There is no doubt that Lakes Entrance locals, like most Victorians, are feeling the pressures of Australia’s ongoing cost of living crisis. But being a coastal township that also happens to be home to many lakefront properties, Lakes Entrance is uniquely positioned to bear the brunt of price hikes in one market in particular: insurance.
Across flood risks, damaging coastal winds, and all of the many other unique risk factors facing Lakes Entrance residents in insuring their property, the average insurance costs per household are skewing higher and higher. As a result, Lakes Entrance residents are assessing how best they can keep their home, car, and boat insurance costs as sustainable as possible, whilst still tackling risks of underinsurance.
Residents are comparing insurance policies now more than ever
Shopping around for good deals on insurance has become essential for Lakes Entrance residents looking to keep their home, car, and boat insurance premiums as sustainable and cost-effective as possible. Comparing policy types as well as inclusions vs. exclusions is also supporting residents in finding the right level of cover that aligns with their lifestyle and financial needs.
Families are investing in 3rd party car insurance for learner and probationary drivers to ensure adequate cover for their starter cars. The flexibility of 3rd party car insurance policies is also empowering younger residents to independently manage their own insurance, and helping them build stronger financial habits earlier in life.
For older residents, there are also ample savings opportunities through accessing insurance policies designed expressly for seniors. More Australian insurance providers are now offering senior home, car, caravan, and even boat insurance for seniors, empowering grey nomads living in and around Lakes Entrance to stay adequately insured for less.
As Gippsland continues to tackle its housing crisis, Lakes Entrance residents that are opting for unit, apartment, and townhouse living are also saving big on their insurance costs by swapping out traditional home and contents insurance for strata building insurance alongside their own private contents insurance for their strata title. The evolution of housing in Gippsland is in this aspect, also providing solutions to insurance cost concerns for Lakes Entrance residents.
Key measures for maximising the value of your insurance policies
If your household is currently ineligible to receive concession rates on your insurance or to access cheaper 3rd party or senior insurance plans, then there are other measures you can take to get more value from your insurance policies – whether you require home and contents insurance, boat insurance, car insurance, or all three policies every calendar year.
Bundle together to save
Consumers that have multiple policies with one insurance provider may be able to bundle their policies together to receive discounts and other loyalty offers. Be sure to ask your insurance provider what offers and discounts they may be able to provide if you were to bundle your policies.
If you’re dissatisfied with the savings they’re able to offer you, then you can always shop around for a better deal elsewhere. Consumer loyalty is a valuable commodity for providers, which makes Lakes Entrance residents with various different insurance requirements a very valuable prospective customer. Know your worth, and settle for nothing short of what you deserve.
Invest in security and maintenance
Insurance providers consider the risk factors surrounding your insured asset when calculating your premium and excess. Because of this, you can feasibly lower your policy premium by making your asset a safer investment for your policy provider. This can be done by improving the security of your home, garage, boatshed etc., and investing further in the maintenance of your assets to keep them in good working order.
As flood- and bushfire-related damage are also major contributors to insurance claims in Lakes Entrance, safeguarding your assets against these particularly high risk factors can help reduce your overall policy premium as well.
Use comparison sites to check what can reduce your home costs
Market analysts assert that all Australian consumers should evaluate and compare their insurance policies annually during or in the leadup to their renewal period. Lakes Entrance residents can use comparison tools like Canstar, Finder, Compare the Market, and other unbiased third-party tools to find policies from new providers that may be able to compete on price and value with your current policies.
Balancing residential and business insurance
As Lakes Entrance is a popular tourist destination in Victoria, residents are more likely to be not only juggling home, boat, and car insurance costs, but also business or commercial insurance policies as well. If you are balancing residential and business insurance, it’s advised that you manage payments separately across your personal and business accounts.
Shopping around for business insurance is also ideal for local business owners, whether you’re managing a storefront, operating a service business, or are reliant on tourist revenue (i.e. operating boat tours, etc.).
Commercial upkeep is also essential for keeping insurance costs sustainable for your business. Any claims due to accidents or damage to business assets (i.e. commercial boats) can drive up the cost of your premium. Whilst your insurance costs may be manageable now, continuing fluctuations in the local economic landscape paired with insurance price hikes may impact profitability for your business in between peak tourist periods.
Homes, Cars, Boats, Business – Saving big in Lakes Entrance
Optimising your personal and professional insurance doesn’t have to involve too much financial strategising. Outside of shopping around during your renewal period, Lakes Entrance residents can also take small but powerful steps in keeping their insurance premiums low and easy to manage over the long term.
Investing more into security and maintenance for your assets can signal to insurance providers that your assets aren’t high-risk, which in turn will aid in reducing the costs of your insurance premiums annually.
Similarly, maintaining a glowing track record with your claims history can also help to keep your insurance costs predictable, simplifying budgeting for your household and business.
With this sensible approach, your insurance costs can provide less stress and more peace of mind.
