that you can save money. It all adds up in the end!
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