Home and contents insurance is an essential – if expensive – part of owning property or belongings and the good news is that the spate of weather catastrophes that last year caused insurance renewal stress to many Australian householders seems to have subsided. The hefty premium increases seen in the past – largely due to state-based natural disasters – seem to have been ironed out this year and the average premiums are now far less eye watering. Canstar’s 2013 home and contents insurance star ratings has found that nationally, average policy increases range from 1.2% to 7.4%, a far cry from last year?s figures of 17% to 24%!
So how do average prices stack up across the country? Canstar has obtained 11,116 individual quotes across Australia to advise the following average costs:
CONTENTS INSURANCE – Average premium increases for $75,000 sum insured
|
State |
Contents only 2013 |
Contents only 2012 |
Difference |
Percentage |
Maximum Increase |
|---|---|---|---|---|---|
|
NSW |
$743 |
$748 |
($5) |
-0.65% |
97% |
|
QLD |
$586 |
$537 |
$50 |
9.28% |
142% |
|
VIC |
$437 |
$592 |
($155) |
-26.18% |
67% |
|
SA |
$437 |
$417 |
$20 |
4.74% |
71% |
|
WA |
$488 |
$463 |
$25 |
5.39% |
93% |
|
TAS |
$480 |
$364 |
$116 |
31.75% |
671% |
|
NATIONAL |
$542 |
$536 |
$6 |
1.21% |
671% |
CONTENTS INSURANCE – Average premium increases for $150,000 sum insured
|
State |
Contents only 2013 |
Contents only 2012 |
Difference |
Percentage |
Maximum Increase |
|---|---|---|---|---|---|
|
NSW |
$827 |
$866 |
($39) |
-4.48% |
140% |
|
QLD |
$723 |
$718 |
$5 |
0.71% |
174% |
|
VIC |
$655 |
$731 |
($76) |
-10.40% |
57% |
|
SA |
$580 |
$566 |
$14 |
2.56% |
154% |
|
WA |
$620 |
$605 |
$15 |
2.55% |
161% |
|
TAS |
$689 |
$471 |
$218 |
46.33% |
982% |
|
NATIONAL |
$687 |
$665 |
$23 |
3.39% |
982% |
BUILDING INSURANCE – Average premium increases for $300,000 sum insured
|
State |
Contents only 2013 |
Contents only 2012 |
Difference |
Percentage |
Maximum Increase |
|---|---|---|---|---|---|
|
NSW |
$925 |
$844 |
$80 |
9.53% |
90% |
|
QLD |
$830 |
$767 |
$63 |
8.22% |
42% |
|
VIC |
$518 |
$706 |
($188) |
-26.64% |
31% |
|
SA |
$620 |
$543 |
$77 |
14.25% |
32% |
|
WA |
$630 |
$578 |
$52 |
8.99% |
46% |
|
TAS |
$666 |
$537 |
$128 |
23.90% |
365% |
|
NATIONAL |
$709 |
$680 |
$30 |
4.39% |
365% |
BUILDING INSURANCE – Average premium increases for $500,000 sum insured
|
State |
Building only 2013 |
Building only 2012 |
Difference |
Percentage |
Maximum Increase |
|---|---|---|---|---|---|
|
NSW |
$1,108 |
$1,043 |
$65 |
6.23% |
70% |
|
QLD |
$1,111 |
$1,053 |
$58 |
5.49% |
52% |
|
VIC |
$744 |
$807 |
($62) |
-7.70% |
61% |
|
SA |
$760 |
$688 |
$72 |
10.52% |
64% |
|
WA |
$829 |
$770 |
$59 |
7.60% |
57% |
|
TAS |
$926 |
$729 |
$197 |
27.03% |
1170% |
|
NATIONAL |
$922 |
$858 |
$64 |
7.45% |
1170% |
Read our home and contents star ratings report for further information, and try our ?Compare home and contents insurance? tool to find outstanding value in your area.
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