How to review your home insurance this January with 2020 vision
Ok, you’re probably tired of all the 2020 vision jokes already, but honestly they’ve been coming for the past five years. And regardless of whether or not you’ve suddenly gained perfect vision in the new year, January is a great time to review your home insurance policy.
Why review your home insurance policy?
A good question. Why review your home insurance policy when you could just sit back and let it automatically renew itself? Well the answer is money of course. If you haven’t renewed your home insurance policy for a while, then you’re probably due for an overhaul and you want to make sure you don’t get lumped paying an insurance premium that is any more than you have to.
So letting your home insurance policy renew automatically is NOT necessarily a good idea.
How to start reviewing your current home insurance policy
The new year brings with it fresh eyes and the opportunity to reassess the level of cover you’re getting with your insurance. So you might want to start with scrutinising your current insurance plan and what you’re covered for right now.
For a thorough analysis it could even be a good idea to go back to basics and take a look at what you need to insure.
Let’s say you’ve got home and contents insurance. Home insurance refers to the actual physical structure of your home. So this usually covers your roof, walls, ceilings, floors, doors and so forth, you get the picture.
Now, depending on whether or not you’ve done any upgrades since last you reviewed your policy, your premium could go up or down. Or if you’ve got plans to do any upgrades or renovation work in the near future, you might want to call your insurer first and find out how it will affect your premium.
It may seem like a bit of downer if your shiny new kitchen results in a higher premium, but if anything were to happen to that flashy new food prep space, you’ll want to make sure you’re insured properly for its actual worth. Because if anything should happen, the last thing you want is to find out that you’re actually underinsured.
According to research conducted at the end of last year, a large number of Australian homes could be underinsured by as much as 66%. With that in mind, you might even want to consider adding underinsurance to your policy, to give yourself a better level of cover.
You can get a rough idea of what level of cover you need with a home insurance calculator, but it’s always a good idea to consult a professional to make sure you don’t miss anything.
Upgrades that could save you money on your home insurance in 2020
But of course not all renovations will hike up your premium. Here are a few renovations/upgrades that may actually lower the cost of your home insurance:
- Home security. If you feel that it is necessary and you can front the cost, installing a home security system is one thing you could do to not only protect yourself from burglars, but also lower your home insurance premium.
- A roof upgrade. Your posh new roof might not just look good, but if it provides better protection from strong winds and storms than your last daggy one, then your premium might actually go down. That said, your insurer is under no obligation to lower your premium for this reason, especially if you live in an area prone to storms and extreme weather.
- Plumbing upgrades. If you’ve recently had or you’re planning to upgrade your plumbing then this may actually reduce your home insurance premium. A plumbing overhaul means less risk of leaks leading to water damage claims, a fact which your insurer may take into account when reviewing your premium.
- Electrical upgrades. Upgrading your electricals in most cases means making them safer, ergo you should be at less risk of electrical fires. In insurer’s speak that means you’re less likely to claim and there’s a possibility that your premium might go down.
RELATED ARTICLE: The best home insurance in Australia for 2019
What about contents insurance?
If you’re currently paying for contents insurance and you haven’t reviewed it for a while, then there’s always a chance that things have changed. Usually when you choose a level cover for your contents, you start by working out how much you think the contents of your home are worth.
Contents is a pretty loose term but it usually refers to items such as furniture, soft furnishings, white goods, computers, jewellery etc. Although if you have any particularly priceless pieces of artwork or flashy jewellery, you may have to get it insured separately, if you want to make doubly sure that it’s covered.
Factors that can affect the cost of contents insurance include how many rooms there are in your house or flat, whether or not you have any children or teens, how much stuff you have and how swanky your stuff is. For example, if you’ve just acquired a fancy new table that’s worth a lot of money, your premium could go up. Or on the flipside, if you’ve just replaced your designer furniture with more budget-friendly items then your premium could go down.
Could you be getting a better deal?
So you’ve reviewed what you’re paying for, and you’ve just found out that your insurer is going to up your premium come renewal time. There are plenty of reasons why insurers will up your premium, some of which are out of your control, including an increased number of unsavoury characters in your area and more and more extreme weather events nearby.
Claiming in itself could even affect your premium. That’s right, the more you claim, the more likely your insurer is to raise your insurance premium! Regardless of how big or small your claim is, your insurer could choose to raise your premium by about 10% come renewal time, if you’ve claimed a lot in the last 12 months. So next time you have a small claim to make, you might want to think twice; it might be more worth your while to let it go and sweat the small stuff.
But if you’re convinced, with your 2020 vision, that you could be getting a better deal, then now might be the time to start shopping around. You could even begin by taking a look at the winners of the 2019 Mozo Experts Choice Awards for Home Insurance^.
For these awards our team of experts compared pricing and cover for 62 different home insurance policies. So whether you’re after the full works, i.e. a policy that covers you for most eventualities or you’re on a tighter budget, it might be worth having a gander at what makes an award-winning policy.
Or if you want to start small, why not scroll down further and review the home and contents insurance deals below.
Compare home and contents insurance deals
Home Cover - Buildings & Contents
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. Up to $30 million legal liability cover. Temporary accommodation costs for up to two years if your home isn’t liveable.
- Main events covered
- Fire
- Theft
- Storm
- Flood
- Monthly payments
cost extra - Yes
- Underinsurance protection
- Optional ExtraUp To 30% Of Buildings Sum Insured, Applied Automatically For Eligible Policies
- New for old
replacement - Yes
- General contents
- Yes
- Cash
- Up to $800
- Cd dvd and electronic files
- Up to $1,000 for electronic files and software
- Computer software hardware
- Yes - hardware. Up to $1,000 for software.
- Camera and accessories
- Yes
- Carpets
- Yes
- Antiques and valuables
- Up to $20,000 per item, set or pair of artworks or antiques. Up to $5,000 per collection.
- Jewellery
- Up to $2,500 per item, set or pair
- Replacement of documents
- Up to $800
- Tools of trade
- Up to $5,000
- Contents while moving
- Yes
- Lock replacement
- Up to $2,500
- Temporary accommodation
- Up to 24 months, up to 20% of buildings sum insured combined with temporary accommodation for pets
- Debris removal
- Yes, combined with building costs
- Demolition cost
- Yes, combined with building costs
- Accidental loss and damage
- Optional Extra
- Accidental breakage of glass
- Yes
- Lightning
- Yes
- Earthquake
- Yes
- Storm surge
- Yes
- Buildings and structural improvements
- Yes
- Building materials
- Up to $2,000
- Landscaping
- No
- Gates and fences
- Yes
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.
Read our Mozo Review to learn more about QBE Home Cover - Buildings & Contents
Home & Contents Insurance
Get award-winning Home and Contents Insurance at a price you can afford from Budget Direct. Save a huge 30% on your first year’s premium when you purchase a new combined Home and Contents Insurance policy online.
- Main events covered
- Fire
- Theft
- Storm
- FloodOptional Extra
- Monthly payments
cost extra - Yes
- Underinsurance protection
- Optional ExtraUp To 25% Of Building Sum Insured
- New for old
replacement - Yes
- General contents
- Yes
- Cash
- Up to $800 in total
- Cd dvd and electronic files
- Up to $3,000 combined with computer software
- Computer software hardware
- Hardware yes, software up to $3,000 combined with CDs/DVDs
- Camera and accessories
- Yes
- Carpets
- Yes
- Antiques and valuables
- Up to $5,000 per item for artwork, up to $12,000 in total, up to $2,000 for collections
- Jewellery
- Up to $1,000 per item or set, up to $5,000 in total
- Replacement of documents
- No
- Tools of trade
- Up to $2,000
- Contents while moving
- Up to 20% of sum insured
- Lock replacement
- Up to $1,000
- Temporary accommodation
- Up to 10% of sum insured, up to 12 months. Combined with temporary accommodation for pets.
- Debris removal
- Up to 10% of sum insured combined with demolition cost and emergency storage
- Demolition cost
- Up to 10% of sum insured combined with debris removal cost and emergency storage
- Accidental loss and damage
- Optional Extra
- Accidental breakage of glass
- Yes
- Lightning
- Yes
- Earthquake
- Yes
- Storm surge
- No
- Buildings and structural improvements
- Yes
- Building materials
- Up to $1,000
- Landscaping
- Yes, garden borders, pathways and paved areas.
- Gates and fences
- Yes
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.
Read our Mozo Review to learn more about Budget Direct Home & Contents Insurance
Home & Contents Insurance
Your home might be your most important asset, that’s why Youi like to get to know all about it right from the start. It helps Youi to help you consider the cover that could better suit you. Youi is home insurance that’s a bit more you-shaped. Mozo People’s Outstanding Customer Satisfaction Home Insurance award winner in 2024
- Main events covered
- Fire
- Theft
- Storm
- Flood
- Monthly payments
cost extra - Yes
- Underinsurance protection
- No
- New for old
replacement - Yes
- General contents
- Yes
- Cash
- No
- Cd dvd and electronic files
- Yes, excludes electronic files
- Computer software hardware
- Yes
- Camera and accessories
- Yes
- Carpets
- Yes
- Antiques and valuables
- Yes
- Jewellery
- Optional Extra, select specific replacement value for each item of jewellery where the individual value is more than $15,000
- Replacement of documents
- No
- Tools of trade
- Optional Extra, up to $1,000 per item , up to $5,000 in total
- Contents while moving
- Up to 20% of sum insured
- Lock replacement
- Up to $1,000
- Temporary accommodation
- Up to 12 months, up to 12% of sum insured
- Debris removal
- Up to 20% of sum insured combined with demolition and professional fee costs.
- Demolition cost
- Up to 20% of sum insured combined with debris removal and professional fee costs
- Accidental loss and damage
- Optional Extra
- Accidental breakage of glass
- Yes
- Lightning
- Yes
- Earthquake
- Yes
- Storm surge
- No
- Buildings and structural improvements
- Yes
- Building materials
- Up to $1,000
- Landscaping
- No
- Gates and fences
- Yes
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.
Read our Mozo Review to learn more about Youi Home & Contents Insurance
Home & Contents Insurance
Get covered in just 3 minutes. Receive complimentary $250 smart home sensors to help alert you to avoidable mishaps like fire, theft & water damage. Get rewarded for being smarter, by keeping your sensors active, with a discount of up to 8% every year (T&C’s apply).
- Main events covered
- Fire
- Theft
- Storm
- Flood
- Monthly payments
cost extra - No
- Underinsurance protection
- No
- New for old
replacement - Yes
- General contents
- Yes
- Cash
- Up to $300
- Cd dvd and electronic files
- Up to $5,000
- Computer software hardware
- Hardware yes, software up to $5,000 combined with CDs/DVDs
- Camera and accessories
- Up to $2,000
- Carpets
- Yes - limits apply for carpets over 10 years old
- Antiques and valuables
- Up to $2,000 per item, up to $12,000 in total
- Jewellery
- Up to $2,000 per item, up to $6,000 in total
- Replacement of documents
- Up to $1,000
- Tools of trade
- Up to $2,000
- Contents while moving
- Yes
- Lock replacement
- Up to $1,000
- Temporary accommodation
- Up to 12 months, up to 10% of sum insured
- Debris removal
- Up to 20% of sum insured combined with demolition cost
- Demolition cost
- Up to 20% of sum insured combined with debris removal cost
- Accidental loss and damage
- Optional Extra
- Accidental breakage of glass
- Yes
- Lightning
- Yes
- Earthquake
- Yes
- Storm surge
- Yes
- Buildings and structural improvements
- Yes
- Building materials
- No
- Landscaping
- Up to $1,000 for plants
- Gates and fences
- Yes - Up to 50% of the total cost, up to 2km
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.
Read our Mozo Review to learn more about honey Home & Contents Insurance
Home & Contents Insurance
For a limited time, sign up for combined home and contents insurance to get 10% off (T&Cs apply). Australia Post’s combined home building and contents insurance, both your home and belongings will be covered in case of fire, theft, extreme weather (including flooding) and natural disasters.
- Main events covered
- Fire
- Theft
- Storm
- Flood
- Monthly payments
cost extra - Yes
- Underinsurance protection
- Optional ExtraUp To 30% Of Building Sum Insured
- New for old
replacement - Yes
- General contents
- Yes
- Cash
- Up to $800
- Cd dvd and electronic files
- Up to $1,000
- Computer software hardware
- Up to $1,000
- Camera and accessories
- No
- Carpets
- Yes
- Antiques and valuables
- Up to $20,000 per item, set or pair
- Jewellery
- Up to $2,500 per item, set or pair
- Replacement of documents
- Up to $800
- Tools of trade
- Up to $5,000
- Contents while moving
- Yes
- Lock replacement
- Up to $2,500
- Temporary accommodation
- Up to 24 months, up to 20% of sum insured combined with temporary accommodation for pets
- Debris removal
- Yes
- Demolition cost
- Yes
- Accidental loss and damage
- Optional Extra
- Accidental breakage of glass
- Yes
- Lightning
- Yes
- Earthquake
- Yes
- Storm surge
- Yes
- Buildings and structural improvements
- Yes
- Building materials
- Up to $2,000
- Landscaping
- Yes - pathways
- Gates and fences
- Yes
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.
Read our Mozo Review to learn more about Australia Post Home & Contents Insurance
^ The Mozo Experts Choice Awards are conducted yearly, to highlight products in the Australian marketplace that actually live up to their fancy marketing campaigns. Year on year we have a team of data experts compare hundreds of products to determine which ones really are offering Aussies exceptional quality or exceptional value.
* 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