Ways to save on home and contents insurance

Your home and contents insurance premium is calculated based on several factors, such as:

• the cover you choose
• your sum insured, and
• your location.

It’s important that your policy provides enough coverage for your home and belongings. This will help you avoid being underinsured if you need to make a claim. Reviewing your policy regularly will help you to take steps to ensure that your premium is exactly what it should be to meet your needs — and not a dollar more.

Buy your policy online

Suncorp offers a discount on Home and Contents Insurance when you get a quote and buy online.

Get a Home and Contents quote today

When you take out a policy with Suncorp, you can opt to pay your premium annually rather than monthly. Doing so means you’ll pay a little less in total.

Choose a higher excess

Typically, an excess is applied to insurance claims. The excess is an amount you pay or bear for each incident covered by your policy. Your excess amount will be listed on your certificate of insurance. That being said, you can choose a higher excess to pay less on your premium.

Make sure you consider which arrangement is most suitable for your circumstances. Though increasing your excess could reduce your premium, it will mean a larger out-of-pocket expense at claim time.

Combine your policies for a multi-policy discount

Suncorp Insurance offers a multi-policy discount (MPD) to customers that hold three or more eligible personal insurance policies. Eligible policies include:

• Home Building
• Contents
• Motor Insurance (car, motorhome, motorcycle and caravan), and
• Boat Insurance.

Compulsory Third Party (CTP) Qld counts as an eligible policy but the premium for it can’t be discounted. This discount does not apply to Suncorp Roadside Assist, Suncorp Insurance Home Assist and Excess-free Glass optional covers. View full terms and conditions.

Review your sum insured regularly

Your sum insured — the maximum amount you’ll be paid out if you make a claim — should reflect what it would cost to repair or replace your things if they’re damaged or stolen.

Getting into the habit of reviewing yours regularly also means you can specify new additions on your policy, like a bathroom reno, or big-ticket purchases like TVs and laptops. It won’t necessarily lead to a cheaper premium, but it will ensure you have the right level of cover — and help you avoid being underinsured, which is when your cover doesn’t accurately reflect the value of your home and belongings. Underinsurance can lead to greater costs for you, since the amount you’ll be paid out for a claim may not cover everything you need it to.

Check your details

It’s important to keep your policy details and contact information up to date to ensure your cover is accurate. Let your insurer know if:

• you’ve moved house
• someone has moved out of home, or
• your optional covers are no longer appropriate.

For example, moving into an area with a lower risk of bushfire or removing an optional cover you no longer need could reduce your premium.

If you’re a Suncorp customer, you can do all of this online. Simply follow these steps to change your details or adjust your optional covers.

Read more:

• What is underinsurance?
• Avoid underinsurance: What to consider when buying home insurance
• 10 tips to protect your home and contents 

Insurance is issued by AAI Limited ABN 48 005 297 807 trading as Suncorp Insurance. Consider the Product Disclosure Statement before making a decision about this insurance. The Target Market Determination is also available. This advice has been prepared without taking into account your particular objectives, financial situations or needs, so you should consider whether it is appropriate for you before acting on it.