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Maintaining a home

5 ways to save on home and contents insurance

24 March 2021

Your home and contents insurance premium is calculated based on several factors, such as:

  • the cover you choose
  • your sum insured, and
  • your location.

It’s important that your policy provides enough coverage for your home and belongings. This will help you avoid being underinsured if you need to make a claim. Reviewing your policy regularly will help you to take steps to ensure that your premium is exactly what it should be to meet your needs — and not a dollar more.

Buy your policy online

Suncorp offers a discount on Home and Contents Insurance when you get a quote and buy online.

Get a Home and Contents quote today

When you take out a policy with Suncorp, you can opt to pay your premium annually rather than monthly. Doing so means you’ll pay a little less in total.

Choose a higher excess

When you make a claim, you may need to pay an excess. Your excess amount will be listed on your certificate of insurance. That being said, you can choose a higher excess to pay less on your premium.

Make sure you consider which arrangement is most suitable for your circumstances. Though increasing your excess could reduce your premium, it will mean a larger out-of-pocket expense at claim time.


Combine your policies for a multi-policy discount

Suncorp offers a multi-policy discount to customers that hold three or more eligible personal insurance policies. Policies include:

  • Home Building
  • Contents
  • Motor Insurance (car, motorhome, motorcycle and caravan), and
  • Boat Insurance.

Compulsory Third Party (CTP) QLD counts as an eligible policy but the premium for it can’t be discounted.

You’ll receive the multi-policy discount on your new cover when you take it out, and on your existing policies on their next renewal date.

Review your sum insured regularly

Your sum insured — the maximum amount you’ll be paid out if you make a claim — should reflect what it would cost to repair or replace your things if they’re damaged or stolen.

Getting into the habit of reviewing yours regularly also means you can specify new additions on your policy, like a bathroom reno, or big-ticket purchases like TVs and laptops. It won’t necessarily lead to a cheaper premium, but it will ensure you have the right level of cover — and help you avoid being underinsured, which is when your cover doesn’t accurately reflect the value of your home and belongings. Underinsurance can lead to greater costs for you, since the amount you’ll be paid out for a claim may not cover everything you need it to.

Check your details

It’s important to keep your policy details and contact information up to date to ensure your cover is accurate. Let your insurer know if:

  • you’ve moved house
  • someone has moved out of home, or
  • your optional covers are no longer appropriate.

For example, moving into an area with a lower risk of bushfire or removing an optional cover you no longer need could reduce your premium.

If you’re a Suncorp customer, you can do all of this online. Simply follow these steps to change your details or adjust your optional covers.

Take steps to mitigate theft

Keeping your home secure has an added benefit to deterring burglars — it could also reduce your premium. If you’ve installed security alarms, cameras, deadlocks or security screens on doors and windows, make sure your policy reflects this. Reducing your risk of theft may also mean you’re less likely to make a claim, which might reduce the likelihood of your premium increasing each year.

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Insurance is issued by AAI Limited ABN 48 005 297 807 trading as Suncorp Insurance. Consider the Product Disclosure Statement before making a decision about this insurance. This advice has been prepared without taking into account your particular objectives, financial situations or needs, so you should consider whether it is appropriate for you before acting on it.

The information is intended to be of a general nature only. We do not accept any legal responsibility for any loss incurred as a result of reliance upon it – please make your own enquiries.