Why does shopping around for insurance have to be so difficult? Like many of us feeling the pinch of the rising cost of living, I was unpleasantly surprised this week to receive my home and contents insurance renewal. It had increased over 30 per cent.
Now, in my line of work I know a fair bit about insurance pricing, and was aware premium costs are rising steeply. Last year the Actuaries Institute found that the median increase in insurance costs Australia-wide was 28 per cent, and closer to 50 per cent in high-risk areas. Last year CHOICE magazine did a national survey of home and contents insurance, where 87 per cent of respondents reported their premiums had gone up with their most recent renewal notice.
