The premium you pay can be influenced by a range of factors, including your location and the likelihood of a weather related or natural hazard event claim, the materials used to construct your home, your sum insured, when your home was built, the number and types of claims we receive and more. We’ve also recently introduced new third-party data sets to help estimate the probability and impact of a natural hazard event. You may have heard of this referred to as “technical” or “risk-based” pricing.
Part of the premium we charge also goes towards paying our own insurance premium for reinsurance. Another portion of your premium goes towards taxes and levies that we collect on behalf of Government agencies.
The above factors mean that many customers are seeing their premiums change at their next renewal. For example, customers that are in areas that are at a higher risk of storm, flood and/or earthquakes could pay higher premiums, and vice versa. We want to assure you that we’re here to help provide information about your policy options so that you can make decisions about the suitability of your cover for your insurance and budget needs.
You can find out more about what influences your insurance premium here. We also have more information available on how you can look at reducing your home premium here or contents premium here, if needed.
If you’d prefer to discuss your policy in more detail, please get in touch and our team will be happy to help.