Originally published by Dominic Beattie, September 16, 2016
Want cheaper home insurance that still offers outstanding coverage and value for money? No problem. Canstar collects all sorts of data on home & contents insurance products, and this data includes information on discounts providers are offering to consumers if they sign up to one of their policies.
Canstar is here to help; we’ve summarised the discounts currently on offer from home & contents insurance providers to give you an idea of how much you could be saving.
Great online discounts available:
In this digital age, it seems to have become common practice for insurance providers to offer discounts to customers who buy or apply for policies online, rather than over the phone or in a branch. Insurers want customers to apply online because it’s a much more efficient process, with less staff power and paperwork required – thus lower overhead costs for the company. So they offer these online discounts as an incentive to encourage people to hop online.
Combined home and contents discounts
Another discount you can get is one for combining both home and contents policies into one. A lot of people choose to get one or the other, but if you’re after both, then you could save as much as 30% off your premiums.
The table below displays all of the providers on our database that offer these discounts – the majority of them offer both. The discounts are listed as the dollar amount or percentage you could save off the standard premium paid for a new policy.
Please note that the products displayed are based on building & contents cover for an under 50 policyholder in NSW and ACT worth less than $550,000.
|Discounts on home & contents insurance|
|Provider||building + contents policy (%)||Online application discount (%/$)|
|1st for Women||30%||15%|
|AAMI||10%||$50 (home and contents), $25 (home or contents), $5 (contents – fire & theft only)|
|Aust Seniors Insurance Agency||10%||10%|
|Bank of Melbourne||10%||15%|
|Guild Insurance||–||10% (for combined home and contents)|
|RAC||15%||Up to $70|
|RACV||10% (each when take out two or more RACV insurance policies)||–|
|SGIC||5% (if take out two eligible policies)||–|
|SGIO||5% (if take out two eligible policies)||–|
|St. George Bank||10%||15%|
|Virgin Money||30% (when you combine online)||15%|
Information correct as at 04/02/19.
Note that the Northern Territory and parts of Queensland and Western Australia might not be eligible for some of these policies. Also, some of these discounts might not apply to extra premiums for optional cover such as portable valuables cover. The discount may only apply to the first year of premiums. Be sure to read the full terms and conditions before you apply.
Happy that you can get good quality insurance for both your house, its contents, and maybe your car (or your life, health, etc.) in one place? You can potentially get a loyalty discount just by having multiple different types of policies held with the one insurer.
Just make sure you’re not being loyal for nothing – we always recommend that you shop around for the best value (in terms of both price and features) for each financial product you need. There’s nothing wrong with being insured with five different companies for your home building, contents, car, life, health, and travel.
But if you do find good value by being consistent, this article lists some of the multi-policy discounts that are available at the time of writing. This article is technically for car insurance, but most of the policies in there allow you to bundle home insurance too.
Keep in mind…
While discounts and bonuses sound great, keep in mind that a policy offering an online discount isn’t always better value than one without a discount or bonus. You’ve got to take into account the quality of the coverage you’re getting for your money.