How to find cheaper home insurance
Everyone wants cheap home insurance — but the real way to pay less isn't one magic insurer, it's a few deliberate moves. Here's what actually lowers the premium, grounded in real Cover Club quote data.
By Andre Lang · Home insurance savings expertSeven ways to pay less
No single trick makes home insurance cheap. Stacking a few of these is what moves the price — roughly in order of impact:
- 1
Compare every year
The single biggest lever. Loyalty rarely pays — insurers lift renewals quietly, so the same home is often quoted very differently across a panel. Comparing before you renew is the closest thing to a free saving.
Compare now - 2
Lift your excess
A higher voluntary excess lowers the premium. Just set it to an amount you could comfortably pay at claim time — the saving isn't worth a claim you can't afford to make.
- 3
Bundle building & contents
One combined policy is usually cheaper than two standalone ones, and most insurers add a multi-policy discount when both sit together.
Home & contents - 4
Get the sum insured right
Over-insuring quietly wastes money every year; under-insuring risks a shortfall at claim time. Insure the building for its real rebuild cost, not a round number.
How to value it - 5
Pay annually if you can
Paying monthly is convenient but often carries a small surcharge. If you can pay the year up front, it can shave a little off.
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Reduce the risk
Deadlocks, working smoke alarms and a monitored alarm can all lower the price with some insurers — and they're worth having anyway.
Cheap isn't cheap if a claim is declined
The fastest way to a lower premium is to buy less cover — and it's usually a false economy. Before you chase the lowest number, don't:
Underinsure the building
Setting the sum insured below the real rebuild cost saves a little now but can leave a large shortfall exactly when you need to claim.
Strip out cover you need
Dropping flood or accidental damage to save a few dollars can cost tens of thousands if the event you cut is the one that happens.
Buy on price alone
The cheapest premium isn't a bargain if the definitions, limits and excesses leave you worse off at claim time. Read the PDS, not just the price.
The goal isn't the lowest price — it's the lowest price for cover that still pays out. Comparing across a panel gets you there without cutting corners.
Compare in a few minutes
- 1
Enter your address
We pre-fill what we can about the property, so there's less for you to type.
- 2
Confirm a few details
Your sums insured, excess and the cover you want — the levers that actually move the price.
- 3
Compare across our panel
See competitive prices from a panel of insurers side by side, so you're not guessing what's fair.
- 4
Choose and you’re covered
Pick the value that fits; our brokers are here if you want a hand.
Cheaper home insurance FAQs
Why is my home insurance so expensive?
Mostly rising natural-disaster claims (floods, storms, bushfires), building-cost inflation lifting rebuild values, and higher reinsurance costs passed on by insurers. Premiums in disaster-exposed areas have risen fastest. None of that means you have to accept the first number you're quoted.
What's the best way to lower my home insurance?
Comparing across a panel before you renew is usually the biggest single lever, because the same home is often priced very differently by each insurer. After that: a higher excess, bundling building and contents, getting the sum insured right, and paying annually all help.
Does a higher excess actually reduce the premium?
Yes — raising your voluntary excess lowers the premium, because you're carrying more of a small claim yourself. Keep it to an amount you could realistically pay if you needed to claim tomorrow.
Is it cheaper to bundle building and contents?
Usually. A combined home & contents policy is generally cheaper than two standalone policies, and most insurers apply a multi-policy discount. Compare both ways to be sure for your home.
Does comparing insurers really save money?
It can make a real difference, because insurers price the same home so differently — the dearest quote on our panel is often well above the cheapest for identical cover. There's no guaranteed saving, and individual results vary, but comparing costs you nothing but a few minutes.
When should I review or switch?
At every renewal — that's when premiums tend to drift up. Diarise a comparison a couple of weeks before your policy renews, so you have time to switch if a better-value option comes up.
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