A premium is the amount you pay for your insurance and it’s calculated based on your sum insured (the amount you insure your home and/or contents for) along with many other factors including information about you, your home, and its contents. Collectively, these are called premium factors. We use these premium factors to reflect the likelihood of you making a claim. We also consider 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 Home and Contents Insurance 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/additional 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; and
  • the standard excess you choose.

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