Home insurance havoc: 69% of customers say their premiums have gone up

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Taylor Blackburn
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Aussies are having to fork out even more on their home and contents insurance, according to new research by Finder.

 

A staggering 69% of homeowners – equivalent to 6.4 million households – say their premiums have gone up in the past 12 months, according to a new Finder survey.

 

The research found a further 1 in 10 are in the dark – with 9% of respondents admitting they don't know whether their premiums had gone up in the past year.

 

Peta Taylor, insurance expert at Finder, said premium increases are a growing burden.

 

"Insuring your home is becoming even more expensive as insurers pass on the cost of more frequent and severe weather events.

 

"Your house is often your biggest asset, and home insurance is a vital investment to protect yourself from financial loss due to damage or theft, but it still stings when the bill jumps."

 

Taylor said there are ways Aussie homeowners can insulate themselves from rising costs.

 

"Many insurers will give you a discount for paying your premium annually.

 

"Likewise, you often can pay less by increasing your excess, but this might mean you feel the sting when it comes time to make a claim.

 

"Oftentimes, the way to score the biggest discount is to switch to a different provider.

 

"The good news if you find a better or cheaper policy is you can switch at any time – even if you've paid 12 months up front – your insurer will refund you the days remaining on the policy."

 

Taylor said it's never been more important to shop around.

 

"Just as no two homes are alike, insurance pricing and coverage can vary widely between providers.

 

"That's why it's essential to compare coverage options and available discounts, and choose a policy that offers the right protection at the best price for you.

 

"The competition is fierce – providers are now offering reduced premiums, smart sensors and even airline points for those willing to switch."

 

To help Australians make better decisions when it comes to their home and contents insurance, Finder has revealed the winners of its Home Insurance Awards 2025.

 

Finder compared 52 policies from 31 providers in Australia to help find some of the best value policies.

 

AAMI Home & Contents Insurance was awarded top spot for Best Value Home Insurance, while Australia Post Home & Contents Insurance took top gong for Best Comprehensive Home Insurance.

 

Taylor said you can't be sure you're getting a good deal if you don't know what you're actually paying for.

 

"Nobody wants to read their product disclosure statement (PDS) for their home insurance, but the benefits will outweigh the boredom if it means you can save money on your policy.

 

"When looking for a policy, prioritise core coverage like building insurance, and ensure the sum insured will cover a complete rebuild if the worst happens.

 

"After that, make sure your contents insurance accurately reflects the replacement value of your possessions."

 

Has your home and contents insurance premiums gone up in the past 12 months?

Yes69%
No22%
I don't know9%
Source: Finder survey of 1,009 respondents, 416 of whom have home and contents insurance, November 2024Finder Eyes

 

Methodology

  • Finder's Consumer Sentiment Tracker is a monthly recurring nationally representative survey of more than 60,000 respondents.
  • Figures in this release are based on 1,009 respondents, 416 of whom have home and contents insurance, November 2024.
  • The Consumer Sentiment Tracker is owned by Finder and operated by Qualtrics.
  • The survey has been running monthly since May 2019.

 

Sources

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