Australians show stronger knowledge of home insurance excess

Versus their Canadian and American counterparts.

Australians are more likely than their Canadian and American counterparts to know the details of their home and contents insurance excess, according to a survey by comparison service iSelect. 

The study found 40.8% of Australians knew their exact excess, compared with 27.1% of Americans and 23.4% of Canadians. 

Only 14.1% of Australians admitted they had no idea of their excess, far lower than Canada’s 31% and the US’s 35.2%.

When it comes to reviewing policies, Australians were also amongst the most diligent, with 60% updating or reviewing their cover in the past year, compared with 54.7% in Canada and 51.3% in the US. 

Just 9.3% of Australians said they had never reviewed their policy since taking it out, against 11.1% in Canada and 15.1% in the US.

Australians also showed distinct habits around contents valuations. Whilst only 26.4% updated their policy after major purchases, 29.5% did so at renewal time. 

By contrast, US respondents were the most likely to “set and forget,” with 45.6% not updating their contents valuations at all.