Rates and fees verified as correct at 21 October, 2021. Other information correct at the time of writing. Advertiser disclosure.
|Product||Main Events covered||Monthly payments cost extra||Underinsurance protection||New for old replacement|
|Contents Insurance|| |
|Home & Contents Insurance|| |
|Home Insurance|| |
Like other home and contents insurance providers, honey offers coverage for your home and belongings should they be damaged or stolen in exchange for an annual premium (which can be paid monthly if you prefer).
Honey’s defining feature is its smart sensors. When you take out an insurance policy with honey, you’ll be sent sensors to place around your home which detect things like water leakages, fire, changes in temperature and unusual activity (like someone breaking into the property). The sensors then alert you to these events via an app notification so you can respond accordingly, hopefully reducing any damage to your home.
And since honey sees the installation of these smart sensors as an opportunity to reduce the likelihood of you making a claim, they’ll give policyholders who keep the system operational an 8% premium discount every year. But this isn’t mandatory – you can choose to never install the sensors or turn them off, you just won’t receive the discount for the relevant time period in which they are deactivated.
The other nifty tech-driven feature honey uses is satellite imagery. By monitoring satellite data, honey can keep track of any changes to the structure of your home (like if you build an extension or put in a pool).
Then, they get in touch with you to ensure your home is properly valued under your policy with these new additions and not underinsured in case you need to make a claim. This way you won’t be caught out with additional repair or replacement bills like you may have been if your home wasn’t valued accurately.
There are a wide range of items and aspects to your home that are covered by a honey home and contents insurance policy. The below isn’t an exhaustive list. Be sure to check your policy for any limits on specific items not listed here as well as optional extras to increase these or add other inclusions for a fee.
Honey building insurance (aka home insurance):
Repair or replacement of the structure of your home
Up to $1,000 cover for plants
Cover for up to 2km of fences and gates (for 50% of the total repair or replacement cost)
Temporary accommodation for up to 12 months (or 10% of sum insured) if you home is damaged and unlivable
Combined demolition costs and debris removal up to 20% of the sum insured
Honey contents insurance:
Up to $300 in cash and $1,500 for credit cards
Up to $5,000 of electronic files, CDs and DVDs, plus another $5,000 for computer hardware
Carpets under 10 years old are fully covered, with limits for those over 10 years
Antiques and valuables (up to $2,000 per-item or to $12,000 in total)
Cameras and equipment up to $2,000
Up to $2,000 for jewellery per-item, or $6,000 total
Up to $1,000 for important documents
Generous home office cover up to $20,000 plus $2,000 cover for trade tools
While limits apply on some of what is covered, honey won’t cover any loose building materials, uncut gems, costs related to identity theft, or temporary accommodation for your pets if your home is damaged and they can’t stay there.
You can lodge a home and contents insurance claim with honey 24/7 online via the claims page or over the phone on 137 138. It can be useful to include receipts, proof of purchase and photos of damages in your lodgement so honey has more information to go off and can confirm details quickly.
There are a number of things that can impact the cost of your home insurance policy, no matter the provider you choose. Therefore, it’s difficult to put a dollar figure on how much honey insurance will cost you. Some of the things that could affect your honey premium include:
Whether or not you take advantage of the yearly 8% discount for using the smart sensors.
The excess level you choose – with a higher excess general resulting in a cheaper premium and vice versa.
The value of your home and belongings, as agreed to in your policy (known as the ‘sum insured’).
The area you live in and the risks associated with it (like crime rates or flood and fire risk).
If you choose to include optional extras or not. Your premium will increase if you choose the Advanced Cover option which offers cover for accidental damage to your belongings and motor burnout of household electrical appliances.
Making a claim on your policy. Making claims affects your history as an insurance customer – the more claims you make the riskier your profile and the higher your premium could be at renewal.
Yes, honey offers a flexible excess, which is the amount of money you pay before your insurance coverage kicks in. The minimum excess is $500 which you can increase at any time during the policy period, but you’ll need to wait until renewal time to decrease it.
Generally, a higher excess can reduce your premium to a degree, and vice versa for a lower excesses.
Underinsurance protection isn’t offered by honey. However, by using satellite data they try to ensure your property is covered for its full value, even if you make changes to your home and forget to inform honey.
Honey is backed by major insurance player RACQ.
Mozo users have rated honey home insurance on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.
I recently switched my contents insurance to Honey, which was a smooth and easy process. Honey's online portal is very easy to navigate, and I saved almost 30% on my premiums. I also recently made a claim on my insurance policy. It was east to submit my claim online, a Honey Insurance agent called me the next day to confirm some details, and my claim was accepted that same day. The level of customer service (the agent I spoke to was super friendly) and claim turnaround time (48 hours) far exceeded my dealings with my previous insurer.Read full review
I recently switched my contents insurance to Honey, which was a smooth and easy process. Honey's online portal is very easy to navigate, and I saved almost 30% on my premiums. I also recently made a claim on my insurance policy. It was east to submit my claim online, a Honey Insurance agent called me the next day to confirm some details, and my claim was accepted that same day. The level of customer service (the agent I spoke to was super friendly) and claim turnaround time (48 hours) far exceeded my dealings with my previous insurer.
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