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.
So now you know the facts from fiction it might be a good idea to do a quote comparison to see if you could save on your current insurance. Why not start by checking out some of the offers below?
Top home insurance deals on Mozo
Important information on terms, conditions and sub-limits.
QBE Home & Contents Insurance^*
- 10% online policy discount (T&Cs apply)
- Up to $30 million legal liability cover (T&Cs apply)
- Mozo Experts Choice winner for 2023
Safeguard your home and valuables with QBE Home and Contents Insurance. This policy protects against fire, storm damage, theft, and more, giving you peace of mind when you need it most. Enjoy 24/7 access to friendly and efficient claims service, and benefit from up to $30 million in legal liability cover. If your home becomes uninhabitable, QBE will cover temporary accommodation costs for up to two years, ensuring you're taken care of during difficult times (T&Cs apply).
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)
Experience the future of home insurance with Honey Home and Contents Insurance. Honey uses cutting-edge AI technology to insure your home in as little as three minutes. Plus, Honey provides smart sensors valued up to $250 for free, helping you prevent incidents like theft, fire, and water damage by sending real-time alerts to your smartphone. These sensors could also lower your premiums by up to 8% every year (T&Cs apply).
Budget Direct Home & Contents Insurance^*
- 30% combined apply online discount for your first year's premium
- New-for-old contents replacement cover
- Mozo Experts Choice Exceptional Value Insurer of the Year for 2023
This comprehensive home and contents insurance policy from Budget Direct 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).
Youi Home and Contents Insurance^*
- Flood cover included as standard
- Cover for fire, theft and storms
- Mozo People's Choice winner for 2024
Protect your home and everything in it with Youi’s Home and Contents Insurance. This comprehensive policy covers you against flood, fire, theft, and storm damage. In the unfortunate event of a claim, Youi also offers up to $1,500 in counselling services for each household member to help you through tough times. Plus, for those with furry family members, you can add up to $1,000 in pet cover to assist with vet bills if your cat or dog is injured in an eligible household accident (T&Cs apply).
* 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 Insurance Awards