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Review by our insurance writer Gary Hunter.
Budget Direct offers 3 home insurance policies: home and contents insurance, home insurance and contents insurance. It also has landlord insurance.
Here are some main insured events that a Budget Direct home insurance policy covers.
It's underwritten by Auto & General Insurance Company Limited. Like with most insurers, you'll need to pay an excess when you make a claim – you can choose between 2. Policies come with a cooling-off period of 21 days, which is the industry standard. This means if you want to cancel within the first 3 weeks of taking out a policy, you won't be charged as long as you haven't made a claim.
If you want more information on what's covered, you can see Budget Direct's product discloure statement (PDS) or check out our guide on general insured events.
We looked at home insurance complaint data from the Australian Financial Complaints Authority (AFCA) between July and December 2020. The data explores different underwriters and compares their business size to the number of complaints processed.
Budget Direct is underwritten by Auto & General Insurance Company Limited, so we compared its data to that of Youi and Westpac who have different underwriters.
It's also important to highlight that the released data is based on underwriters, not specific home insurance brands. Budget Direct will share this data with other brands underwritten by Auto & General Insurance Company Limited.
Here are some things we noticed about Budget Direct and its underwriter:
When comparing insurers, keep in mind that insurers with a larger market share serve more customers and potentially get more complaints.
Budget Direct is one of Australia's most popular home insurers for a reason – it's one of the cheaper providers around. However, if you want cover for floods or accidental damage, you'll need to pay extra.
To compare Budget Direct's home insurance policies side-by-side with other providers, you can head here.
If you've held, or currently hold, a Budget Direct home insurance policy, we'd love to hear from you. Your reviews help other Australians decide if Budget Direct is right for them. Some reviews are from a survey commissioned by Finder.
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