How much does home contents insurance cost per month?
You’re planning to purchase home contents insurance. It’s not that easy to find the right policy. That’s because there are many insurers that offer this type of coverage, often at different premium rates. It’s important to understand the costs of home contents insurance so you can make an informed decision.
How is the premium for home contents insurance calculated?
The premium for home contents insurance varies from person to person. This is because the premium depends on a number of factors:
- The insured amount (the higher the amount, the higher the premium)
- The selected coverage (the higher the coverage, the higher the premium)
- The deductible (the higher your premium, the greater the discount on your premium)
- Location (insurers charge a surcharge in major cities)
How do I calculate the value of my household goods?
Are you looking to take out a new home contents insurance policy? Or has something changed with your current policy? If so, you’ll need to calculate the value of your household belongings. You can use a handy tool called the household contents value calculator. It will provide you with an estimate of the value of your household belongings, which you can then share with your insurer. Using this tool also ensures you’re protected against being underinsured.
Want to get home contents insurance? Calculate your premium!
Do I have to pay the premium monthly?
You can choose to pay your home contents insurance premium monthly. Most insurers also allow you to pay the premium quarterly, semi-annually, or annually.
Is there a big difference between insurers in terms of the cost of home contents insurance?
When comparing premiums from different insurers, keep in mind that you’re not comparing two different things. You can only make an accurate comparison if the policies are comparable in terms of content and coverage. We work with various insurers and can help you find the right premium. You can reach us by calling 088 – 688 3700, or you can calculate your premium yourself using our handy tool.
Can my home contents insurance premium be adjusted during the policy term?
Every year, all insurers review their total claims expenses and compare them to their total premium income. If claims expenses exceed premium income, the insurer may raise your premium. These premium adjustments take effect on the contract expiration date.
Your home contents insurance premium may also change if there is a change in your current situation, for example:
- You're moving
- You have the insured amount adjusted
Such changes can increase or decrease the risk for the insurer. This can therefore affect your premium.
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