We’ve summarised some of the discounts currently on offer to give you an idea of how much you could be saving.
Online discounts
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 may want customers to apply online because it can be a more efficient process, with fewer staff and less paperwork required.
Combined home and contents discounts
You may also be able to receive a discount for combining both home and contents insurance into one policy. Although some people may choose to get one or the other, if you’re after both and are willing to apply for your cover online, then you could save as much as 30% off your premium.
The table below displays the providers on our database that currently 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. Before applying for a policy, consider checking with the insurer to confirm the details of these offers, including any additional eligibility criteria or other conditions that may apply.
| Discounts On Home & Contents Insurance | ||
|---|---|---|
| Provider | Combined home and contents policy discount (%) | Online application discount (%/$) |
| 1300 Insurance | Up to 10% | Up to 10% (off first year’s premium) |
| 1st for Women | 15% (off first year’s premium) | 15% (off first year’s premium) |
| AAMI | Up to 10% | $50 off (if you buy home and contents insurance online), $25 off (if you buy home or contents insurance online) |
| Allianz Australia | Up to 10% | Up to 10% (off first year’s premium) |
| Apia | 10% multi-policy discount (includes combined home & contents policies) | Up to 15% |
| Aussie | Up to 10% | Up to 10% (off first year’s premium) if the policy you buy includes optional cover for accidental damage, flood, motor burnout and portable contents (if applicable) |
| Australian Seniors | 10% | Up to 20% (in addition to the combined policy discount of 10%) if you buy home and contents insurance online. This is made up of a 10% online discount for the first policy year and a 10% discount for Seniors Card holders, or a 5% discount for non-Seniors Card holders over 50 years old. |
| Australia Post | – | 30% (if you buy Gold Home & Contents Insurance online), 15% (if you buy Gold Home only or Gold Contents only online). This discount does not apply to policy renewals. |
| Australian Unity | – | Up to 10% (off first year’s premium) |
| Bank of Melbourne | 10% | 15% (off first year’s premium) when you obtain a quote and buy online with the promotional code COVER. |
| BankSA | 10% | 15% (off first year’s premium) when you obtain a quote and buy online with the promotional code COVER. |
| Bankwest | Up to 15% | – |
| BOQ | 5% | – |
| Budget Direct | 15% (off first year’s premium) | 15% (off first year’s premium) |
| Catholic Church Insurance | Up to 10% | Up to 10% (off first year’s premium), if the policy you buy includes optional cover for accidental damage, flood, motor burnout and portable contents (if applicable). |
| Coles Insurance | 15% | 10% |
| Commonwealth Bank | Up to 15% | – |
| CUA | Up to 10% | Up to 10% (off first year’s premium) if the policy you buy includes optional cover for accidental damage, flood, motor burnout and portable contents (if applicable). |
| GIO | Up to 15% | 10% |
| Guild Insurance | – | Up to 20% (if you buy home and contents insurance online), made up of a 10% discount for new applicants on their first year’s premiums and a further 10% ongoing discount for buying a combined home and contents policy. |
| HSBC | Up to 10% | – |
| Hume Bank | Up to 10% | Up to 10% (off first year’s premium) if the policy you buy includes optional cover for accidental damage, flood, motor burnout and portable contents (if applicable). |
| ING | – | Up to 30% (if you buy home and contents insurance online), up to 15% (if you buy home or contents insurance online). |
| Kogan Insurance | 10% (applies for the life of a combined policy). Kogan Insurance says you can also receive a $50 Kogan.com credit if you buy a combined policy. | Up to 10% discount off the first year’s premiums. |
| Mortgage Choice | Up to 10% | – |
| NAB | Up to 10% | Up to 10% (off first year’s premium) |
| National Seniors | Up to 10% | Up to 10% (on first year’s premium) if the policy you buy includes optional cover for accidental damage, flood, motor burnout and portable contents (if applicable). |
| NRMA Insurance | 5% (loyalty discount for new customers when you take out two eligible policies, with a combined home and contents policy counting as two policies). This discount may be larger if you have more policies with NRMA. | – |
| Ozicare | 15% (off first year’s premium) | 15% (off first year’s premium) |
| QBE | – | 10% using promo code 10HOME19 |
| RAC | 15% | $70 off first year’s premiums (if you buy home and contents insurance online), or $35 off (if you buy building or contents insurance online). |
| RACQ | Up to 13% (for owner-occupiers) | Up to a $75 discount (if you buy home and contents insurance online), a $50 discount (if you buy home insurance online), or a $25 discount (if you buy contents insurance online). |
| Real Insurance | 10% | 10% (first year only) |
| SGIC | 5% (loyalty discount for new customers if you take out two eligible policies, with a combined home and contents policy counting as two policies). This discount may be larger if you have more policies with SGIC. | – |
| SGIO | 5% (loyalty discount for new customers if you take out two eligible policies). This discount may be larger if you have more policies with SGIO. | – |
| St. George Bank | 10% | 15% (off first year’s premium) when you obtain a quote and buy online with the promotional code COVER. |
| Suncorp | – | $100 off (if you buy home and contents insurance online), $50 off (if you buy building or contents insurance online). |
| TIO | Up to 10% | – |
| Virgin Money | – | Up to 30% off the first year’s premium (if you buy home and contents insurance online), or 15% off the first year’s premium (if you buy home or contents insurance online).
You can also receive a $100 e-Gift card when you purchase a new eligible Virgin home and/or contents insurance policy by 30 September 2020. |
| Westpac | 10% | 15% (off first year’s premium) when you obtain a quote and buy online with the promotional code COVER. |
| Woolworths | Up to 10% (applies for the life of a combined policy) | Up to 20% off the first year’s premiums (if you buy home, contents or home and contents insurance online), made up of a 10% temporary promotional discount and a 10% online application discount. |
Information correct as at 06/07/20.
Note that you might not be eligible for some of these policies, depending on your circumstances, including which state or territory you live in. 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 in some cases. Be sure to read the full terms and conditions or contact the insurer before you apply for a policy.
Multi-policy discounts
You can potentially also get a loyalty discount by having multiple different types of policies held with the one insurer.
Just make sure you’re not being loyal for nothing – it’s a good idea to 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 different companies for your home, contents, car, life, health, and travel insurance.
Compare home and contents policies with Canstar
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. It’s important to take into account the quality of the coverage you’re getting for your money.
Canstar compares home insurance on price and features, to help you determine value. You can compare Home and Contents, Home Only, or Contents Only insurance policies on our website.
If you’re comparing home and contents insurance policies, the comparison table below displays some of the policies currently available on Canstar’s database for an Australian aged under 50, seeking cover in NSW or ACT for a cost to replace building and contents of below $550,000. Please note the table is sorted by Star Rating (highest to lowest), followed by provider name (alphabetical) and features links direct to the providers’ websites. Use Canstar’s home insurance comparison selector to view a wider range of policies.
This article was originally written by Dominic Beattie.
Main image source: GaudiLab (Shutterstock).
Share this article