Comparing home insurance costs crucial as bushfire risk climbs

A very young homeowner thinking about renewing her home insurance policy

Cost of living pressures are catching up to Australian homeowners. Roy Morgan reports that customers are becoming more likely to avoid loyalty tax by shopping around instead of automatically renewing their home insurance policy.

Comparing quotes is a common tactic for new customers, but veteran homeowners tend to skip this step. Roy Morgan says between June 2022 and June 2023, just two-thirds (66.1%) of insurance holders renewed their policy without comparing coverage options first. The rest approached another provider to see if they could get better value for money. 

This percentage is down half a point from the previous year (66.5%) and coincides with the massive 46% surge in the cost of home insurance reported by the Actuaries Institute in August – especially for Australians in suburbs vulnerable to flooding

The data from Roy Morgan shows that one in five (23.2%) households that shopped around renewed their policy after comparing other policies. Astonishingly, the number of new policies taken out (4.3%) increased as well, indicating that homeowners are seeking protection. 

With El Niño and bushfires on the horizon, coverage may be a pressing issue for some. Insurance is useful as a safety net in case you don’t have savings to fall back on when the worst happens, but the Roy Morgan survey is a timely reminder that a home insurance policy is only worth the money if it balances coverage with value – no one wants to be overcharged or underinsured

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  • Home Cover - Buildings & Contents

    Main events covered
    • fire
      Fire
    • theft
      Theft
    • storm
      Storm
    • flood
      Flood
    Monthly payments
    cost extra
    Calendar icon
    Yes
    Underinsurance protection
    Underinsurance protection icon
    Optional ExtraUp To 30% Of Buildings Sum Insured, Applied Automatically For Eligible Policies
    New for old
    replacement
    Replacement icon
    Yes
    Details
  • Home & Contents Insurance

    Main events covered
    • fire
      Fire
    • theft
      Theft
    • storm
      Storm
    • flood
      Flood
    Monthly payments
    cost extra
    Calendar icon
    No
    Underinsurance protection
    Underinsurance protection icon
    No
    New for old
    replacement
    Replacement icon
    Yes
    Details
  • Home & Contents Insurance

    Main events covered
    • fire
      Fire
    • theft
      Theft
    • storm
      Storm
    • flood
      Flood
      Optional Extra
    Monthly payments
    cost extra
    Calendar icon
    Yes
    Underinsurance protection
    Underinsurance protection icon
    Optional ExtraUp To 25% Of Building Sum Insured
    New for old
    replacement
    Replacement icon
    Yes
    Details
  • Home & Contents Insurance

    Main events covered
    • fire
      Fire
    • theft
      Theft
    • storm
      Storm
    • flood
      Flood
    Monthly payments
    cost extra
    Calendar icon
    Yes
    Underinsurance protection
    Underinsurance protection icon
    No
    New for old
    replacement
    Replacement icon
    Yes
  • Home & Contents Insurance

    Main events covered
    • fire
      Fire
    • theft
      Theft
    • storm
      Storm
    • flood
      Flood
    Monthly payments
    cost extra
    Calendar icon
    Yes
    Underinsurance protection
    Underinsurance protection icon
    Optional ExtraUp To 30% Of Building Sum Insured
    New for old
    replacement
    Replacement icon
    Yes
    Details

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