Home insurance premiums almost double in northern Australia, Mozo research finds
Following the federal government’s announcement of a new $10 billion reinsurance pool, Mozo has done the maths on what the current situation is for residents of northern Queensland, the NT and northern parts of WA.
Shockingly, statistics Mozo gathered in 2020 show that residents in northern Australia could be quoted as much as $4,675 per year for home and contents insurance. This is compared to an average quote of $1,908 per year for the rest of Australia.*
That means on average, residents of northern Australia could be paying more than $2,000 per year for home insurance than the rest of the country!
Mozo used 160,000 quotes from 44 different insurance companies for properties in northern Australia to work out these averages. Northern regions covered included the Pilbara, Rockhampton, the Kimberley, the Northern Territory, tropical north Queensland, Mackay and central Queensland.
Much needed reinsurance pool
Mozo spokesperson Tom Godfrey says taking out home and contents insurance in the Top End is a costly business. He says premiums are going through the roof, as insurance providers factor in risks such as floods and cyclones.
“The government’s announcement that it will establish a reinsurance pool backed by a $10 billion government guarantee is welcome news for homeowners up north, who have been battling significantly higher premiums than the rest of the country,” says Godfrey.
It is hoped that the pool will help mitigate risk for insurance providers in these areas and that this in turn will reduce premiums for residents.
Godfrey adds that with extreme weather events likely to continue hitting northern Australia, this latest move from the federal government will go a long way to helping many Australians gain access to insurance cover for their home.
Check for flood cover
Finally, Mozo’s research found that one in five home insurance policies do not automatically include flood cover. Instead it is available as an optional extra. On top of this around 75% of policies do not cover storm surge.
It is important to note this when taking out a home insurance policy, especially if you live in a flood prone area.
Want to see what policies are out there? Head to Mozo’s compare home insurance page to review what cover you could get for your home and contents today.
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Gold Comprehensive Car Insurance
- Monthly premiums
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- Young driver excess imposed
- $600 for drivers under 21, $500 for drivers under 24, $600 for unlisted drivers, $500 for inexperienced drivers.
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- SA VIC TAS NSW ACT QLD WA
Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement and the Target Market Determination on the provider's website for further information before making any decisions about an insurance product.
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- New car if written off
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- Rental car after theft
- Yes - Up to 14 days.
- Rental car after accident
- Not at fault - yes. At fault - Optional Extra. Up to 14 days.
- Windscreen cover
- Yes - standard excess ($0 excess for repair only). Option to reduce windscreen replacement excess to $0 for an additional premium.
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- Young driver excess imposed
- $600 for listed drivers under 25, $1,600 for unlisted drivers under 25.
- Roadside assistance
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- Other benefits
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- States where offered
- SA VIC NT TAS NSW ACT QLD WA
Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement and the Target Market Determination on the provider's website for further information before making any decisions about an insurance product.
Read our Mozo Review to learn more about QBE Comprehensive Car Insurance
Comprehensive Car Insurance
- Monthly premiums
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- Choice of repairer
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ROLLiN’ put their customers in the driver’s seat by offering great value comprehensive car insurance with no additional excess for young drivers. Zero cancellation fees, 24/7 claims support via phone and a policy paid monthly. Plus, you can list multiple cars and drivers under the one policy, as long as they fit the underwriting criteria
- New car if written off
- Yes - within 15,000km of original registration
- Rental car after theft
- Yes - Up to 21 days, max $80 per day after a covered event
- Rental car after accident
- Yes - Up to 21 days, max $80 per day after a covered event
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- Covered only if agreed in writing.
- Young driver excess imposed
- No additional excess for young drivers. $3,000 for unlisted drivers
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- Other benefits
- Optional benefit to boost the Single Car Value by 15%, it will be shown on your Insurance Certificate
- Other restrictions
- -
- States where offered
- SA VIC NT TAS NSW ACT QLD WA
Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement and the Target Market Determination on the provider's website for further information before making any decisions about an insurance product.
Read our Mozo Review to learn more about ROLLiN' Comprehensive Car Insurance
Comprehensive Car Insurance
- Monthly premiums
- Yes Costs Extra
- Choice of repairer
- Optional Extra
- Choice of excess
- $500 - $2,200
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Available discounts
- Online Discount $75
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Australia Post Comprehensive Car Insurance offers a broad range of coverage and includes cover for anyone who drives your vehicle. It also covers new car replacement if your recently purchased brand new car is written off within the first three years (provided it has travelled less than 60,000km). Save $75 on your first year's premium when you purchase Comprehensive Car Insurance online. T&C’s apply.
- New car if written off
- Yes - within 3 years and 60,000 km of original registration
- Rental car after theft
- Yes - Up to 14 days.
- Rental car after accident
- Not at fault - Yes. At fault - Optional Extra. Up to 14 days.
- Windscreen cover
- Yes - standard excess ($0 excess for repair only). Option to reduce windscreen replacement excess to $0 for an additional premium.
- Modifications
- Automatically covered.
- Young driver excess imposed
- $600 for listed drivers under 25, $1,600 for unlisted drivers under 25.
- Roadside assistance
- No
- Other benefits
- -
- Other restrictions
- -
- States where offered
- SA VIC TAS NSW ACT QLD WA
Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement and the Target Market Determination on the provider's website for further information before making any decisions about an insurance product.
Read our Mozo Review to learn more about Australia Post Comprehensive Car Insurance
Comprehensive Car Insurance
- Monthly premiums
- Yes Costs Extra
- Choice of repairer
- Optional Extra
- Choice of excess
- $400 - $2,500
- Agreed or market value
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Available discounts
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- New car if written off
- Yes - within 2 years and a listed driver is the first registered owner
- Rental car after theft
- Yes - Up to 14 days.
- Rental car after accident
- Not at fault - Yes. At fault - Optional Extra. Up to 14 days.
- Windscreen cover
- Yes - standard excess. Option to reduce windscreen excess to $50 for an additional premium.
- Modifications
- Covered only if agreed in writing.
- Young driver excess imposed
- Unlisted and aged 25 and over: $700, Unlisted and aged under 25: $2,000, Listed and aged under 25: $600
- Roadside assistance
- Yes
- Other benefits
- -
- Other restrictions
- -
- States where offered
- SA VIC TAS NSW ACT QLD WA
Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement and the Target Market Determination on the provider's website for further information before making any decisions about an insurance product.
Read our Mozo Review to learn more about Youi Comprehensive Car Insurance
*Mozo analysts reviewed product disclosure statements from 37 insurance underwriters in the Mozo database, on 8 October 2020. Mozo also conducted a Pureprofile survey of over 1,000 people between 23 January and 12 February 2020. Full results are available on request.
* Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement and the Target Market Determination on the provider's website for further information before making any decisions about an insurance product.
^See information about the Mozo Experts Choice Home Insurance Awards