Why do home insurance premiums change?

Sum insured is the most you can claim for any one incident 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.

When your premiums are paid upfront annually it is usually cheaper. Should you choose to pay monthly, a high premium is usually charged.

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

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

Paying your premium in one lump sum (annually) is cheaper than paying by monthly instalments. By opting to pay for your policy with an annual payment you can lower the total premium you pay.

The amount you select as the sum insured for your home and/or contents, landlord and strata insurance, 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.

Customers living in a cyclone prone area (properties that are north of the Tropic of Capricorn and within 100km from the coast line – eligible location) can reduce their premium by taking certain mitigation measures to reduce damage to their properties if a cyclone occurs. Find out more about Cyclone Resilience Benefit. This benefit is not available on Strata insurance policies.

• Suncorp Insurance offers a multi-policy discount up to 15% if you insure three or more eligible paid personal insurance policies with us. These can be home, contents, car, motorhome, motorcycle, caravan and boat. A Queensland Compulsory Third Party insurance policy counts as an eligible policy, but the premium cannot be discounted. This discount is not available on Strata Insurance policies. Discount does not apply to Suncorp Roadside Assist, Suncorp Insurance Home Assist and Excess-free Glass optional covers. Taxes and charges are not discounted. View full terms and conditions.
• Suncorp Insurance offers up to a 6% discount on your home and/or contents insurance premium for your primary residence if you hold a Queensland Seniors Card. This discount is not available on Landlord or Strata insurance policies. Discounts do not apply to taxes and charges. This discount does not apply to Suncorp Home Assist or Excess-free Glass optional cover.

Discounts are also a significant factor that can affect your premium. The premium you pay for your insurance includes any discounts we have given you. Any discounts are usually 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 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.

To make changes to your policy, log in online to your account or give us a call on 13 11 55. Online changes are not available for strata insurance.