Homeowners in Australia face rising home insurance premiums every year due to increased property values, inflation, and frequent natural disasters such as bushfires, cyclones, and floods. Finding a home insurance provider that offers long-term discounts can help you reduce costs and maintain comprehensive protection.
Long-term discounts reward policyholders for staying loyal to the same insurer over multiple years. These discounts can significantly reduce your premiums and often increase the longer you stay with the same company.
In this guide, we review the 12 best home insurance providers with long-term discounts in Australia. You’ll learn which insurers offer the biggest savings, what their policies include, and how you can qualify for these discounts.
Why Long-Term Discounts Are Valuable for Australian Homeowners
Home insurance in Australia can be expensive, especially in high-risk states like Queensland and New South Wales where natural disasters are more frequent. Premiums can exceed $2,000–$3,000 annually, making loyalty discounts a valuable way to save.
Benefits of long-term discounts in Australia:
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Cost savings: Some insurers offer up to 20% discounts after five years of continuous coverage.
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Stable premiums: Remaining loyal to one provider can help reduce unexpected premium hikes.
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Additional benefits: Long-term customers may also receive priority claims handling and other loyalty rewards.
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Bundling advantages: Many insurers allow loyalty discounts to combine with other discounts (e.g., bundling home and car insurance).
What to Look for in Australian Home Insurance with Long-Term Discounts
When choosing a home insurance provider, consider the following factors:
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Discount size and duration: Look for insurers offering incremental discounts that increase the longer you stay.
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Coverage inclusions: Ensure the policy covers bushfires, floods, storms, theft, and accidental damage.
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Excess flexibility: Check whether you can adjust your excess (the amount you pay on claims) to lower your premium.
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Financial stability: Choose companies with strong claims-paying ability and customer reviews.
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Extra rewards: Many insurers offer no-claim bonuses and loyalty perks like gift cards or premium reductions.
Summary Table: 12 Best Home Insurance Providers with Long-Term Discounts in Australia
| Insurance Provider | Avg. Annual Premium (Australia) | Long-Term Discount Details | Key Features |
|---|---|---|---|
| NRMA Insurance | $1,800–$3,200 | Up to 20% after 5+ years | Strong bushfire and storm coverage, loyalty perks |
| AAMI Insurance | $1,700–$3,000 | Up to 15% loyalty discount | Comprehensive accidental damage cover |
| Allianz Australia | $1,600–$2,800 | 5–15% after 3–5 years | Reliable claims service, great flood cover |
| RACV Insurance (VIC) | $1,600–$2,700 | Up to 20% after 5 years | Available for Victorian homeowners |
| Budget Direct | $1,500–$2,600 | Ongoing loyalty rewards | Affordable premiums with strong customer service |
| Youi Insurance | $1,500–$2,700 | Loyalty discounts over time | Customisable policies and flexible excess options |
| GIO Insurance | $1,700–$2,900 | Up to 15% after 3 years | Great cover for personal valuables and accidental damage |
| RACQ Insurance (QLD) | $1,600–$2,800 | Up to 20% for long-term customers | Specialises in Queensland-specific risks |
| Suncorp Insurance | $1,600–$2,900 | 5–15% loyalty savings | Great for flood-prone and cyclone-prone regions |
| APIA Insurance (Seniors) | $1,500–$2,600 | Exclusive discounts for over-50s | Tailored for Australian seniors |
| Virgin Money Insurance | $1,500–$2,500 | Loyalty credits and multi-policy discounts | Affordable premiums for city and suburban homeowners |
| HBF Insurance (WA) | $1,500–$2,600 | Loyalty rewards for long-term members | Western Australia’s top member-based insurance provider |
Premiums are estimates and vary by state, property type, and level of cover.
Detailed Reviews: 12 Best Home Insurance Providers with Long-Term Discounts in Australia
1. NRMA Insurance
NRMA Insurance is one of the largest home insurers in Australia, particularly popular in New South Wales.
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Discount: Up to 20% after 5 years.
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Premiums: $1,800–$3,200 annually.
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Why it’s ideal: Comprehensive cover for bushfires, floods, and storms.
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Extra perks: Priority claims handling for loyal customers.
2. AAMI Insurance
AAMI is known for its easy-to-understand policies and strong accidental damage cover.
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Discount: Up to 15% loyalty discount.
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Premiums: $1,700–$3,000 annually.
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Best for: Homeowners seeking wide coverage and simple policy wording.
3. Allianz Australia
Allianz provides excellent flood and storm protection with generous loyalty perks.
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Discount: 5–15% after 3–5 years.
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Premiums: $1,600–$2,800 annually.
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Extra benefits: Multi-policy discounts available.
4. RACV Insurance (Victoria)
RACV is a top choice for Victorian homeowners who want strong loyalty rewards.
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Discount: Up to 20% after 5 years.
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Premiums: $1,600–$2,700 annually.
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Why it’s unique: Membership-based discounts and roadside assistance bundles.
5. Budget Direct
Budget Direct offers affordable premiums and ongoing loyalty rewards.
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Discount: Incremental loyalty savings.
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Premiums: $1,500–$2,600 annually.
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Best for: Cost-conscious homeowners who want reliable claims service.
6. Youi Insurance
Youi tailors policies to each customer’s specific needs and offers loyalty discounts over time.
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Premiums: $1,500–$2,700 annually.
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Why it’s ideal: Flexible excess options and strong customer service ratings.
7. GIO Insurance
GIO is known for its strong personal valuables cover and comprehensive accidental damage options.
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Discount: Up to 15% after 3 years.
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Premiums: $1,700–$2,900 annually.
8. RACQ Insurance (Queensland)
RACQ specialises in protecting Queensland homes against unique natural disaster risks.
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Discount: Up to 20% after 5 years.
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Premiums: $1,600–$2,800 annually.
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Best for: Homeowners in cyclone-prone and flood-prone areas.
9. Suncorp Insurance
Suncorp offers comprehensive coverage and strong loyalty savings in most states.
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Discount: 5–15% loyalty rewards.
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Premiums: $1,600–$2,900 annually.
10. APIA Insurance (Seniors)
APIA specialises in home insurance for Australians over 50.
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Discount: Exclusive senior loyalty rewards.
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Premiums: $1,500–$2,600 annually.
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Best for: Seniors seeking tailored benefits and affordable premiums.
11. Virgin Money Insurance
Virgin Money offers simple policies with loyalty credits and multi-policy discounts.
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Premiums: $1,500–$2,500 annually.
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Best for: Younger homeowners in urban areas.
12. HBF Insurance (Western Australia)
HBF is WA’s leading not-for-profit insurer with strong member-based benefits.
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Discount: Loyalty rewards and exclusive member discounts.
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Premiums: $1,500–$2,600 annually.
Tips for Australian Homeowners to Maximise Long-Term Discounts
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Stay loyal: The biggest discounts accrue after 3–5 years of continuous coverage.
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Bundle policies: Combine home and car insurance for additional savings.
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Avoid small claims: Maintaining a claim-free history often unlocks higher loyalty discounts.
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Install security features: Monitored alarms, smoke detectors, and deadlocks may qualify you for extra discounts.
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Review your policy annually: Ensure you’re not over-insured or under-insured.
FAQs: Home Insurance with Long-Term Discounts in Australia
1. How much can I save with loyalty discounts?
You can save up to 20% off your annual premium after 5 years with the same insurer.
2. Are discounts available in all Australian states?
Yes, but the percentage varies by provider and state. Check your insurer’s terms for your region.
3. Can loyalty discounts be combined with other discounts?
Yes. You can usually combine long-term savings with bundling discounts and no-claim bonuses.
4. Do premiums increase even with discounts?
Yes, but loyalty discounts can help offset annual premium increases.
5. Which insurers are best for high-risk areas?
NRMA, RACQ, and Suncorp are strong choices for flood- or bushfire-prone areas.
6. Do I lose my loyalty discount if I switch insurers?
Yes. Switching resets your long-term savings, so compare carefully before changing.
7. Are seniors eligible for bigger loyalty discounts?
Yes. Providers like APIA and HBF offer special loyalty rewards for over-50s.
8. How do I qualify for the maximum discount?
Stay with the same insurer for 5+ years and maintain a claim-free record.
9. Can renters qualify for long-term home insurance discounts?
Yes. Contents insurance policies also include loyalty discounts.
10. Which insurer has the best customer service?
Amica, Allianz, and RACQ are consistently rated highly for claims satisfaction.
Conclusion
The 12 best home insurance providers with long-term discounts in Australia offer savings up to 20% for loyal customers. Insurers like NRMA, RACQ, AAMI, Allianz, and Suncorp are top choices for homeowners seeking stability, reliable claims service, and lower premiums over time.
To secure the best policy:
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Compare at least three quotes from the providers above.
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Stay loyal to one company for 3–5 years or more.
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Combine your home policy with car or contents insurance for extra discounts.
With the right strategy, you can enjoy significant long-term savings while keeping your home and valuables fully protected.