According to recent studies, changing house insurance companies can save hundreds of dollars without compromising coverage.
According to recent Canstar study, changing can save the typical Australian $819, however the exact amount varies by state.
West Australians can save more than $700, while residents of Queensland and the Territories can save more than $1,000.
In the meantime, residents of Victoria, South Australia, and New South Wales can save $593, $644, and $553, respectively, and $650 to $650.
“When you’re comparing home and contents insurance, it’s really important to keep a keen eye on price, but also make sure that you get the features that you need,” Canstar’s Sally Tindall said.
This year, five stars have been bestowed upon AAMI, Allianz, Budget Direct, Westpac, and Youi by Canstar.
Dr. Brendan Rynne and other economists want to see Australians move to saving because insurance is a major contributor to rising inflation.
“High insurance costs, which are quite widespread and significant across the nation, are affecting us all in some way,” stated Dr. Brendan Rynne, chief economist at KPMG.
The average cost of house insurance has increased by 13%, or $286, in the last year alone. It has been advised to consumers that one of the best methods to save money is to switch suppliers.
“Comparing and switching insurance providers is a couple of hours’ work, but if it’s gonna save you an average of $819 I think that’s a pretty good hourly rate,” Tindall stated.
