If you’re looking for home insurance in WA, here’s how you can find a policy that meets all your cover needs.
Covering more than 2.5 million square kilometres, Western Australia is easily the biggest state in Australia. That’s around one-third of Australia’s total land mass. The state is home to around 2.6 million people - about 11% of the current Aussie population! Western Australia has a home ownership rate of more than 66%, which means there are plenty of Western Australians out there looking for affordable insurance cover for their home.
Before choosing a home insurance policy, it’s essential that you examine your cover needs and compare a wide range of options.
Read on to learn about what Western Australians should be considering before taking out home insurance.
Ready to find the best* cover for your Western Australian home?
Why do I need home insurance?
Unsure whether home insurance is worth the investment? Here are a few reasons why home insurance is a must-have for WA homeowners:
- The future is unpredictable. Why pay for insurance cover you may never use? There’s no way of knowing what the future holds and accidents or unexpected disasters can strike at any time. Even though you hope you’ll never have to rely on your policy, it’s reassuring to know that you have cover in place just in case you ever need it.
- Your home and possessions are expensive. Your home is the most expensive asset you own, and your personal belongings are important to you from both a financial and an emotional perspective. Home insurance protects these investments and offer a financial safety net for you and your loved ones.
- Home insurance protects you against a wide range of risks. From fires, storms, floods and earthquakes to theft, vandalism, accidental damage and even legal liability, the best home insurance in WA provides cover against a huge variety of risks and scenarios.
- Free yourself from worry. Peace of mind is something of an overused cliche in insurance circles, but that’s exactly what home insurance provides. It allows you to rest easy knowing that you will be covered if disaster strikes.
What should I consider when purchasing home insurance in Western Australia?
When purchasing a home insurance policy in WA, it’s important that you take some time to consider your cover requirements. How much would it cost you to rebuild your home if it was completely destroyed? How would you cope financially if all your furniture and possessions were damaged beyond repair? By answering these questions, you’ll be able to work out just how much cover you’ll need.
However, you will also need to think about the type of cover you need.
Also, an apartment in the Perth CBD has very different cover requirements than a rural property, so make sure any policy you choose provides cover for any risks you are likely to encounter.
What type of home insurance can I get in Western Australia?
There are three main types of cover to choose from:
- Home insurance. Also known as building-only cover, home insurance protects your home and any other fixtures on your property, such as sheds and fences.
- Contents insurance. Contents insurance protects your furniture, household items and personal belongings against a wide range of risks.
- Home and contents insurance. A home and contents insurance policy combines the cover provided by the two policies above to provide protection for your building and all your personal possessions.
How much does home insurance cost in Western Australia?
The cost of home insurance is variable and depends on an extensive range of factors, including the following:
- Where you live. Home insurers will consider the location of your home when calculating the cost of cover. For example, you may have higher premiums if you live in an area prone to bushfires or in an area with a high rate of burglary.
- Your home. The materials used to construct your home will affect the cost of premiums as some materials are more likely to resist damage and are cheaper to repair than others. Other features of your home, such as a security alarm or a security fence, can also help reduce premiums.
- Any discounts that apply to your policy. Depending on the insurer and the type of cover you hold, you may be eligible for a premium discount. For example, some insurers offer a loyalty discount to long-time customers.
- How much cover you want. The higher the sum insured, the higher your premiums will be. Adding optional covers to your policy will also push premiums up.
Protect yourself against fires
The number of fire claims in Western Australia has increased over the past four years, especially during winter and early spring. On average, fire claims increase almost 20% during these months.
However, many of these claims could have been prevented. Some ways
Some ways to reduce your risk of fire in the home include:
- Making sure your home has a working smoke alarm
- Ensuring power boards aren't overloaded
- Tossing frayed electric cords
- Turning off electric blankets and heaters before you hit the hay
- Putting candles out before leaving a room
What insurers can I access in Western Australia?
Most of Australia’s home insurers offer cover in all Australian states and territories. finder.com.au’s panel of home insurers includes a range of leading insurance providers that offer cover in WA, including the following:
Are there any exclusions I should be aware of in Western Australia?
Make sure you’re aware of any exclusions that apply to cover before purchasing a policy, such as the following:
- No cover if your home is left unoccupied for more than 60 days.
- No cover if you fail to properly secure your home, for example if you are renovating and your home is left open to the elements.
- No cover if your home is used for business purposes.
- No cover if you do not maintain your home in a reasonable state.
- No cover if you do not take reasonable steps to prevent loss or damage from occurring.
It’s also important to be aware that home and contents insurance policies in WA attract stamp duty at a rate of 10% of the premium amount. Remember to include this cost in your calculations when deciding whether a policy is affordable.
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* The offers compared on this page are chosen from a range of products finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms "Cheapest", 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your personal financial circumstances when comparing products.