Your premium is calculated based on your sum insured (the amount you insure your home and/or contents for) along with many other factors, including:

• your circumstances
• your home and its contents
• 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/additional covers you have chosen;
• construction material and other characteristics of the home or unit;
• the age of the oldest insured person on your policy;
• how the home or unit is occupied; and
• the standard excess you choose.

Collectively, these are called premium factors. We use these premium factors to estimate the likelihood of you making a claim. We also consider other factors such as the cost of claims we’ve paid to other customers, claims we expect to pay in the future, changes in taxes, duties or levies, and our cost of doing business.

For more detail, read our Home and Contents Insurance Additional Information Guide (AIG).