Home Insurance Value

'Reporter: Damien Hansen

Premiums for home and contents insurance have risen 17 per cent in the past year and we've been warned to expect further increases.

Providers are seeking to claw back losses from severe weather events such as the Queensland floods and the Victorian bushfires, estimated to have cost the industry $1.7 billion.Looking harder at your home and contents insurance policy can save you heartache and money.Steve Mickenbecker, Canstar Cannex: " Don't just assume that renewing every year with your existing insurer is the way to go. Shop around, go to Canstar Cannexwww.canstar.com.au/, find 4 and 5 star products, then go and get a quote and read the policy. Don't be lazy, understand exactly what you are being paid for and make sure your being covered."

On home and contents insurance some companies provide outstanding value."In straight insurance straight building cover it is AAMI, and ANZ did exceptionally well. Both of them actually have protection for the under insurance piece so they protect the insurance from themselves, so it is a good service they provide."

"Australian Unity and QBE are both really strong products across the board. They've got all of the inclusions you need in contents and provide the cover at the right price. So they are strong offerings provide good protection and really for covering your contents that is all you are doing its good cover strong cover."Most of us bundle our home and contents, Steve warns this is not necessarily the cheapest option.

"When you bundle your policy there should be a discount but don't assume there is a discount for taking both sets of cover together, but there should be a discount. So yeah, do your homework separating the two, but the chances are you will do better by bundling, but not necessarily, don't make the assumption."For combined home and contents insurance, Cannex rated the Commonwealth Bank and CGU as the best value for money.

"Both provided full building cost protection, that is if you are under insured you've been honest and fully divulged, then they are protecting you from that under insurance risk.""Commonwealth offer things like protection of your assets while you are overseas. CGU offer protection of outdoor assets. So there are all sorts of benefits that they provide and they are both strong offerings that they have."