To help you understand more about how the price of your home insurance is set, and to provide you with options on how you may save, we’ve created this simple guide.
There are some factors that impact the price of your home insurance regardless of who you are and where your home is located.
The frequency and nature of weather events impact the amount and severity of claims received. In the last few years we’ve seen an increase in major natural catastrophes as well as smaller wild weather events such as storms or hail. We often see an increase in the number of claims after these events, which can put pressure on prices to rise.
The cost of rebuilding, repairing and replacing your home and contents has increased rapidly. The recent disruptions to global supply chains, increased cost and scarcity of raw and manufactured building materials and labour shortages have impacted the cost of claims.
If the number and variety of claims we receive changes, customer prices may also change. As building techniques, materials and in-home technology progress, the nature of claims becomes more complex. This, combined with an increase in weather-related claims and disruption to supply chain, impacts the general insurance industry and can place pressure on premiums to rise.
In calculating prices, we consider many factors that statistically influence the likelihood of you having a claim.
Factors that statistically influence the likelihood of you having a claim:
Flexible cover options help you to tailor your policy to your needs. If adjusting your cover, please ensure that the revised cover suits your specific needs.
Our Home and Landlord Insurance policies give you the ability to tailor your policy to your needs. You can choose to add cover for motor burnout, accidental damage, specified portable contents, damage caused by tenants, rent default and loss of rent.
You can vary the total sum insured for both the building and contents. It’s important to make sure that your total sum insured is adequate to replace your building and contents in case of a claim.
If you’re able to pay more in the event of a claim, you can save money on your premium by increasing your excess.
Standard underwriting criteria apply. Coles Supermarkets Australia Pty Ltd (Coles) is an authorised representative of the issuer, Insurance Australia Limited (ABN 11 000 016 722) (AFSL 227681), part of Insurance Australia Group (IAG). Any advice provided is of a general nature only and does not take into consideration your objectives, financial situation or needs. Before acting on any advice you should consider its appropriateness. You should read the Product Disclosure Statement and Target Market Determinations before deciding whether to acquire an insurance policy.
Policy limitations, exclusions and conditions apply. For full terms and conditions, see the Product Disclosure Statement.