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Compare home & content insurance

Compare hundreds of home and contents insurance policies in one place. Policy features are updated daily for your convenience.

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Mark Bristow
Mark Bristow

Personal Finance Editor

Alex Ritchie
Alex Ritchie

Personal Finance Editor

Content updated

Product data updated

Cover type

States

Features

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Storm, fire & theftFloodUnderinsure protection

Included

Included

Optional

  • Flexible excess
  • New for old replacement on contents
  • 24 hours claim lodgement
  • Covers both building and contents

Included

Included

Optional

AAI Limited T/AS AAMI
Home & Contents
  • Flexible excess
  • New for old replacement on contents
  • 24 hours claim lodgement
  • Combined policy discount

Included

Included

Optional

AHM Health Insurance
Basic Home and Contents
  • Flexible excess
  • New for old replacement on contents
  • 24 hours claim lodgement
  • Combined policy discount

Included

Included

Optional

AHM Health Insurance
Comprehensive Home and Contents
  • Flexible excess
  • New for old replacement on contents
  • 24 hours claim lodgement
  • Combined policy discount

Included

Optional

Optional

Allianz Australia Insurance Ltd
Home & Contents Insurance
  • Flexible excess
  • New for old replacement on contents
  • 24 hours claim lodgement
  • Combined policy discount

Included

Included

Optional

ANZ Banking Group Limited
Home & Contents
  • Flexible excess
  • New for old replacement on contents
  • 24 hours claim lodgement
  • Covers both building and contents

Included

Included

Optional

APIA
Home & Contents
  • Flexible excess
  • New for old replacement on contents
  • 24 hours claim lodgement
  • Combined policy discount

Included

Included

Optional

APIA
Home & Contents Extra
  • Flexible excess
  • New for old replacement on contents
  • 24 hours claim lodgement
  • Combined policy discount

Included

Optional

Optional

Australian Unity Limited
Home & Contents
  • Flexible excess
  • New for old replacement on contents
  • 24 hours claim lodgement
  • Combined policy discount

Included

Included

Optional

Australia Post
Home & Contents Insurance
  • Flexible excess
  • New for old replacement on contents
  • 24 hours claim lodgement
  • Combined policy discount

What is home insurance?

Home insurance is an insurance policy that covers one of your most important assets – your home. If disaster strikes and your property suffers accidental damage, malicious damage, or is destroyed, you may be financially covered, allowing you to make a fresh start more easily. 

When looking to compare home insurance, it's essential to understand the two most common types of coverage: total replacement cover and sum-insured cover. 

Total replacement cover refers to the actual cost of replacing your house entirely, be it through rebuilding, renovating, or repairing after significant damage. These policies may cost more, and could require extended negotiations with the insurer. 

On the other hand, a sum-insured policy provides a maximum predetermined payout by the insurer if your home suffers damage. The challenge lies in accurately setting the insured sum. If set too high, your insurance premiums may unnecessarily increase; too low, and you risk being underinsured, potentially leading to out-of-pocket expenses for repairs. 

To ensure you're making an informed decision, engage in a thorough home insurance comparison. Look into various household insurance companies and compare the house insurance offerings to identify the best fit for your needs. By conducting an extensive home insurance search, you'll be better positioned to find a home and contents insurance policy that offers ample protection without overpaying. 

What does home insurance cover?

What your home insurance policy covers and what it excludes can vary based on your policy and your provider. A home insurance policy typically covers your entire property, including permanent structures such as fences, in-ground swimming pools, garages, tool sheds, and walk-in wardrobes. 

In addition to covering damage caused by natural events, many home insurance policies also offer theft cover. This means if somebody happens to break into your house and steal your belongings, your home insurance policy may help in recovering the financial loss. 

However, it’s essential to note that insurance policies vary, and not every policy offers the same level or type of cover. While some common events may be covered under home insurance, it's advisable to check your specific policy for details on coverage limits and any specific exclusions. 

Here’s a list of some of the common events that may be covered under home insurance:

  • Accidental damage
  • Breakage of glass and ceramics
  • Earthquakes
  • Escape of liquid e.g. burst pipes
  • Explosions
  • Fallen trees
  • Fires
  • Floods (varies depending on property location)
  • Lightning strikes
  • Malicious damage
  • Rainwater
  • Storms
  • Vandalism

How much does home insurance cost?

When figuring out your home and/or contents insurance premium, key factors come into play. The type of cover you opt for significantly influences your costs. Total replacement cover, reflecting the actual cost of rebuilding, typically results in higher premiums. Another critical aspect is the excess, the amount you pay upon a successful claim. This self-payment adjusts the overall cost of your insurance coverage. Some of the other factors that affect the  cost of home insurance include: 

  • The location of your home
  • The age of your home
  • The type of property
  • The size of your home
  • The features of your property
  • Whether you’re paying annual or quarterly premiums
  • Whether you’re an owner occupier or a property investor
  • What extras or add-ons you want included in your home insurance policy
  • Your claims history
  • Your level of home security

Homes in high-risk areas, such as those prone to natural disasters like floods or bushfire, may have substantially higher premiums. Additionally, factors like your excess can influence the cost of your policy. To get an accurate estimate, it's worthwhile comparing quotes from multiple insurance providers. 

Most insurers will give you a choice of whether to pay for your home insurance monthly, quarterly or yearly. Making smaller, more regular payments may be less stressful on your wallet than making one lump sum payment. However, the annual total cost of your insurance may turn out cheaper by making a single payment rather than a larger number of smaller payments.

How does home insurance differ from home and contents insurance?

Home insurance only protects the structure of your home, not the personal belongings that your home contains. To protect both of these, you’ll need home and contents insurance. This may be a single combined policy that covers both your home and its contents (combined home and contents insurance), or separate policies covering each.

Home and contents insurance is a type of insurance policy that encompasses two key components: the physical structure of the dwelling (home) and the personal possessions (contents) within it.

In the event of an adverse event, such as fire, theft, vandalism and more, this insurance policy may offer financial support by covering repair or rebuilding costs for the property itself, as well as the replacement or repair of personal belongings. This may include furniture, white goods, electrical appliances, computers, jewellery, and artworks.

Oftentimes, home and contents insurance covers water and fire damage caused by accidents inside the home, as well as theft and vandalism. You can also purchase additional insurance coverage, called "personal effects cover" for portable contents that you may carry outside the home, such as laptops. Insurers may also offer optional coverage for any high-value items you may own. 

Also, if you own, or are considering purchasing an apartment, it is mandatory to have strata insurance. This is paid to the body corporate of a building and may cover common area contents, building fixtures and shared property. 

It’s worthwhile reviewing your property insurance policy regularly to make sure your house is adequately covered - particularly if you have renovated or extended your home.

Do renters or landlords need home and contents insurance?

Neither renters not landlords are owner occupiers, so they may require non-traditional home and contents insurance policies. This is where renters insurance and landlord insurance options come in handy, as they may be able to cover the risks specific to these customers. 

Home renters insurance is a type of contents-only insurance for tenants to consider, as it is designed to protect belongings from theft or vandalism even if the tenant does not own their home. It does not cover the home itself, as this is the responsibility of the landlord to insure. 

Landlords may be able to benefit from landlord insurance, which is similar to home-only insurance for their rental property but also covers risks that specifically relate to property investment, such as defaulting tenants, and may also provide some legal liability. 

Who offers the best home insurance policy?

There is no one 'best' home insurance provider as different policies and different levels of coverage will suit different households. In fact, a number of Australian insurance providers are owned by just two major companies: IAG and Suncorp. You can instead find your best insurance provider and policy by carefully comparing your options (including factors like premiums, excess and exclusions) against your needs and budget.

Utilise online tools to compare home insurance, such as the comparison table on this page, as this can can simplify the process, allowing you to make informed decisions about protecting your home and belongings.

Compare home insurance providers

HSBC
Westpac
NAB
ANZ
Macquarie Bank
Commonwealth Bank
Australian Unity
Bendigo Bank
IMB Bank
BOQ
St.George Bank
People's Choice
BankSA
Hume Bank
Youi
Bankwest
Bank of Melbourne
Great Southern Bank
RACV
Coles
Huddle Insurance
Kogan Insurance
Ozicare
Budget Direct

How to compare home insurance

When comparing home and contents insurance policies, consider the following questions: 

  1. What will it cost you to rebuild or renovate your home, and replace all your valuables? What percentage of this cost are you comfortable paying on your own? Which of the insurance policies that you are comparing adequately covers the difference?
  2. Of the shortlisted policies, which ones are most specific in detailing the coverage limits for specific items? Which ones offer you protection against the most common risks in your neighbourhood?
  3. Does the policy cover conditions specific to you? For example, do these policies have any restrictions regarding the presence of pets in the house? 
  4. Does the policy covers emergency support, such as temporary relocation while your house is being renovated?
  5. What optional coverage is available? Even if the policy you choose seems to offer thoroughly adequate protection, you may miss out on some optional cover. Always read the insurance provider’s product disclosure statement (PDS) or confirm with the insurance company about any limits, conditions, or exclusions before making a decision to purchase a policy.

How can I save on home insurance?

Home insurance can be a costly ongoing expense. Thankfully, there are steps you can take that may potentially save you money on your insurance premiums.

Avoid automatic renewals 

There’s no guarantee that your current insurance provider or policy are the most competitive option for you after a year. When it comes time to renew your policy, compare a range of new options and quotes instead of automatically re-signing. 

New customer discounts 

Many insurance companies offer sign-up discounts to new customers, such as 20% off of your premium in the first year.

Add safety features

Your insurance provider will base your premium on a range of risk factors, including the security measures of your home. Consider boosting your home's security, such as installing alarms, to potentially nab a lower insurance premium.

Higher excess 

Another option available to homeowners that may reduce their insurance premiums is to opt for a higher excess amount (the amount you pay when making a claim). The higher your excess, oftentimes the lower your premium. Keep in mind that if you were to make a claim you may end up more out of pocket than if you had paid the standard premium, so it’s important to consider your options carefully.

Home insurance questions you might have

This article was reviewed by Personal Finance Editor Peter Terlato before it was published as part of RateCity's Fact Check process.

Frequently asked questions about home insurance

Did you find this page helpful?

^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, target market determination fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.