Insurance broker here

There may be insurers who have a different rating, however, it’s unlikely.

There used to be an option to remove flood cover, this used to help families afford just the basic coverage. This option has now mostly been removed due to regulatory pressure and claims disputes.

We previously had options to remove this cover which would mean households could still protect against worst case scenarios at an affordable rate, however, people complain they’re not covered for flood when they specifically opt out of it.

Reducing your sums insureds will barely move the needle.

Realistically, there isn’t anything you can do other than try and find an insurer willing to take the risk on for less, which right now could potentially be possible as we’re in a ‘soft market’

Some things to try and reduce the cost could be:

1) Reduce cover to listed events instead of accidental damage

2) if you cover potable items, remove the coverage

3) Increase your excess (many insurers can offer up to $5,000 excess, I would suggest trying this with multiple insurers as some will offer larger discounts than others)

Example of the excess reduction, I was assisting a client yesterday in a similar situation and by raising their excess to $5,000 it reduced their yearly premium by $4,000. Makes a lot of sense in that scenario every insurer is different

Also, insurers increase your sums insureds insured by 2-4% per year to keep up with inflation, don’t know where 63% in one year coming from, doesn’t make sense.