Are you impacted by the rising costs of living?
With the rising cost of living, Northern Insurance Solutions are working with Burdekin residents to provide ‘better value’ insurance policies!
What is Cost of Living?
The cost of living is the amount of money required to cover essential expenses such as housing, food, transport, taxes, health care, education, clothing, and entertainment. These costs are dependent on the economic conditions and where you live in Australia e.g. someone living in a capital city won’t have the same cost of living as someone in a regional area like Ayr.
How is the Cost of Living calculated?
The Australian government evaluates the cost of living in a few ways, these include the Consumer Price Index (CPI), Living Cost Indexes (LCIs) and the Wage Price Index (WPI).
It’s worth noting that price jumps in products and services won’t hurt people’s finances so long as their respective wages go up also. So, it’s important to compare wage growth (WPIs) with the CPI, this way we can see if households have the ability to keep pace with inflation.
Why is the Cost of Living rising right now?
The rising cost of living here in Australia has been influenced by several factors, locally and globally:
- The global pandemic and its supply chains restrictions and costs.
- Russia-Ukrainian war and trade restrictions.
- Natural disasters such as bushfires, storms and flooding.
- Rising inflation.
As such, food prices, fuel, interest rates, as well as insurance premiums have skyrocketed, making it increasingly difficult for older Australians and low-income families to afford.
What does this mean for Insurance Premiums?
Along with all your other expenses, unfortunately, insurance premiums are also on the rise!
The Insurance Industry in Australia has taken a few hits in the past few years, from the market uncertainty that COVID-19 brought as well as the claims that occurred from the natural disasters commencing with the bushfires and then more recently with the flooding in Southeast Queensland.
Now more than ever, it’s extremely important to review your insurance policies to ensure you are getting the BEST value for money.
What if I can’t afford my insurance policy?
At Northern Insurance Solutions (NIS) we understand how these rising costs of living are making it extremely difficult to get by. Every day we speak with our clients who are thinking of cancelling their policies and advise them that there are much better ways to solve the problem.
Northern Insurance Solutions offers a FREE policy comparison service designed to tailor individual insurance policies from insurers to provide the very best value for money.
I don’t understand my insurance policy?
Insurance policies are complex, and the wording can be difficult to understand. If you are struggling to understand what cover you are paying for, we would recommend you take your policy into your local insurance broker like Northern Insurance Solutions located here in Ayr. They can help you to understand and compare policies to obtain cover that is value for money
How can Northern Insurance Solutions Help?
There are several ways that our team can help you to customise your policies to make them more affordable (short or long term).
- What is being covered: We will review your existing policy and perform an audit of what assets are being insured.
- Level of Cover: Explore the different levels of cover available to suit your requirements.
- Policy Excess: Your excess can be adjusted temporarily to reduce the cost of the policy.
- Payment terms: Perhaps change your payment terms to monthly instead of one large annual payment.
- Review Insurer: We have access to dozens of insurers who want your business. Let us look at alternative providers who may have a lower cost policy.
The DO NOTS
Don’t just switch insurers because they have a cheaper policy. You might find that the policy doesn’t provide the coverage you need.
Avoid underinsuring. Removing items from your policy can be devasting when you need to make a claim.
And of course, DO NOT cancel your policy. Speak with the team at NIS about how we can help you first.
Book a FREE Policy Comparison Service
Start saving money NOW!
If the rising costs of living are impacting you, we encourage you to book a time with our Northern Insurance Solutions team so we can carry out our free policy comparison service.
We’ll ensure that you’re only paying for what you need and then tailor the policy cost (monthly) to suit your budget. Book Now!
“My insurance policy just increased by $2000. Kelli and Kahlee at NIS helped me to understand my cover and then choose a policy that better suited my needs AND was a lower cost than the previous year. I can’t recommend them enough” Donna Durrant (Ayr)
Lets Chat!
Call our Ayr office today on 07 4783 1310 and get the best value for money insurance policy.
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