Household Insurance FAQs
How is my Home Insurance premium calculated?
In order to calculate your premium, we take various factors into consideration, some of which include:
- the sum(s) insured (replacement cost of your home and/or contents)
- the location of the insured home/contents
- the construction type of the home and the approximate year it was built
- the insurance and claims history of the owners
- the security devices fitted to your home
- the amount of excess you choose
- the optional covers you choose
- any applicable discounts
The information you supply determines the premium and applicable excess.
The premium (cost) is the amount you pay to obtain the insurance cover. The premium shown includes any compulsory government statutory charges, levies, duties and taxes where applicable.
How can I reduce my premium?
RACQ Insurance can help you to save money on your premium if you:
- are 55 years or over or hold a government issued Seniors Card
- combine your Home and Contents on one policy
- have three or more qualifying covers with RACQ Insurance (CTP and Body Corporate Insurance are excluded)
- choose a higher excess
We offer a range of excesses for you to choose from to make your premiums more affordable. The higher excess you choose the lower premium you pay.
RACQ Insurance also recognises and rewards RACQ members. If you are a RACQ Blue, Bronze, Silver, Gold or Gold50 member, you could receive a loyalty discount on your home and contents insurance premium.
Find out more about loyalty discounts for insurance.
When do I need to list contents items on my policy?
For most contents items, we will pay up to the sum insured. However, for some contents items there are limits. RACQ Insurance has the following contents limits:
- up to $2000 for each item or set, but not more than a total of $6000 for watches, jewellery and gold or silver artefacts (but not bullion)
- up to $2000 in total for cameras and camera accessories
- up to $2000 in total for movie or video cameras and their accessories
- up to $1000 each for hand woven rugs and mats
- up to $5000 in total for CDs, DVDs, audio and video tapes, records, computer discs, game cartridges and consoles
- up to $2000 for each item or set, but not more than a total of $12 000 for paintings, pictures, drawings, works of art, figurines, moulded objects, vases or curios (not being jewellery, gold or silver artefacts)
- up to $2000 in total for stamp collections and collector’s non-negotiable currency
- up to $2000 in total for collections, medals or memorabilia
If you have contents items worth more than these limits and you would like them to be insured for their full replacement value, you can list them with their full replacement value on your certificate of insurance. An additional premium will apply.
How do I determine the right level of cover for my home or contents?
It is important that you regularly check that your sum/s insured are adequate to meet your needs and that you would not be out of pocket in the event of a total loss to your property.
If you need help to determine your sum insured for replacement value for your building or contents cover you can:
- use our website Building Valuation Tooland Contents Valuation Tool
- visit one of our branches during business hours and ask for a copy of our valuation guide
- contact us anytime by phone on 13 1905 and ask for a valuation guide to be posted to you
