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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 - 8pm, Mon - Fri (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.

Things you should know

View the Home and Contents Insurance Key Fact Sheets.

Home and Contents Insurance is issued by Westpac General Insurance Limited ABN 99 003 719 319 (except workers compensation cover where applicable). Westpac Banking Corporation ABN 33 007 457 141 distributes the insurance, but does not guarantee the insurance. This information does not take into account your personal circumstances. Read the Product Disclosure Statement (PDF 11MB) to see if this insurance is right for you.