Are You One Of 2 In 5 Aussie Homes About to Cop A Bigger Home Insurance Bill?
Around 40% of Aussie are set to see 10% increases in their premiums — see if the changes affect you and how you could avoid it
Are you one of the two in five Australians who could be copping a 10% increase on their Home Insurance this year? And could your home insurance be costing you more than you really need to be paying?
Suncorp, the country’s 2nd largest home insurance group and owner of AAMI, GIOA, APIA and other brands, is increasing insurance prices by 10%, reports this week revealed.^
That means more than 400,000 policyholders may see an increase of $120-$180 per year^ in home insurance premiums.
The pending hikes were confirmed by former ACCC boss Professor Allan Fels, who has seen prices rising via his role as NSW’s Emergency Services Levy Insurance Monitor.
Alongside the Suncorp increases, the ESL Insurance Monitor analysis also noted that some big name providers were charging twice as much for coverage of identical properties in NSW.
The release of the ESL Insurance Monitor analysis from May showed that prices for home insurance on identical properties from leading providers were inconsistent in New South Wales.
“This survey of premium prices quoted by 12 major insurers shows there are significant variations in pricing between brands for essentially the same insurance cover,” Professor Fels said.
“There is no doubt that many consumers could save hundreds of dollars by shopping around and switching to a cheaper supplier.”
With the cost of building cover has already surged 154% in the past decade, according to Australian Prudential Regulation Authority data^.
So even if you’re not on a Suncorp policy, or if you live outside NSW, it could be time to shop around.