Certainly is. And definitely shop around. We did the house insurance exercise recently and saved a significant amount by shifting to RACQ because we also have vehicles with them.
I actually also did a rough recalculation on our contents insurance, decided we had far more contents insurance than we needed and cut it back, saving a bit.
Maybe we just have el cheapo junk in the house - the TV is 10 years old and still going strong, for example.