Steep Increase in Home & Contents Insurance

I’ve been with same insurer for 20 years (dumb, yes :).
Insurance premium has now increased to $2493 for
Home rebuild: $612,060
Contents: $30K
Excess: $200
on a double storey semi in Bondi with 2 small claims in last 5 years.
Does this seem reasonable?
Thanks in advance for observations.


  • +4

    Don't like it? shop around and move.

    Though no idea how a double story semi detached place in Bondi is going to get completly rebuilt for 600k if you ever needed that insurance, and 30k of contents seems pretty low also.

    • Thanks for your reply, @SBOB, I guess I should probably get a quantity surveyor’s report. Would you have any idea what this might cost? We did think that we would build a smaller house in the event of a shortfall although I seem to remember reading somewhere that the insurance company might then consider us underinsured and adjust payout accordingly. Would appreciate your thoughts.

  • +1

    What was the premium last year?

    I'd shop around if I were you. That's a bit much.

    • Thanks for your reply, @skid. Premium last year was $2120. Am in the process of shopping around.

  • +4

    There is no discount for loyalty, in fact since they think you wont move to another provider they are charging you even more relatively. Find a new provider.

  • +1

    Jeez and I complained about paying $2,013 for building insce of $1,213,000 and contents $193,000. Both $500 excess

  • +4

    Bondi with 2 small claims in last 5 years.

    That’s your answer!

    Or get quotes from else where to see what you should pay… plenty of online quotes.

    • +1


      2 claims in 5 years and a very low excess ($200, which encourages more claims) will ensure its costly to renew.

      What’s the bet these “small” claims still cost at least a couple of years premiums?

      OP just sounds like a bad customer for an insurance company to have. Hence the price increase.

  • +1

    Shop around they use blind loyalty as a means to gouge nowadays and hope you just pay and stay.

  • +1

    Insurance has gone up shit loads everywhere.. theres a few threads on here… some increases are insane

    but broker or ring around and sit on hold for hours.

  • +1

    I would have thought the contents of a house in Bondi would be worth about 10x that amount.

  • +1

    Try increasing your excess - how much are you prepared to stump up if things go wrong? Higher excess = lower premium. I have $500 excess on contents and $1000 on building.

    But check that contents amount also. Surely that wouldn't even cover the replacement cost of the big ticket items, and when you start adding in contents of kitchen cupboards and drawers, wardrobes, bookcases, linen closet etc you're going to find you're woefully under insured.

  • Thanks, everyone for all comments. I accept the consensus that contents are underinsured, haven’t raised it as we’re finding it difficult to meet premiums at present. Appreciate your input very much ☺

  • Interesting article on insurance companies penalising loyalty.…

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