Managing your home insurance

Yes, it is important you tell us about changes to your home security – whether that’s been the installation of more security, or the reduction in your security features. It’s equally important that you properly maintain any security equipment you have told us about.

If you are simply working remotely from a home office, you do not need to tell us.

However, if you start using any part of your home for a business, trade, or profession, you must inform us. This is important because:

• Certain items and stock used in a business, trade, or profession are not covered under Contents Insurance
• Not informing us could affect your cover

We are committed to supporting customers within the bounds of our insurance expertise. Additional support options are listed on our Customer Assistance page.

When you update your policy details, your premium can change.

This is because your premium is based on many factors. A change to any of these – for example, increasing your Sum Insured or changing your address – can lead to a new premium calculation.

How this affects your payments:

• If you pay annually: We will charge or refund you the difference for the remainder of your policy term.
• If you pay by instalments: We will adjust your future instalment amounts.

After you make a change, we will send you updated policy documents confirming the new details and premium.

When your policy is due for renewal, some details cannot be changed directly in Policy Manager. These are usually indicated by a padlock symbol.

This is often because these changes require a more detailed review.

For help to update these details, please contact us.

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).

To find out when your next fortnightly or monthly instalment is due:

1. Log into your online account.
2. View your home policy.
3. Click on or tap the 'View/Change Payment Details' or 'Payment Details' button.

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.

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.

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.

When calculating the cost of your insurance premium a number of different factors are taken into consideration. The information we collect about these factors may come from the questions we ask you and other sources.

The premium calculation takes into account factors such as:

• all relevant government charges, taxes, and levies
• any optional covers you choose
• any previous claims
• people who live in your home
• the amount of your excess
• the location and characteristics of your home
• the security features you have
• your nominated sum insured
• any discounts that may apply
• whether you choose to pay by instalments or yearly
• the cost of claims we have paid to other customers and claims we expect to pay in the future
• our cost of doing business and other commercial factors.

In addition to these examples above, when renewing your policy, the premium on your renewal offer can also take into consideration factors such as:

• changes to your circumstances, including any claims made
• any amendments you have made, or changes to your sum insured
• external factors such as changes to labour, materials, and reinsurance costs
• any discounts, including those that were previously applied that no longer apply
• last year's premium amount
• changes in applicable government charges, taxes, or levies.

There are several ways you can reduce your Budget Direct home and/or contents insurance premium, including:

• Tailoring your policy: Based on your insurance needs, you may want to consider removing any optional covers you no longer need.
• Buying your policy online: If you get a quote and buy a policy online, you'll receive a 15% (home or contents) or 30% (combined home and contents) discount on your first year's premium.
• Increasing your excess: 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.