As the age-old saying goes, you should always expect the unexpected. Insurance is an important part of protecting your family, your home and your possessions – it’s a way to help make sure you’re as prepared as possible for the unexpected.

But if you’re looking to free up some cash, there are some ways you could help reduce your insurance premium.

1.  Consider a higher excess

The excess is the amount you’ll have to pay when the insurance company agrees to pay your claim. If your excess is $500, for example, and you choose to increase it to $1,000, your insurance premiums will likely decrease but you'll have to pay more should you have a claim accepted.

Speak to your insurer to see how much an increase in excess would impact your premium to help decide if this option suits you. You need to be sure you can afford the excess if the unexpected does happen.

2.  Review the contents listed

The value of your insured items may have changed since you took out your policy. List out all the items to make sure you have an accurate estimation. There are online calculators available to help so you don’t end up overestimating or underestimating your insured amount. If you’ve overestimated, reducing the sum insured may reduce your premium.

3.  Combine policies

Some insurers offer discounts when you combine different covers under the one insurance policy. For example, if you have building and contents cover on the one policy you may be eligible for a combined policy discount. Speak to your insurer to see if they can offer you a deal for combining cover.

4.  Do your research

Different insurers have different offerings, so it’s important to be familiar with what’s available in the market and make sure you have the policy that’s best suited to your needs. Thinking about what events you want to be covered for and the amount of cover you’ll need should one of these events occur, can help you narrow down your options.

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Things you should know

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice.

Home Insurance is provided by CommInsure, a registered business name of Commonwealth Insurance Limited ABN 96 067 524 216 AFSL 235030 (CIL). CIL is a wholly owned non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124 (The Bank). The Bank does not guarantee the obligations or performance of CIL or the products it offers. Where we refer to 'we', 'us' and 'our', we mean CIL. As this information has been prepared without considering your objectives, financial situation or needs. You should, before acting on this, consider the appropriateness to your circumstances.

A Product Disclosure Statement is available at all Commonwealth Bank branches, by downloading them from or by calling 13 2423 and should be considered before making any decisions about this product. You should also read the Home Insurance Key Fact Sheet, Financial Services Guide and Privacy Policy which are also available by calling 13 2423.