How Budget Direct, Youi and other home insurers are discounting in 2020

By Tara McCabe ·
Man and woman sitting at kitchen table, looking at home insurance discounts on a laptop.

With everyone spending so much time at home this year, we’ve been thinking a lot about home and contents insurance. Now more than ever is the time to make sure your belongings and home are taken care of. But, of course, getting cover costs money.

We know home insurance can take a chunk out of your finances, which is why we’ve come up with a list of discounts for you to take advantage of in 2020.

Home and contents insurance discounts

  • 30% discount for bundling and purchasing online
  • Home building cover
  • Home contents cover

If you’re on the hunt for both building and contents cover, then you might want to check out Budget Direct’s home and contents insurance. Budget Direct will give you a 15% discount for bundling the two policies and a further 15% discount for purchasing online. That’s 30% off your first year’s premium.

This combined insurance policy will cover both your home and the belongings you have in it. Cover includes legal liability up to $20 million, temporary accommodation, debris removal and extra rebuilding costs, mortgage discharge costs of up to $750 and more.

  • 10% Covid-19 relief discount
  • Cover for your home, inside and out

When social distancing measures were put in place back in March, Youi was the first Australian insurer to step up to the plate and offer Covid-19 temporary relief discounts.

Youi’s head of home product Chris Hope said, “Straight off the bat we temporarily cut 15% off a portion of car insurance premiums for people who were driving less due to COVID-19.” Youi then followed this up with a home insurance discount. 

As of 1 July 2020, Youi now offers new and existing customers 10% temporary relief on a portion of home and contents insurance premiums. You can claim the relief if you’re now spending more time at the insured address.

“With people staying home more, houses have become safer, property-related crime has decreased and so have the number of claims. Therefore, we wanted to pass on these savings to our customers. It was the fair thing to do,” said Hope. 

The COVID-19 relief was initially offered for three months, however, it became so popular that Youi extended it at 10% for both car and home for a further three months until 30 September 2020.

  • 30% discount available
  • Building cover
  • Contents cover

Woolworths combined Home and Contents Insurance offers all the usual cover for your home and belongings. This includes cover for water damage, theft and storm damage, plus legal liability up to $20 million.

Plus, if you’re on the lookout for a discount then you won’t be disappointed. You could get 30% off your first year’s premium, just by signing up from the comfort of your sofa. The discount is made up of a one-off 10% promo, a 10% discount for bundling your home and contents insurance policies and another 10% discount for signing up online. If you change your mind, there’s a 14 day cooling off period in which you can cancel your cover before you get charged.

  • 20% online discount
  • Cover for your home and belongings
  • 24/7 claims service

Once again, if you’re looking for cover for your house and the contents inside it, you could nab yourself a tidy discount from Real Insurance. Real Insurance offers a 20% discount on your first year’s premium when you bundle your home and contents insurance together and purchase a policy online.

With this policy your home will be covered for events like fire, storm, flood and theft and you’ll receive new for old cover for your contents. Legal liability goes up to $20 million and there is a 24/7 claims service.

  • 30% discount available
  • New for old cover for home and contents
  • $20 million legal liability cover

1st for Women offers a range of discounts for its home and contents insurance policies. If you are just purchasing either a home insurance policy or a contents insurance policy, you can get a 15% discount simply for signing up online. But it gets better, because if you’re after both home and contents cover, then you could get a 30% discount off the whole lot.

With this combined policy you’ll be insured for a range of events including fire, storm and rainwater, plus you’ll receive new for old cover and get up to $20 million legal liability cover.

Tips for saving on home insurance

Besides taking advantage of nifty online discounts, there are a few other ways you can cut costs when it comes to home insurance. Chris Hope from Youi gave us a few pointers:

  • Brick homes - Hope says that not only do brick homes feel more secure, but they are in

    fact often less costly to insure. So, if you live in a brick home just make sure you’re getting the best deal possible on your home insurance. You could save yourself a bit of money by shopping around.

  • Tiled roofs - Tiled roofs are another one that Youi says tend to be more durable to
    storm damage and cost less to insure. “Tiled roofs tend to cost less to repair after a
    storm, which makes them a cheaper option when it comes to insuring your home.”
  • Five years or younger - Hope says opting for a newer build could save you money on home insurance in the long run. “New homes usually mean better building regulations, improved structural designs and less ageing, therefore, the younger the home, the more
    affordable it is to insure.”
  • No pool - Having a swimming pool could up the cost of your home insurance premium.
    “Pools can increase your premium as they pose the risk of a more expensive repair if
    damaged by weather events, and also the risk of injury to others increases with a pool
    on your property.”

Didn’t find the home insurance policy you were after? Head to Mozo’s compare home and contents insurance page for more options to make sure your home is covered.

*Any information provided on this page should be considered a summary and general advice only. All information should be verified before purchase via the relevant Product Disclosure Statement (PDS).

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Tara McCabe
Tara McCabe
Money writer

Tara McCabe writes across all areas of personal finance here at Mozo from banking through to insurance. Tara is expert at practical money tips, showing readers ways to live richer and be socially conscious while doing it. She earned a BA (Hons) in English Literature from Canterbury Christ Church University.