How to Read a 'Deal' Properly
Most home insurers run some form of ongoing sign-up offer — a percentage off your first year, a fixed dollar discount, or a cashback via a comparison site. These are genuine savings, but they're front-loaded: the discount usually applies to year one only, and the renewal premium often resets to the full rate (or higher) without the same offer attached.
What to Check Before You Chase a Discount
- Is the discount a percentage off the premium, or a flat dollar amount — the percentage matters more on a higher-cost policy
- Does the discount apply only to the first year, and what happens to the price at renewal
- Is the underlying policy actually comparable in cover, sum insured and excess to what you're currently quoted elsewhere — a bigger discount off a worse policy isn't a better deal
- Are there conditions, like requiring you to bundle with another product (car insurance, home loan) to unlock the rate
The Renewal Trap
Canstar's research consistently shows that switching from a higher-priced to a lower-priced policy can save meaningfully more than staying loyal to a single insurer through renewal after renewal — because new-customer pricing is usually better than loyalty pricing across the industry. Re-quoting at renewal each year, rather than auto-renewing, is the single most reliable way to actually capture ongoing 'deals' rather than just the first one.
This page is for educational purposes and isn't personalised financial advice. Premiums, terms and eligibility vary by insurer, state and individual circumstances — always check the Product Disclosure Statement (PDS) before buying.