Skip to main content Skip to main navigation
Skip to access and inclusion page Skip to search input

Home insurance discounts, premiums and more

How can I reduce my premium?

There's no extra fee to pay monthly^, and you can save on your premium if you qualify for one or more of these discounts:

  • Combined policy discounts: Building & Contents
  • No claim discount
  • Having a Premier Advantage Package home loan

The cost of your premium is made up of a wide range of factors and some of your choices may also help reduce your premium.

Generally speaking, here's how your choices may affect your premium:

  • Choosing a voluntary claim excess. The higher the voluntary claim excess chosen, the lower your premium: $250, $500, $1,000, $2,000, $5,000
  • Choosing a lower level of cover e.g. the premium for Quality Care is less than Premier Care
  • Your home security features (contents premium):
    • Deadlocks, key operated window locks, security grills or bar
    • Local or back-to-base alarm.

Do I get a no claim discount on my policy?

You may be eligible to receive a no claim discount on your premium. If we agree to pay a claim, this discount will be reduced or removed at your next renewal date. If you’re eligible for a no claim discount at a subsequent renewal date, it will be reinstated.

Will my premium be higher if I pay monthly?

No, there's no extra fee to pay by the month^. Your annual premium will simply be divided into 12 monthly instalments. The first instalment may differ slightly to allow for the remaining 11 to be equal amounts. For example, if your annual premium was $853.90 which doesn’t divide into 12 equally, your first payment might be $71.25 followed by 11 payments of $71.15.

How are premiums calculated?

Your premium is made up of the amount you pay for your cover plus any applicable government charges and GST, which are shown separately on your policy schedule. Government charges differ in each state and may include stamp duty, a Fire Services Levy, and a State Emergency Service Levy.

The cost of your premium is based on a wide range of factors, including:

  • Your home's anticipated exposure to insured events, such as bushfire, storm, flood and theft, based on factors such as:
    • your home's location, your home's construction materials, e.g. double brick, timber,
    • your type of home e.g. apartment, freestanding house, strata title,
    • your home's year of construction,
    • security features, such as an alarm system, and
    • the oldest named insured’s date of birth.
  • Your level of cover, your sum insured and excess, and
  • the expected cost of claims and business expenses.

As these factors change over time, your premiums may increase or decrease.

Generally speaking, here’s how your choices may affect your premium:

Building and Contents:
  • The premium for Essential Care is less than Quality Care
  • The premium for Quality Care is less than Premier Care
  • An additional premium is payable if you add optional Personal Valuables cover
  • The higher the sum insured, the higher the premium
  • The higher the voluntary excess chosen, the lower the premium.
Personal Valuables:
  • The higher your sum insured chosen for a particular item or policy, the higher your premium
  • If you select a combination of specified and unspecified, the premium is the sum of both components.

Will I automatically receive a tax invoice at the end of each financial year?

No, but we’ll be happy to provide you with one – call us on 1300 650 255, 8am - 7pm Monday to Friday or 9am - 2pm Saturday (Sydney time).

What is a sum insured?

Your sum insured is the amount for which your building, contents, personal valuables and legal liability are covered – it will be shown in your policy schedule. You choose a sum insured for your:

  • Building
  • Contents
  • Any individual contents items you list
  • Any specified valuables you list
  • Choose your unspecified valuable sum insured from a range of options.

No matter what your sum insured, there’s a cover limit for a few contents items.

What is an excess?

An excess, or claim excess, is an amount you are required to pay before we pay your claim. Your excess details will be shown on your policy schedule.

Can I cancel my policy at any time?

If for any reason you’re not completely satisfied with your insurance policy, you can cancel it within 21 days from the date it’s issued and you'll receive a full refund. You can also cancel your policy at any time by calling 1300 650 255, and depending on your circumstances you may need to provide a written cancellation request. You’ll receive a refund of the premium amount for the remaining period of insurance, less an administration fee of $30, within 15 business days.

Read more

How much home insurance cover do I need?

When it comes to insurance, many of us undervalue our home and all the things we've collected over the years, so it pays to invest a little time in working out their value accurately and keeping it up to date. Knowing what to include in valuing your home and contents can help you determine the right amount of cover.


What is covered by my home insurance policy?

Insurance is really about confidence. You want to be sure you can get things back to normal, if the unexpected happens. Find out how you can learn more about your policy. 


Things you should know

^ Premiums payable by instalments may be subject to minor adjustments due to rounding, and financial institution transaction fees may apply.

Home and Contents Insurance is issued by Allianz Australia General Insurance Limited ABN 99 003 719 319, which is a corporate authorised representative of Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL 234708 (Allianz Insurance). Westpac Banking Corporation ABN 33 007 457 141 AFSL 233714 arranges the insurance under a distribution arrangement with Allianz Insurance, but does not guarantee the insurance. This information does not take into account your personal circumstances. Read the Product Disclosure Statement to see if this insurance is right for you.

By clicking on Get a quote you will enter a third party site hosted by Allianz. Any personal information you provide to Allianz’s hosted site will be collected, used and disclosed in accordance with Allianz’s Privacy Statement and Privacy Policy.

Westpac's Privacy Policy is available at or by calling 132 032. It covers:

  • How you can access the personal information Westpac holds about you and ask for it to be corrected;
  • How you can complain about a breach of the Privacy Act 1988 (Cth) or a registered Code by Westpac and how Westpac will deal with your complaint; and
  • How Westpac collect, hold, use and disclose your personal information in more detail.