Natural disasters and the impact on Home Insurance

As most Australians will be aware, there have recently been many natural disasters and extreme weather events in our part of the world.

To ensure we can continue to give you quality cover, we’ve had to pass on some of the extra cost of reinsurance. This has contributed to an increase in premiums.

We understand any cost increase affects your household budget and provide ways for you to lower your premium, wherever possible.

Choose a higher excess for your policy

This means you’ll pay a higher excess if you need to claim, but your premium will be lower in the meantime.

Your insurance renewal documents will show two excess options so you can select the one that suits you best.

Our Premium, Excess & Discount Guide tells you more.

View guide

Check the discounts you’re entitled to

To help you save, we offer: Loyalty Discount and No Claims Bonus1.

See discounts

Use our home value calculators

Do you know what it would cost to rebuild your home and replace all your items? It’s important to regularly check that you have the right amount of cover for your needs.

Estimate the value of your home buildings and contents with our easy to use calculators2.


Why insurers need reinsurance

Reinsurance is insurance cover for insurers. It helps to make sure an insurance company has enough money to pay claims if many of its customers are affected at the same time by a major natural disaster.

The Australian Government, through its regulatory body the Australian Prudential Regulation Authority (APRA), requires insurers to report on and regularly review their reinsurance arrangements to ensure these meet current consumer protection guidelines.

Things you should know

1 Any applicable discounts may be subject to minimum premiums. Discounts only apply until a minimum premium is reached. When we determine your premium on renewal, we may also limit any increases or decreases in your premium by considering factors such as your previous year’s premium amount. You may not save more with more eligible policies and by staying with us longer if a minimum premium is reached, or we have limited increases or decreases in your premium.

2 Building and contents calculators are provided by CoreLogic and should only be used as a guide. These calculators' estimates may be different than estimates you get during your quote. We do not guarantee the accuracy and currency of the estimates.