Where do home premiums go?

Sum insured is the most you can claim for any one incident less any deductions that apply, unless stated otherwise in your relevant PDS. Repairs on high value homes also tend to cost more, resulting in higher premiums.

In some areas of Australia, natural disasters or severe weather events can happen more often and therefore, location can impact the premium more substantively. Certain areas with higher risk of theft, vandalism and other similar incidents will also affect the premium.

The materials used to build a home will affect the premium charges, in particular, the roof and wall materials as these are what protects a home from outside elements.

Excess is the amount you ordinarily have to pay for each incident when you make a claim. If you choose a higher excess, you may be out of pocket more when making a claim. A higher excess reduces our claims cost meaning we can reduce your premium. Higher excess means a lower premium, lower excess means a higher premium.

A premium may change depending on the total amount of claims we receive each year. If we receive more claims than expected, premiums can be impacted.

After we have calculated the amount to cover your insurance policy, any applicable stamp duty, GST, charge and levy is then applied. Government taxes and charges may change from time to time.

By increasing your excess it will lower your premium. However, decreasing your excess will mean you will pay a higher premium.

The amount you select as the sum insured for your building and contents will also influence your premium.

On renewal we also consider a range of factors that can influence the cost to rebuild the building and may choose to adjust the building sum insured shown on your certificate of insurance at the end of each period of insurance. This is to account for various factors including inflationary trends. However, at each renewal, you need to consider if the level of sum insured is sufficient for your situation and contact us if it is not appropriate.

We might offer you a discount for having more than one policy with us. Some policies are not eligible for a discount and whether or not we give you a discount can also depend on the combination of products you hold with us. To find out more about the multi-policy discount, please phone us on 13 50 50.

Discounts are also a factor that can affect your premium. The premium you pay for your insurance includes any discounts we have given you. Any discounts are usually calculated and applied before the application of government taxes and charges.

You should check your relevant policy documentation for information on discounts.

From time to time we might also offer discounts (such as a discount for quoting for and buying your new policy on-line) or some other special offer as part of a marketing campaign. If we do this, separate terms and conditions will usually apply. The amount and type of discounts that may be offered can change or be withdrawn. If you are eligible for more than one discount we usually apply any subsequent discount to the already discounted premium. Multi-Policy Discount does not apply to optional covers Personal valuables - unspecified items, Personal valuables - specified items, Apia Home Assist or Excess-free Glass cover (if available).

To make changes to your policy, log in online to your account or give us a call on 13 50 50.