New research shows hundreds of dollars can be saved by switching between home insurance providers without sacrificing cover.
The new research by Canstar shows the average Australian can save $819 dollars by making a change, but the amount varies in each state.
Queensland residents and Territorians can save more than a thousand dollars and West Australians can save more than $700.
Meanwhile, those in New South Wales can save $644, people in Victoria can save $593 and South Australia $553 can save between $500 and $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.
Canstar has awarded AAMI, Allianz, Budget Direct, Westpac and Youi as five-star options this year.
Economists like Dr Brendan Rynne also hope to see Australians switch and save because insurance is a key driver of high inflation.
“In some regards, we’re all being touched by high insurance costs, which is quite pervasive and significant across the country,” KPMG chief economist Dr Brendan Rynne said.
In just the last year the cost of home insurance has jumped 13 per cent or $286 on average.
Consumers have been told switching providers is one of the best ways to save money.
“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 said.
