Millions of Australians see rise in cost of home insurance

Millions of Australians are paying higher home and contents insurance premiums, according to Finder’s latest research.

The survey found that 60% of Australians, or 11.8 million people, have home and contents insurance. However, 63% of Australian home and contents insurance customers, or 7.4 million people, said their premiums have risen in the past 12 months. A further 14% of customers were unaware if their premiums had gone up, while more than one in five (22%) said their premiums were yet to go up.

Climate change is widening the gap in home insurance affordability.

“The best deals are typically offered to new customers when they sign up online,” said Finder insurance expert James Martin.

Despite the rising cost-of-living and insurance premiums, only 11% of home insurance customers have switched brands in the last six months, it stated.

Finder also advised customers to:

• Take advantage of sign-up discounts;
• Install home security because insurers like safe homes; and
• Increase the excess, the specified amount customers need to pay whenever they make a claim.