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The SGIC Home Insurance Premium, Excess, Discounts & Benefits Guide should be read with the SGIC Home Insurance Product Disclosure Statement and Policy Booklet (PDS) Edition 3 dated 9 January 2012.
Home Insurance Premium, Excess, Discounts & Benefits Guide (PDF) effective for all policies taken out and renewing from 9 January 2012.
Home Insurance Premium, Excess, Discounts & Benefits Guide (PDF) effective for all policies taken out from 20 March 2011 and for policies renewing from 2 May 2011.
We provide two levels of cover in the PDS:
- Home - provides our standard level of cover
- Home Plus - provides a higher level of cover
For the complete list of guides, please find them at the bottom of this page or go to the Premium, Excess, Discounts & Benefits guide section 
Your insurance premium is based on the likelihood of a claim being made on your policy in the future. There are a number of factors we take into account when determining your premium.
We calculate your premium by combining the:
- pricing factors
- discounts
- policy options
- cost of choosing to pay by the month, and
- government charges.
Pricing Factors
Our experience shows us that there are a number of factors that are good indicators in determining risk, when calculating what your premium should be, for the cover we provide under the policy.
The following table contains the pricing factors we take into account to calculate your premium.
| Pricing Factors | Buildings | Contents |
|---|---|---|
| The level of cover you have chosen – for example Home or Home Plus |  |
|
| The address of your home | |
|
| The amount your buildings or contents are insured for (your sum insured) | |
|
| The age of the insureds | |
|
| How your home is occupied – for example, owner or renter | |
|
| The way you use your home – for example, residential or business use | |
|
| The construction materials of your building and roof | |
 |
| The year your home was built (see step 3 of How we calculate your premium) | |
|
| The type of alarm fitted to your home | |
|
| The basic excess amount you choose | |
|
Discounts
The following discounts are available depending on the type of insurance you have chosen:
- Linked Policy Discount
- Multi-Policy Discount
- Years of Insurance Discount
- No Claim Bonus
Policy options – for an additional premium
Buildings Insurance:
- Burn out of electric motors – fusion (automatically included with Home Plus)
- Accidental damage (automatically included with Home Plus)
- Pet lover's pack
Contents Insurance:
- Burn out of electric motors – fusion (automatically included with Home Plus)
- Accidental damage (automatically included with Home Plus)
- Valuable Contents
- Portable Contents
- Pet lover's pack
Cost of choosing to pay by the month
If you choose to pay your premium by monthly instalments you pay more than if you pay annually.
The extra premium you pay will be shown on your current Certificate of Insurance.
Government charges
Home Insurance policies are subject to stamp duty imposed by the state government in addition to GST.
| Government Charges | Home Insurance |
|---|---|
| GST | 10% |
| Stamp Duty | 11% |
How we calculate your Home premium
Step 1
First, we combine the pricing factors and the cost of any options you have chosen (except Burn out of electric motors – fusion).
Step 2
Once this amount is calculated, we work out any Linked Policy Discount, Multi-Policy Discount or Years of Insurance Discount that you may be eligible for and deduct them from the amount from Step 1.
Step 3
If your home is new, we work out any premium reduction that you may be eligible for and deduct this from the buildings premium amount from Step 2.
Step 4
We then work out any No Claim Bonus you may be eligible for and deduct this from the amount from Step 3.
Step 5
If you have both Buildings and Contents Insurance under the one policy, we add your buildings premium and contents premium together.
Step 6
Then, we add the cost of Burn out of electric motors – fusion if you have chosen this option (not applicable for Home Plus) and the cost of choosing to pay by the month.
Step 7
To the amount in Step 6, we add the GST.
Step 8
To the amount in Step 7, we add the Stamp Duty to work out the premium you need to pay.
If there is anything you don't understand about this SGIC Home Insurance Premium, Excess, Discounts & Benefits Guide, please call us on 133 233 or visit your nearest office.
Print or download this guide
SGIC Home Insurance Premium, Excess, Discounts & Benefits Guide (PDF) effective for all policies taken out and renewing from 9 January 2012.
SGIC Home Insurance Premium, Excess, Discounts & Benefits Guide (PDF) effective for all policies taken out from 20 March 2011 and for policies renewing from 2 May 2011.
SGIC Home Insurance Premium, Excess, Discounts & Benefits Guide (PDF) - Policies commencing 16/08/2010 to 19/03/2011
