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A premium is the amount you pay for your insurance and it's calculated based on the amount you insure your home or contents for (your sum insured) along with many factors about you, your home and contents. These are called premium factors. The premium factors we use reflect the likelihood of you making a claim together with other factors such as the cost of claims we’ve paid to other customers and claims we expect to pay in the future, changes in taxes, duties or levies along with our cost of doing business.

Factors that affect your premium include a combination of some or all of the following:

  • The address of the insured home or unit
  • The amount you insure your home or contents for (sum insured)
  • The type of insurance you have chosen (home, contents or both)
  • The level of cover you have chosen (Classic, Classic Extras or Platinum)
  • Any optional covers you have chosen
  • Construction material and other characteristics of the home or unit
  • Age of the oldest named insured
  • How the home or unit is occupied
  • The standard excess you choose.

For more detail, read our Home and Contents Insurance PED guide.