Maintaining a home
Ways to save on home and contents insurance
1 June 2023
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.
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
Typically, an excess is applied to insurance claims. The excess is an amount you pay or bear for each incident covered by your policy. 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.
Meet Liam and Nayana. They’ve just purchased their first home, so they’re looking into home and contents insurance.
We’ve got you covered with our top tips that every home insurance customer should know!
Let’s start with security: while home insurance gives you peace of mind if something goes wrong, prevention is always better than cure.
Keep your house safe and secure by checking your fire alarm regularly,
locking windows and doors when you’re out,
and consider installing a security alarm.
Keeping your home and your contents safe can also help keep you and your family safe!
Did you know choosing a higher excess will lower your premium? While the thought of paying a higher excess may sound painful, it’ll trim the cost of your insurance policy.
You just need to be prepared to pay the higher excess at claims time
Don’t be caught out with underinsurance! Lowering how much you’re insured for to enjoy cheaper premiums may seem attractive….
…. but if you’re underinsured, you might not be adequately covered in the event of a claim.
You’ll also need a plan that’s right for your situation – if you live in a flood-prone area, you’ll probably want cover for flood!
Suncorp Home and Contents Insurance provides cover for your home and its contents for a wide range of risks, including fire, theft, flood, and storm.
Suncorp Insurance offers a discount on Home and Contents Insurance when you get a quote and buy online.
Paying the annual sum of your premium will be cheaper compared to paying it monthly
If you combine three or more eligible Suncorp Insurance policies, you’ll receive a 15% Multi Policy discount!
When it comes to getting cover for your home and contents, consider Suncorp Insurance.
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
- 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.
- What is underinsurance?
- Avoid underinsurance: What to consider when buying home insurance
- Insuring your beloved belongings away from home
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. The Target Market Determination is also available. 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 general nature only. Subject to any rights you may have under any law, we do not accept any legal responsibility for any loss or damage, including loss of business or profits or any other indirect loss, incurred as a result of reliance upon the information. Please make your own enquiries.