Compare Home & Contents Insurance
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A guide to home and contents insurance
Updated 25 November 2024
“Premiums can be expensive, but there are ways to save.”
Our top tips could help you reduce your home and contents insurance premiums.
David Koch
Economic Director
Video Transcript
They say home is where the heart is, and usually a whole lot of other stuff. Insurance is so important to protect our properties and the things we love, but premiums can be expensive.
But there are ways to save with a few tips and tricks from the experts at Compare the Market.
Check your excess. You might be able to reduce your premiums by increasing the excess you’ll pay if you need to make a claim. If you have emergency savings this could be a good option for you.
Consider your current policy inclusions. Are you insured for items you no longer own? Prune any that don’t seem necessary based on your current circumstances.
Compare your options. At Compare the Market, you can review a range of policies side by side to look for a similar policy that costs less. There’s no excuse for waiting either because you can compare, cancel, and switch at any time. Just check to see if any fees apply. So get to it. It always pays to compare.
Expert tips for choosing the right home and contents insurance for you
Our Executive General Manager of General Insurance, Adrian Taylor, has some helpful tips for finding the right home and contents policy for you.
Adrian Taylor
Executive General Manager – General Insurance
Compare like-for-like home and contents insurance policies
When you compare home and contents insurance policies against your current insurance, make sure that you’re comparing the same cover, same sum insured, same excesses and same optional cover. That way, you can be sure your results are accurate to your situation.
Consider choosing a different excess
Once you’ve found a preferred insurance provider, play around with the excess amount to see if it lowers the cost of your home and contents insurance premium. Keep in mind that choosing a higher excess for a lower premium means you’ll have to pay that higher amount if you claim.
See if you can switch to a better policy today
Don’t wait for your renewal notice to arrive to see if you can save money on a new policy. If you have an existing policy, you can cancel anytime. Just keep in mind that cancellation fees may apply.
Find out more about home and contents insurance
What is home and contents insurance?
Home and contents insurance could help pay for damages and incidents that affect your home or belongings from any listed or defined events such as fire, theft or storm damage.
There are conditions and the event has to be specifically covered by your policy, but home and contents insurance could bring peace of mind and help financially secure your home.
What does home and contents insurance cover?
While exact cover can differ between policies and insurance providers, we’ve put together a summary to show you what’s typically covered by home insurance (also known as building insurance), contents insurance or combined home and contents policies.
N.B.: Some events, such as flood damage, may be covered as an optional extra or a separate policy you can purchase alongside building and contents insurance. Limits and additional exclusions may apply.
| Insured event | Home insurance | Contents insurance | Home and contents insurance |
|---|---|---|---|
| Storm damage | ✓ | ✓ | ✓ |
| Fire damage | ✓ | ✓ | ✓ |
| Flood damage | ✓/Optional extra | ✓/Optional extra | ✓/Optional extra |
| Earthquake | ✓ | ✓ | ✓ |
| Movement of the sea | ✗ | ✗ | ✗ |
| Vandalism | ✓ | ✓ | ✓ |
| Theft | ✓ | ✓ | ✓ |
| Impact damage (excluding deliberate damage) | ✓ | ✓ | ✓ |
| Portable contents | ✗ | Optional extra | Optional extra |
| Motor burnout | Optional extra | Optional extra | Optional extra |
| Damage from vermin (including rodents and insects) | ✗ | ✗ | ✗ |
| War and uprising | ✗ | ✗ | ✗ |
| Accidental damage | Optional extra | Optional extra | Optional extra |
| Escape of liquid (excluding the leaking item, e.g. burst pipe) | ✓ | ✓ | ✓ |
| Removing debris | ✓ | ✓ | ✓ |
| Damage from renovations | ✗ | ✗ | ✗ |
| Temporary accommodation | ✓ | ✓ | ✓ |
For full details of your insurance policy, you should always read the relevant Product Disclosure Statement (PDS) to know exactly what you are and aren’t covered for.
How much does home and contents insurance cost?
The cost of a home insurance policy and a contents insurance policy can vary widely based on several key factors, including:
- The value of your home and contents (how much it would cost to replace these items)
- Your address
- The materials used to build your home
- Your claims history
- Which optional extras you choose to include (such as flood cover)
- The security features in your home
- When your home was built
- Your age and the age of other residents in the home
- The risk of natural disasters in your area.
Why is home and contents insurance important?
Buying a house may be one of the biggest investments you make in your life, so it makes sense to protect it accordingly. Home insurance cover could help provide financial protection against the cost of repairing or replacing your home and outbuildings following any insured event like malicious damage, falling trees and natural disasters.
Inside the home, contents insurance covers all sorts of possessions such as clothing, jewellery, furniture, bicycles, tools in the garage and appliances like fridges, washing machines and TVs. Depending on the type of cover you have, you could also be insured for flood damage and motor burnout for electrical appliances.
Comparing home and contents insurance
Why compare home and contents insurance?
There are several reasons why you should consider comparing home and contents insurance:
- You could be missing out on savings with a cheaper policy
- Another provider might have higher limits on insurance claims that could provide better coverage
- A different policy might have a better range of optional extras that suit your situation better.
What to consider when choosing a home and contents insurance policy
Here are some key questions to ask yourself when looking for home and contents cover:
- Are you in a flood-prone area? It’s essential to know if flood cover is included in the PDS of a policy before you make a purchase.
- Do you live in an apartment? If you live in an apartment, strata insurance will only cover the building but not your belongings. You can take out contents insurance if you want to cover your personal possessions.
- Own valuable belongings? Some items like jewellery, heirlooms and expensive equipment may be worth more than what you’ll receive for a general claim if they’re damaged or stolen. If you specify the value of each item in your policy, these expensive items can be covered for what they’re worth (for an additional premium).
- Do you need insurance if you’re renting? While building insurance isn’t your responsibility as a tenant, getting contents insurance (also known as renters insurance) is a step you can take to help protect your belongings.
- As a landlord, how do I protect my investment? As a landlord, you can get landlord insurance to cover malicious damage by tenants to your rental properties, defaults, legal liability and more.
- Could you be underinsured? Provide your insurer with accurate values for your home and belongings. Otherwise, you risk undervaluing your belongings and your home, so you may not receive enough money to repair or replace them.
What is the best home and contents insurance?
The best home and contents insurance policy for you will depend on your circumstances. When comparing policies, here are some things to consider:
- Your insured address. Where you live could be a significant factor on which policy would be best for you. For example, if you live in an area susceptible to flooding, a policy with flood cover could provide peace of mind.
- Policy coverage. Whichever home and contents policy you purchase, the sum insured should be enough to cover a complete rebuild of your home building and other outbuildings, plus the replacement cost of your possessions.
- Standard inclusions. What’s included in home and contents insurance can vary depending on the insurance company. For example, some could include flood cover as standard, while others might offer it as an optional extra.
- Optional extras. You might consider add-ons like accidental damage cover and portable contents cover for items like laptops, mobile phones and handbags. Keep in mind that these add-ons typically come at an extra cost.
Reading the Target Market Determination (TMD) could give you a better understanding of whether a policy is right for your circumstances.
How can I get cheap home and contents insurance?
Here are a few ways home insurance customers could save on their home and contents insurance:
- Only purchase the cover you need. Don’t add any optional extras that don’t suit your situation, as they typically increase your overall premium.
- Increasing your basic excess could lower your premium, and vice versa. Before adjusting your excess, consider if it’s an amount you could afford to pay if you need to claim.
- Paying your premiums annually usually costs less in the long run than paying monthly, since instalments typically incur additional fees.
- Depending on the insurer, online discounts may be available.
Home and contents insurance providers in Australia
Home insurance providers in Australia
We work with a range of Australian home insurance providers to bring you a range of policies to compare:
We do not compare all brands in the market, or all products offered by all brands. At times certain brands or products may not be available or offered to you. Learn more.
You can also take a look through the following list of home insurance providers in Australia.
- 1300 Insurance
- 1Cover
- AAMI
- Allianz
- Ansvar
- ANZ
- APIA
- Assetinsure
- Aussie (AHL Investments Pty Ltd)
- Australian Seniors Insurance Agency
- Bank of Melbourne
- BankSA
- Budget Direct
- Bupa
- CBA Insurance
- CCI Personal Insurance
- CGU
- CHU
- Coles Insurance
- COTA Insurance
- Defence Service Home Insurance Scheme
- Dodo
- Elders Insurance
- Everyday Insurance (formerly Woolworths Insurance)
- Flex Insurance
- FM Global
- GIO
- Guild Insurance
- Hollard Australia
- Huddle Insurance
- InsureLite
- MHIA
- National Seniors Insurance
- NRMA
- Over Fifty Insurance
- Ozicare
- QBE
- RAA Insurance
- RAC
- RACQ
- RACT
- RACV
- Real Insurance
- RentCover Landlord Insurance
- Retirease Insurance
- SGIC
- SGIO
- SGUA
- ShareCover
- St. George
- Strata Community Insurance
- Suncorp Insurance
- Terri Scheer Landlord Insurance
- Territory Insurance Office
- Virgin Money
- Westpac
- WFI
- Youi
List accurate as of November 2024 and is subject to change.
Contents insurance providers in Australia
We compare contents insurance from the following Australian providers:
We do not compare all brands in the market, or all products offered by all brands. At times certain brands or products may not be available or offered to you. Learn more.
You can also take a look through the following list of contents insurance providers in Australia.
- 1300 Insurance
- 1Cover
- AAMI
- Allianz
- Ansvar
- ANZ
- APIA
- Assetinsure
- Aussie (AHL Investments Pty Ltd)
- Australian Seniors Insurance Agency
- Bank of Melbourne
- BankSA
- Budget Direct
- Bupa
- CBA Insurance
- CCI Personal Insurance
- CGU
- CHU
- Coles Insurance
- COTA Insurance
- Defence Service Home Insurance Scheme
- Dodo
- Elders Insurance
- Everyday Insurance (formerly Woolworths Insurance)
- Flex Insurance
- FM Global
- GIO
- Guild Insurance
- Hollard Australia
- Huddle Insurance
- InsureLite
- MHIA
- National Seniors Insurance
- NRMA
- Over Fifty Insurance
- Ozicare
- QBE
- RAA Insurance
- RAC
- RACQ
- RACT
- RACV
- Real Insurance
- RentCover Landlord Insurance
- Retirease Insurance
- SGIC
- SGIO
- SGUA
- ShareCover
- St. George
- Strata Community Insurance
- Suncorp Insurance
- Terri Scheer Landlord Insurance
- Territory Insurance Office
- Virgin Money
- Westpac
- WFI
- Youi
List accurate as of November 2024 and is subject to change.
Meet our home and contents expert, Adrian Taylor
As our Executive General Manager of General Insurance, Adrian Taylor works to make protecting a homeowner’s most significant financial assets an easier and more efficient process. Adrian empowers people with choice and believes it’s important to have adequate cover in the event of the unexpected – fire, flood, storm or vandalism.
Adrian Taylor has over 13 years’ experience in the financial services industry. Adrian specialises in customer experience and is dedicated to helping customers better understand insurance products so they can save money on their household bills.
