How To Pay Less For Home Insurance

20 Mar 2022

While we all know that home insurance is a necessary evil for anyone who owns property, are there hacks available to pay less on your annual premiums?


One of the many responsibilities that come with property ownership is home insurance. While policies range anywhere from being a basic protection to right up into thousands of dollars in premiums, there’s a wide variety of factors that go into how much you should be paying for these kinds of policies. 

However, it’s also important to remember that insurance providers are ultimately run as businesses. Like many other brands of this scale, insurers not only want to attract new customers, but to retain their existing ones as well. If you’re looking to pay less on your home insurance premiums, the good news is that there are plenty of ways to do so. 

Five Ways To Save Money On Home Insurance 

For the unfamiliar, home insurance is an umbrella term that encompasses three variations of cover. Home and contents insurance is arguably the comprehensive choice, and protects your house and other structures on your property as well as your belongings for loss or damage due to events like fire, theft and storms. 

In contrast, home insurance covers your house and other structures on your property, including your garden shed, fences, and in-ground swimming pool, while contents insurance covers the belongings inside your home, such as furniture, whitegoods, electrical appliances, clothing, and more.

Ultimately, the level of protection you opt for is up to you. However, like almost all insurance policies, the more items you wish to cover, the more you can expect to pay. For property owners looking to have the best of both worlds, there are a number of tips and tricks to deploy as a means to pay less on home insurance without sacrificing your level of cover. 

Increase Your Excess – Just like car premiums, making a claim on your home insurance policy usually means paying an excess. The way an excess works is that the higher the excess, the lower the premium. If you’ve never had to make a claim before and have access to funds for a higher excess, consider giving this a boost to pay less on a day to day basis. 

The Right Value –  If you overvalue your contents, you’ll be paying more than you need to for your home insurance premium. However, if you undervalue your contents, you could be caught short in the event that you need to make a claim. To keep your estimates accurate and your premium low, keep digital records of as many receipts as you can.

Install Home Security – Many property owners are often surprised to learn that installing a home security system can be a way to pay less for home insurance. Although this stance does vary depending on the provider, adding things like alarms, cameras, and deadlocks will help to make your home more secure and therefore less likely to have theft related claims. 

Combine Policies – On occasion, insurance providers have been known to reward loyalty. Your household might have a number of insurance policies linked to car, health, and home and contents, so consolidating these to the one operator may provide the opportunity to unlock percentage based discounts on the premiums. 

Pay Annually – Instead of opting for fortnightly or monthly installments, paying your home insurance annually can help you pay a lower overall premium and minimise your exposure to administration fees. While this option may not be suitable for all homeowners, it may be worth it for those who can afford a one-off payment each year. 

Considering the recent weather events that many parts of Australia have grappled with, home insurance is currently in the spotlight for consumers from all walks of life. If it’s been awhile since you’ve taken the time to read over the fine print, there’s never been a more appropriate climate to do so. While you’re at it, don’t be afraid to negotiate with your current insurance provider to secure a lower premium – at the end of the day, there’s nothing worse than a customer jumping ship elsewhere. 

How To Save Money On Your Monthly Bills

Kyco is a member based buying group that ultimately aims to save Australians money on their energy, health and insurance bills. The more members we have, the more negotiating power we have to arrange low, long-term deals with service providers.

Kyco doesn’t play one provider off against another taking commissions of up to 30% like most comparison sites. Instead, we’re leveling the playing field with a low 3% capped commission. It’s free to become a member, and with no lock in contracts or unexpected price hikes, spending less on your annual bills has never been easier. 

To be amongst the first to revolutionise how much ordinary households should be paying for bills, join us today and help make the cost of living more sustainable for everyday Australians.