The money you pay us to insure your property is called a premium. By paying your premium, you’re contributing towards a shared pool of funds that helps to pay claims. It’s also used for expenses - such as staff, office space and other things that keep our business going.
We consider each policyholder’s circumstances to determine their likelihood of making a claim. That’s how we make sure each policyholder’s premium makes a fair contribution to the shared pool of funds.
We’ll base your premium on your circumstances, the cover you’ve chosen, your likelihood of making a claim, and the potential cost of the claim. That’s how we make sure each policyholder’s premium reflects what we believe is the likelihood to make a claim. To work out how much it will cost to provide insurance for your home or contents, or both, we use various data sources. We’ll also ask you specific questions. Your answers are important, and all our customers have a duty to not make a misrepresentation.
To calculate your premium, we use a number of risk factors. Some of the key risk factors to determine your likelihood of making a claim include:
You can review your sum insured by using Home Insurance calculators or Landlord Insurance calculators.
Remember, it’s important to give us accurate information about your property to make sure your insurance cover is appropriate for your home.
When you update your home insurance policy, your premium may change. For example, increasing your cover because you’ve purchased a new TV or listing expensive jewellery on your policy will usually increase your sum insured.
Your sum insured is the maximum amount your policy will pay for a covered loss. When you increase this amount, your cover and premium also increase to reflect the higher level of cover.
Other factors beyond your control may also affect your home insurance premium including:
This article has been prepared by Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL234708 ("Allianz"). In some cases, information has been provided to us by third parties and while that information is believed to be accurate and reliable, its accuracy is not guaranteed in any way.
Any opinions expressed constitute our views as of April 2024 and are subject to change. Neither Allianz, nor its employees or directors give any warranty of accuracy or accept responsibility for any loss or liability incurred by you in respect of any error, omission or misrepresentation in this article.
Any advice here does not take into account your individual objectives, financial situation or needs. Terms, conditions, limits, and exclusions apply. Before making a decision about this insurance, consider the relevant Product Disclosure Statement (PDS)/Policy Wording and Supplementary PDS (if applicable). Where applicable, the PDS/Policy Wording, Supplementary PDS and Target Market Determination (TMD) for this insurance are available on this website. We do not provide any form of advice if you call us to enquire about or purchase a product.
Allianz Australia Insurance Limited ABN 15 000 122 850 AFS Licence No. 234708 is the insurer of any general insurance products offered, and Allianz Australia Life Insurance Limited ABN 27 076 033 782 AFS Licence No. 296559 is the insurer of any life insurance products offered. Each entity is responsible for any statements and representations made about its products, on this website.
