Disclaimer: This information is general in nature only. While Budget Direct has endeavoured to ensure the information we’ve relied on is accurate and current, we do not guarantee it. Budget Direct accepts no liability for this information.

While you may not know how to minimise costs on your home insurance, there are ways that you can save. Understanding how each factor, from installing home security to adding optional benefits, can reduce overall costs and help ensure that you’re getting the most out of your home insurance policy.

Consider the area you’re buying into

Whether you’ve settled into your current home or are looking to move into a new area, it’s safe to say that where you live contributes to your insurer’s proposed premium.

Different suburbs may pose a higher risk for events like flooding, bushfires, and burglary which can then lead to higher premiums overall. So when you are looking to move, make sure you consider each suburb very carefully.

Find out how safe your postcode is from property crimes with our Safe Suburbs Map.

Estimate the value of your home and contents accurately

Accurately estimating how much it would cost to replace your home and contents if they were damaged or destroyed will help you determine the right amount of coverage.

If you overestimate the sum insured then you may end up paying more for your insurance. However, if you underestimate then this can leave you underinsured and paying tens of thousands of dollars out of pocket for repairs and replacements for your home and contents.

To help estimate the cost of replacing your home and contents Budget Direct has several Home and Contents calculators that are free to use.

Install safety features and home security

A secure home can also potentially lower your premium. Installing a home security system including alarms, cameras, and deadlocks for your doors and windows, will help to make your home safer and more secure.

If you tell us that your home is protected by security devices then you’ll need to keep them in good working order. When your home is unattended, activate the security devices and remove keys from all locks in your home before you leave.

Choose your cover wisely

Choosing a type of cover will mostly depend on your circumstances.

For instance, if you’ve just bought a new home then you can purchase home insurance before settlement or once the contract has been signed. You can then add contents cover to your existing policy once you’ve moved in. Or, if you already own your home then you can purchase a combined home and contents insurance policy.

And if you are a renter and want to protect the items you keep inside your rental property, then you’ll only need to get a quote for contents insurance.

Increase your excess

The excess is what you pay your insurer towards each claim you make on your home and/or contents insurance policy. Electing to increase your excess may ultimately reduce your insurance premium. However, this also means that you would need to pay a higher excess in the event of a claim.

Remember, in some circumstances, there may also be additional excesses that can apply.

Pay your premium annually

Paying annually instead of by instalments (fortnightly or monthly) will help you pay a lower premium and avoid any administration fees. While this option may not be suitable for all insurance customers, it may be worth it to those who can afford a one-off payment.

Combine your insurance covers

With Budget Direct you can combine your Home and Contents policies and receive 30%^ off (15% Combined + 15% Online) on your first year’s premium for a new policy purchased online

Additionally, if you hold two or more insurance policies with us, you’re invited to become a Budget Direct Rewards customer, which gives you full access to exclusive offers and discounts across popular brands in travel, accommodation, shopping and much, 

Select the right level of cover

When purchasing home insurance, you’ll want to figure out which optional benefits you need most. Choosing a benefit may not necessarily lower the cost of your home insurance, but it will help protect your home should the unforeseen happen.

As part of Home and Contents Insurance Budget Direct also offers optional covers:

  • Flood Cover
  • Accidental Damage
  • Personal Effects Cover

Please check the Product Disclosure Statement for more information.

Buy your first year’s premium online

If you’re an existing customer with Budget Direct you can get a discount on your first year’s premium for a new policy purchased online. To qualify for our 30%^ discount on a Home and Contents policy or a 15%^ discount on a Home and/or Contents policy you must start your home insurance quote online.

How do our home insurance prices compare?

Compared to other insurance providers, our customers nationwide told Budget Direct that they saved an average of $ when they switched from a comparable policy to our Combined Home and Contents Insurance, $ for Home Only and $for Contents Only.

Ready to save? Find a level of cover that suits you and start saving with Budget Direct Home Insurance. Get a quote today.