When comparing home insurance in Australia, it’s important to consider a variety of factors to ensure you are getting the best deal in terms of coverage, price, and service. Below is a detailed comparison of some key insurance providers and the features they offer.
Compare Home Insurance in Australia
Table of Contents
Top Home Insurance Providers in Australia
Insurance Provider
Building Insurance
Contents Insurance
Combined Home & Contents
Features
Budget Direct
From $30/month
From $25/month
From $40/month
Offers affordable premiums with optional extras like accidental damage cover.
AAMI
From $35/month
From $30/month
From $50/month
Provides comprehensive cover including flood insurance and 24/7 claims support.
Suncorp
From $40/month
From $35/month
From $55/month
Includes up to $100 off the first year and flexible coverage options.
Allianz
From $45/month
From $35/month
From $60/month
Offers customizable policies and multi-policy discounts.
QBE
From $40/month
From $30/month
From $55/month
Covers home, contents, and landlord insurance with options for extra cover.
NRMA
From $40/month
From $30/month
From $55/month
Comprehensive policies with optional extras such as accidental damage cover.
RACV
From $50/month
From $40/month
From $65/month
Includes discounts for bundling home and car insurance.
Key Factors to Compare When Choosing Home Insurance
Factor
Explanation
Premium Cost
The monthly or annual amount you pay for coverage. Compare quotes to ensure you’re getting the best value for your needs.
Coverage Type
Ensure the policy covers both the structure (building insurance) and your belongings (contents insurance) if needed.
Exclusions
Understand what is excluded from coverage, such as specific natural disasters, accidental damage, or certain valuables.
Excess
The amount you must pay out of pocket when making a claim. A higher excess typically results in a lower premium.
Optional Extras
Consider adding extra coverage such as accidental damage, portable contents, or flood cover if necessary.
Discounts and Offers
Look for policies with discounts for bundling, no claims history, or buying online.
Claims Process
Ensure the insurer has a fast and efficient claims process. Look for 24/7 claims support and online claims options.
Customer Support and Reviews
Research customer feedback and service ratings to ensure you get excellent support when needed.
Insurance Providers’ Key Features
Provider
Building Insurance
Contents Insurance
Additional Features
Budget Direct
Covers damage from fire, storm, theft, and vandalism.
Covers belongings inside the home including furniture, electronics, and valuables.
Discounts for bundling with car insurance, new-for-old replacement.
Home Insurance Comparison – Costs
Insurance Provider
Building Insurance
Contents Insurance
Combined Home & Contents
Budget Direct
From $30/month
From $25/month
From $40/month
AAMI
From $35/month
From $30/month
From $50/month
Suncorp
From $40/month
From $35/month
From $55/month
Allianz
From $45/month
From $35/month
From $60/month
QBE
From $40/month
From $30/month
From $55/month
NRMA
From $40/month
From $30/month
From $55/month
RACV
From $50/month
From $40/month
From $65/month
FAQs About Home Insurance Comparison in Australia
Which home insurance provider offers the best value?
The best provider depends on your needs, but Budget Direct and AAMI often offer affordable premiums for essential coverage.
What factors impact home insurance premiums?
Your home’s location, value, condition, coverage type, excess, and any previous claims history can impact premiums.
Do I need both building and contents insurance?
If you own your home, it’s highly recommended to have both, but tenants typically only need contents insurance.
What’s the best way to lower home insurance premiums?
Increase your excess, install security systems, bundle policies, and shop around for discounts.
Does home insurance cover accidental damage?
Accidental damage is usually an optional extra, so it’s important to check your policy.
Can I get discounts for bundling home and car insurance?
Many insurers offer discounts for bundling home and car insurance. Check with your provider for details.
How does flood cover work in home insurance?
Flood cover is often included, but not always. Ensure your policy specifically mentions flood protection if you’re in a high-risk area.
What’s the best home insurance for renters?
Renters should opt for contents insurance to cover personal belongings. Many providers, including Budget Direct, AAMI, and Allianz, offer good value for renters.
How do I make a home insurance claim?
Most insurers offer online claim processes, phone support, and 24/7 service. Ensure you have documentation like photos or receipts for a smooth claim.
Is home insurance mandatory in Australia?
Home insurance is not legally required, but it is highly recommended to protect against financial loss from unforeseen events.
Compare Home Insurance in Australia Conclusion
When comparing home insurance in Australia, assess your individual needs and choose a provider that offers the right level of coverage at an affordable price. Make sure to factor in exclusions, premiums, excess, and available discounts to get the best deal. Consider multiple providers and regularly review your policy to ensure adequate protection.
