Best of the Best 2024: Best-Value Home and Contents Insurance
Budget Direct has been named Money's Best-Value Home and Contents Insurance as part of the Best of the Best awards.
As fires and floods take their toll, strong coverage can help alleviate the worry
The cost of home insurance has soared 28% in the past year, according to the Actuaries Institute. Rather than abandoning cover, it makes a lot more sense to shop around for value - and that's where Budget Direct excels.
Jonathan Kerr, chief growth officer at Auto & General Holdings, which owns the Budget Direct brand, has been keeping track of the insurer's success.
"This is the third year in a row that Budget Direct has won Money's Best-Value Home & Contents Insurance award, but it's actually seven years out of the last eight that we have won the award."
How does Budget Direct deliver value? For starters, when you buy either home or contents cover online, you can save 15% on your first year's premium. Or combine the two to save a significant 30%.
The inclusions are the big surprise of Budget Direct's combined home and contents insurance. You're covered for temporary accommodation for up to a year if your house is damaged and unfit to live in. Also included is the removal of debris and extra rebuilding costs of up to 10% of your sum insured.
If your home is completely destroyed as a result of an insured event, and Budget Direct agrees to settle your claim as a total loss, up to $750 will be paid towards the legal and administrative costs of discharging your mortgage.
The sum insured amounts of your home and contents are automatically updated each year by Budget Direct in line with inflation.
Your premium will also be adjusted; however, it means your cover is more likely to reflect current replacement costs. This helps reduce the likelihood of being underinsured - when the value of your cover isn't enough to replace the items you're insuring.
It's one thing to have a great value policy. You also need to be confident that things will run smoothly at claim time. Kerr points out that Budget Direct has taken out an accolade at the Mansfield Awards, which recognise claims excellence across the Australian insurance industry.
"To win Money magazine's Best-Value award at the same time that Budget Direct has won the Mansfield Award for Personal Lines (Motor & Home) Claims Excellence really sets Budget Direct apart," says Kerr.
"Delivering best-value and claims excellence is what Budget Direct strives for, and why we are so proud to have insurance solved for millions of Australians."
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