Aussie home insurance premiums soar by up to $700

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Australians are being slugged with record-high home and contents insurance bills, with average premiums jumping by as much as $700 in just one year.

New figures from Canstar show the average annual premium has risen from $2452 to $2795 — that’s a 14% hike, or about $343 more than last year.

But the pain really depends on where you live. Some states and territories have been hit far harder than others:

• Northern Territory: the steepest dollar jump — up $700 (17%) to a whopping $4814.

• NSW: the sharpest percentage rise — up 18% ($403) to $2613.

• Victoria: premiums climbed 17% ($341) to $2299.

• Queensland (excluding North QLD): up 16% ($431) to $3166.

• South Australia: up 17% ($287) to $1933.

• Tasmania: up 17% ($317) to $2155.

• WA: up 9% ($192) to $2224.

• North Queensland: the smallest rise — just 2% ($112) to $4624 (though still the priciest in the country).

The main culprits? Extreme weather disasters and soaring rebuilding costs.Claims from ex-Tropical Cyclone Alfred alone cost insurers $1.36 billion after more than 125,000 claims.

Canstar’s data insights director Sally Tindall said even though premiums are stinging households, skipping insurance altogether is risky.

“Even if you’re not in a high-risk weather region, emergencies like a burst pipe or an overflowing sink can be covered if they weren’t preventable,” she said.

Canstar found switching policies could save households up to $766 a year, with providers like AAMI, Allianz, QBE and Westpac flagged as offering some of the best value.

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