With home insurance premiums on the rise, many Australians are seeking ways to cut costs without sacrificing coverage. On average, switching insurers could save up to $819 annually, with the biggest savings in high-risk regions like Queensland and Northern NSW.

Here are a few strategies to consider:

1. Increase Your Excess Raising your excess (the amount you pay when making a claim) can reduce your monthly premiums. For example, a $500 increase in excess could save you around 10%. However, weigh up whether the savings are worth covering more out-of-pocket costs for minor claims.

2. Accurately Value Your Home Over-insuring can be costly, while under-insuring leaves you vulnerable. Use online calculators or hire a property valuer to ensure you have the right level of coverage. If you don’t plan to hire a valuer, then ensure you find an online calculator that uses ‘elemental estimating’, advises the official MoneySmart website.

3. Enhance Home Security Upgrades like back-to-base alarms, surveillance cameras, and fire safety devices can lower premiums. Investing in disaster-resistant features like storm shutters or stronger roofing can also help reduce costs.

4. Consider Location If you’re moving, research natural disaster risks and crime rates. Insurance premiums are higher in high-risk areas, so factor this in when buying a home.

5. Tailor Your Coverage Regularly review your policy to remove unnecessary extras and ensure it suits your current needs. This could involve dropping coverage for valuables you no longer own or adding protection for recent renovations.

6. Bundle Policies Combining building and contents insurance can lead to discounts and streamline your coverage. We’ll help ensure bundling doesn’t compromise necessary protection.

With these tips, you can better manage rising insurance premiums – but if you want to know more CLICK HERE for the full article.

Need advice? Get in touch, and we’ll help tailor a policy that suits your needs.