Have you thought to yourself “why are my premiums so high?”.
A premium is the amount you pay an insurer for insurance cover. Premiums are developed by insurers when deciding how much to charge an individual based on the risk and value of what they are looking to insure. The method to calculating premiums is complex. It is made up of factors including your insurance history and insurer statistics as well as external factors such as the economy, inflation, and natural disasters both locally and globally.
There’s a lot you can’t control when it comes to premiums. Whilst you can try your hardest to avoid the probability of needing to make a claim. You cannot control all possibilities.
Insurance House is finding many people are worried about the current rise in premium costs. With unpredictable situations constantly arising, such as bushfires and flooding across Australia, or Covid-19, insurance premiums are constantly fluctuating.
There are many contributing factors related to Covid-19 that have caused insurance premiums to rise over the past couple of years. A shortage of cars has resulted in the increase of car prices, which means increased premiums. Hybrid working agreements have meant an increase in cyber-attacks on businesses, which again results in increased insured costs. These are just two of many Covid-19 related factors that have resulted in an increase of costs, and furthermore a rise in insurance premium.
All these factors and more, are the answer to why your premiums have increased this financial year despite whether you as an individual or your business made a claim last financial year.
It’s safe to say, you are not alone if you are struggling this year. Insurance House are here to help.
Our professional brokers will have a quality conversation with you to find out all your needs, including your budget, and find the best quote tailored to your needs.
Don’t settle for being underinsured because you can’t afford the right coverage. Speak to a specialist today and find out how we can help.
Contact us today
Have a question? Speak to a professional broker, call us today on 1300 305 834 or enquire via our website contact form.
Cover is subject to the policy terms, conditions, and exclusions.
This information is general in nature. To read our general advice warning click here.
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