These home insurance switching myths could be costing you money
Home insurance is one of the most important investments a homeowner can make to protect themselves from financial loss due to damage or theft. But too often buyers and existing property owners are often confused or misinformed about what they need to do to get the best deal.
We’ve prepared this list of the top home insurance switching myths so that you can separate fact from fiction, and see if you could find a great home insurance provider and policy for your individual needs.
Myth 1: You can only switch when your policy is up for renewal
Not true. If you find a better or cheaper policy for your needs, you could switch at any time. If you’ve paid your annual premium upfront, then the insurer will refund you for the days that you had still owing on the policy. Be sure to check your PDS for any specific terms and conditions.
Myth 2: You’ll lose your no claims discount
Many insurance providers will let you transfer your discount to a new policy. You’ll usually just have to provide them with evidence of your existing no claims bonus level.
Myth 3: All insurance providers are the same
There isn’t a standard set of pricing that insurance providers use. Just as every house is different, so too is the pricing and the coverage that insurance providers offer. This is why it is important to shop around and compare the levels of cover, available discounts, and find a policy and a price that’s right for you.
Top home insurance deals on Mozo
QBE Home & Contents Insurance*
- 10% online policy discount (T&Cs apply)
- Up to $30 million legal liability cover (T&Cs apply)
Winner of the Exceptional Value Home & Contents Insurance^ and Exceptional Value Landlord Insurance^ categories at the 2022 Mozo Experts Choice awards, QBE Home and Contents Insurance can cover your property and belongings in case of fire, storm damage, theft and more. 24/7 friendly and helpful claims service. It comes with up to $30 million legal liability cover and you’ll receive temporary accommodation costs for up to two years if your home isn’t liveable (eligibility criteria applies).
Honey Home & Contents Insurance*
- Get free smart sensors worth $250 to help prevent fire, theft and water damage (T&Cs apply)
- Be rewarded with policy discounts of up to 8% every year (T&Cs apply)
The biggest draw of new home insurance provider Honey is its digital innovation. By using technology like AI, Honey says it insures customers in as little as three minutes. It also offers smart sensors valued up to $250 into your home, which could lower your premiums with a discount of up to 8% every year. These sensors monitor for preventable claim incidents like theft, fire, and water damage, then send alerts straight to your smartphone.
Youi Home and Contents Insurance*
- Flood cover included as standard
- Cover for fire, theft and storms
Youi’s combined Home and Contents Insurance policy includes flood, fire, theft, and storm cover. Plus, if you do need to make a claim after a traumatic event, the policy also includes up to $1,500 worth of cover for counselling services per household member. Up to $1,000 pet cover is also available as an optional extra, going toward vet fees if your cat or dog is injured due to an eligible household accident.
Budget Direct Home & Contents Insurance*
- 30% combined apply online discount for your first year's premium
- New-for-old contents replacement cover
Offering extensive protection for your home and belongings at an affordable price, Budget Direct is Mozo’s Value Insurer of the Year for 2022.^ This comprehensive home and contents insurance policy offers an impressive list of extra features like new-for-old contents replacement, cover for portable items, and emergency accommodation for up to 12 months (or 10% of the sum insured) for you and your pets. You’ll be protected against a range of natural disasters and there’s a heap of contents included – just check your PDS for limits on specific items. And if you're after combined home and contents cover, you’ll score a 30% discount on your first year’s premium just by purchasing a new policy online (T&Cs apply).
Virgin Money Home & Contents Insurance*
- 30% apply online discount on your first year's premium for combined policy (T&Cs apply)
- Optional underinsurance protection
When you take out a home and contents insurance policy with Virgin Money, your home and belongings can be covered in a wide range of circumstances. This includes fire, storm, earthquake and theft, and you can expect new-for-old contents replacement for eligible claims. Most items or events will have coverage limits and there are exclusions, so be sure to check the product disclosure statement (PDS) for all the details. For example, cash is covered up to $800, while computer software is insured for up to $3,000, and jewellery is insured for $1,000 per item (up to $5,000 in total).
* Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement and the Target Market Determination on the provider's website for further information before making any decisions about an insurance product.
^See information about the Mozo Experts Choice Home Loan Awards
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.