You may have noticed an increase in your premium. We'd like to walk you through some of the reasons why this may happen, and show you how you can get the most out of your NRMA Insurance policy.
The insurance industry is experiencing challenging market conditions, which has had a knock-on effect for insurance costs. Let's look at some of the major reasons for the increase:
Rebuilding costs and inflation
Material and labour shortages and inflation are putting ongoing strain on the building industry. This includes the cost of skilled tradespeople and the fact that raw materials are dearer and harder to find – making the costs to rebuild more expensive.
Contents repair and replacement
Supply issues, shipping delays and the global shortage of computer chips and other components of many white goods and appliances mean it’s costing more to replace and repair contents items.
Extreme weather events
Weather events like bushfires, floods and storms are happening more frequently and severely. This increases the level of insurance risk alongside rising costs associated with managing claims, like the cost of skilled trades and raw materials needed to repair and rebuild.
Are your policy or payment details out of date? You can log in to your online account to check what you're covered for or call us to update your policy details.
Renewal time is a great opportunity to check your cover still suits your needs and budget. You can also do this anytime during the term of your policy. Here's a few tips to help you stay in control of your policy.
Consider your excess
A higher excess may reduce the premium you pay upfront – but remember, this is the amount you'll contribute towards a claim if the time comes.
Sum insured
Make sure you're insured for the right amount it would cost to rebuild to avoid being underinsured. To estimate the value of your home buildings and/or contents we have calculators that can help1.
Valuables listed
You may have some valuable items listed on your policy that you no longer own. Keep your assets list up to date to make sure you're not paying for more than you need to.
Update your details
It's worth double-checking your property details are accurate. If you've done renovations like adding a second storey or a pool, it can affect your building sum insured and your premium.
