Paying for home insurance
How can I pay for my home insurance?
You can pay your Budget Direct home and/or contents insurance premium by direct debit from your bank account, credit card, or debit card.
You can pay fortnightly, monthly or annually (the last option is the most economical).
Is it cheaper to pay my home insurance premium annually?
Yes - By paying annually instead of in instalments (i.e. fortnightly or monthly), you’ll pay a lower premium and avoid instalment processing fees.
When is my next premium payment due?
To find out when your next fortnightly or monthly instalment is due:
- Log into your online account
- View your home policy.
- Click on or tap the ‘View/Change Payment Details’ or ‘Payment Details’ button.
Can I delay a home insurance payment?
Yes – you can delay a fortnightly or monthly instalment by up to 14 days, for example if you get a new job and your pay cycle changes; or if you’re temporarily short of funds.
What if I miss a payment?
If you miss a premium payment, we’ll send you a friendly reminder.
To pay your overdue premium, you can:
- click on the link in the SMS we send you and follow the instructions; or
- log into your online account and follow the prompts; or
- contact us.
What happens if I stop paying my home insurance premiums?
If you stop paying your premiums, we’ll send you friendly reminders.
If your premium payment is overdue by 14 days or more, any claim you make can be refused.
If your payment is overdue by a month or more, your policy can be cancelled.
Experiencing financial difficulty? Please call us on 1800 182 310 to discuss your options.
How is the cost of home insurance – the premium – calculated?
There are lots of factors that can influence your Budget Direct home and/or contents insurance premium, including:
- sum insured – generally, the larger the sum, the higher the premium
- location – areas prone to severe weather or crime, for example, can attract higher premiums
- age and construction materials – the newer your house, for example, the less you’re likely to pay
- security features – usually, the more secure your home, the lower your premium
- who occupies your home – if you have tenants, you may pay a higher premium
- claims history – the more claims you’ve made in the recent past, the higher your premium is likely to be
- insurance excess – typically, the higher your excess, the lower your premium; and vice-versa
- optional covers – the more optional covers you have, the higher your premium is likely to be
- government charges, taxes or levies.
How can I get cheaper home insurance?
There are several ways you can reduce your Budget Direct home and/or contents insurance premium, including:
- Selecting the right level of cover: Our range of optional benefits means you don’t have to pay for cover you may not need, e.g. flood cover.
- Buying your policy online: If you get a quote and buy a policy online, you’ll receive a 15% (home or contents) or 30% (home and contents) discount on your first year's premium.
- Increasing your excess: Choose an excess between $100 and $5,000; by increasing your excess, you could lower your premium. Always choose an excess you’ll be comfortable to pay at claim time.
- Paying your premium annually: By paying annually instead of in instalments (i.e. fortnightly or monthly), you’ll pay a lower premium and avoid instalment processing fees.
Will installing a security system lower the cost of my home insurance?
If you have security devices fitted at your home, it may reduce your Budget Direct home and/or contents insurance premium.
This is conditional on you maintaining the security devices in good working order and activating them and removing keys from all locks before leaving your home unattended for any period.
