Get help finding the best home insurance in April 2024
Our insurance team has gathered 310+ quotes from some of Australia's most popular home insurance providers.
The shortlist below is based on 2023 Finder Awards, AFCA complaints, customer reviews and other important factors, particularly during summer, such as flood and bushfire cover.
All the policies in this guide can pay to repair or rebuild your home and its contents if it's damaged by an insured events such as a fire, bushfire or storm. Remember, there's no single best home insurance policy that suits everyone's needs, since we all have different budgets and priorities.
Expert picks selected by Gary Ross Hunter – insurance and innovations editor at Finder
Best for value: Budget Direct home and contents insurance
Our verdict:
It won the 2023 Finder home insurance award for value. It won because it provides a similar level of cover to the other 20 eligible policies but at a cheaper price. It offers comparatively cheap home insurance – an average of $1,365 per year, according to our awards research.
You get 30% off your premiums for the first year for a combined policy purchased online. No insurer on the market permanently offers more than this. Keep in mind this is a first-year discount only. After this, your premiums will increase. It's worth shopping around after the first 12 months to make sure it's still a competitively-priced policy.
It covers you for most of the essentials, such as fires (including bushfires), storms and rainwater, escape of liquid (e.g. a burst pipe) and theft. You need to pay extra if you want flood protection though.
Unlike most insurers, a Budget Direct home and contents insurance policy doesn't automatically cover floods. If you live in a flood-prone area, you should seriously consider adding this optional extra for an additional fee. You can do this when you get a quote.
The 30% off is a first-year discount only. After this, your premiums may increase. It's worth shopping around after the first 12 months to make sure it's still a competitively-priced policy.
We researched a total of 68 policies. We then created an eligibility criteria which narrowed policies down to 17. We got quotes for all of these brands.
To determine the final value ratings, we scored 15 different features out of 10 and assigned each of them a weight. The combined features score accounted for 40% of the final score and price 60%. These were the top rated home and contents insurance policies:
Top 5 policies in Home insurance - Value
Budget Direct Home & Contents Insurance
AAMI Home and Contents Insurance
ING Home and Contents Insurance
Virgin Home and Contents Insurance
1st for Women Home & Contents Insurance
Top pick for floods: QBE home and contents insurance
Our verdict:
QBE automatically covers flood damage. It's included in the insured event storm, storm surge, rain, hail or flood. This makes claiming a little simpler. With most insurers, storms and floods are considered 2 separate insured events. This means if there is storm and flood damage to your home, you may need to pay 2 excesses – but not with QBE.
It covers forced evacuation by a government authority. For example, if you need to leave because of a flood risk, QBE can pay for temporary accommodation for up to 60 days.
It can also cover debris removal which can be very costly if your home is damaged or destroyed, plus pay for the temporary storage of your undamaged belongings.
Like other insurers, QBE won't cover damage due to lack of maintenance (for example, if your gutters overflow due to a build-up of leaves or other debris) so make sure you keep your home in order to avoid any problems with claiming.
Its quality cover comes at a price. QBE is one of the more expensive home insurers on the market, costing an average of $2,108 per year, according to Finder research.
We looked at Finder partners and selected our top pick based on who offered all of the following benefits: flood cover (that is automatically included), temporary accommodation (including evacuation), debris removal and temporary storage. We didn't look at every insurer on the market.
Top pick for price: Youi home and contents insurance
Our verdict:
Youi offered the cheapest home and contents insurance policy according to our research of 31 of Australia's most popular insurers including AAMI, Budget Direct and Allianz. It costs an average of $1,329 per year, $100 less than the second cheapest insurer AAMI.
It covers the essentials, such as fires and bushfires, but goes further than most. It will also cover soot or smoke damage from a bushfire or any other accidental fire within 100 metres of your home and pay for temporary accommodation if you're told by the local authorities to evacuate
Its PDS is much more detailed than others. For example, it clearly specifies you're covered for accidental fires, including fires caused directly by mechanical or electrical failures. Some other insures don't mention this, others will cover it under accidental damage but as an optional add-on. It also covers all the other most common reasons for claims too – for example, storms, escaped water (like a burst pipe) and theft.
Its main downside for some is probably the application process. Unlike other insurers, you often have get a quote over the phone.
Like the majority of insurers we researched, you will need to pay extra if you want cover for accidental damage. Everyday, Aus Seniors, NRMA and Huddle are among the insurers who do cover this automatically.
We got 310 home and contents insurance quotes from 31 of Australia's most popular home insurance providers including AAMI, Budget Direct and Allianz. We got prices for 10 different property locations in both the city and suburbs of NSW, VIC, QLD, WA and SA. On average, Youi offered the cheapest home and contents insurance policy.
Youi also offered the joint cheapest building insurance policy, according to our 2023 research. Both Youi and AAMI building insurance cost an average of $973 per year. This average was based on 310 building-only insurance quotes from 31 providers.
Keep in mind, while our research was extensive and took into account several locations, prices can vary a lot depending on where you live and the type of property you own.
Best for comprehensiveness: Honey home and contents insurance
Our verdict:
It won the 2023 Finder Award for comprehensiveness because it covers more than the majority of insurers and comes with higher limits. Its home and contents policy comes with automatic flood cover, up to $20,000 towards your home office contents, $6,000 towards jewellery and you can pay monthly at no extra cost. It also won the Finder Insurance Innovation award.
It's time-saving. It takes around 3 minutes to sign up and estimates your rebuild costs for you. It's the only insurer on the market to do this.
You get $250 worth of smart sensors when you sign up. These help detect household accidents and prevent you from having to make claims (stopping your premiums from increasing). It covers all the essentials still though – fires, bushfires, storms, theft and leaks – and then some. It automatically covers storm surges and floods.
The main benefit of Honey is probably the smart sensors. If you don't want to use them, a policy isn't as good value for money.
Honey is relatively new to the market so some might rather go with a more well-known brand.
We selected Honey because it came in first place in the 2023 Finder Awards comprehensive category. It is the only insurer on the market to actively work to prevent claims. It also won the Finder Insurance Innovation award.
Top 5 policies in Home insurance - Comprehensive
Honey Home & Contents Insurance
ANZ Home & Contents Insurance
AAMI Home and Contents Insurance
Kogan Home & Contents Insurance
Peoples Choice Credit Union Home and Contents Insurance
We've had a leak in our home before, and even though repairs were covered by insurance, fixing the actual issue fell to us – which cost over $16,000. So, the home sensor pack Honey sent us gave us extra peace of mind that we don't have any sneaky leaks or hidden issues.
You earn 1 point for every $1 you spend on your premium and earn up to 30,000 Qantas Points when you join by 28 May. (Eligibility criteria and T&Cs apply).
It came second in the Finder Awards for value, Budget Direct was first. Qantas policies are actually issued by Auto & General, who underwrite Budget Direct. That means you're getting almost identical cover (fires, storms, escape of liquid (e.g. burst pipes) and theft) but you can earn points as well.
You can earn more points for keeping your house in order on the Qantas Wellbeing App. This can include cleaning your gutters, checking your smoke alarms and logging it on the Qantas Wellbeing App.
If you're not interested in earning points, Qantas probably isn't the best policy for you. Coles, Everyday (formerly Woolworths) and Virgin Money are some alternative home insurers with reward schemes.
It also doesn't automatically cover floods or accidental damage. You will need to pay more if you want this included. Youi, AAMI and Honey are similar in price to Qantas but automatically cover flood damage.
We selected Qantas home insurance as our top pick for perks because it came second place in the Finder Awards for value out of 2eligible policies, making it the highest ranking policy to come with bonus point perks. It's also the third cheapest home and contents insurance policy out of 31. Our research shows that on average it costs $1,459 per year. That's over $100 a year less than Virgin Money, the second highest ranking policy for value that also includes bonus point perks.
Expert tips on finding the best home insurance for your needs
As part of our Finder Awards process, it's our job to to understand the home insurer's product disclosure statement inside out. All of our top picks cover you for the big stuff such as fires (including bushfires), theft, escaped water and storms. Just keep in mind that if you do opt for Budget Direct, and you live in a flood-prone area, you'll need to add this to your policy. You can do this during the quote process.
The truth is, the best home insurance policy is really going to depend on your individual needs. Do you live in a flood prone area? Do you have loads of valuable things? Do you have a pool? All these things need to be considered when looking at home insurance. I know it sounds dry, but think about what's really important to you when looking for a policy, and work from there.
It's really hard to say which is the best home insurance company without knowing a bit about you. So here's a bunch of home insurance companies that we've researched and reviewed. Hopefully this can help you.
You pay the same as buying directly from the home insurer. Better still, we regularly run exclusive deals that you won't find on any other site – plus, our tables make it easy to compare policies.
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There's no single best home insurance policy that suits everyone, since we each have different budgets and priorities – but we can help you. We analysed 68 different home insurance policies and narrowed them down to 21 based on an eligibility criteria created by our experts. We then used an algorithm to determine winners based on value and comprehensiveness.
To compare home insurance, think about what matters most in your home. Do you live in a flood-prone zone? Do you own expensive things? Or do you want just basic cover?
Shop around. According to our 2023 pricing research, there was a $1,362 difference between the cheapest and most expensive home and contents insurance policy. Both offered very similar levels of cover including fire, storm, floods, theft and water damage, so it pays to shop around.
Increase your excess to $1000-$1500. This will lower your premiums but will make it pointless to submit smaller claims.
Be wary of discounts. Sign-up discounts are a good way to get more affordable home insurance but after the first year, many insurers will increase your premiums significantly to make up for the discount. To avoid this, consider switching every year.
Yes, it can. For example, if you live in a flood-prone area of the country, an insurer that automatically covers floods is likely to be better suited for you.
Here's a list of our state guides that can help you decide what kind of policy is best for you.
The following brands are part of the largest general insurance businesses in Australia:
AAMI (policies issued by AAI Limited)
NRMA (policies issued by Insurance Australia Limited)
Commonwealth Bank (policies issued by Hollard Insurance Partners Limited)
Allianz (policies issued by Allianz Australia Insurance Limited)
QBE (policies issued by QBE Australia Insurance Limited)
This isn't an exhaustive list.
As part of the home insurance customer satisfaction awards, we asked a total of 1,865 Australians across NSW, QLD, WA, VIC and SA to rate their current home insurance provider. Each person was asked to rate the insurer out of 5 based on features, customer service and value for money. AAMI was the winner.
AAMI
Budget Direct
Commonwealth Bank
Allianz
Far North Queenslanders often face higher home insurance premiums because the area is prone to cyclones and flooding. That's why it's particularly important to compare prices from different insurers to find the best policy in Queensland.
Remember, if you live in an area where flooding is common, make sure you get a policy with flood cover added on or included. Storm damage should be included as standard in your policy.
As with any state, finding the best home insurance is all about knowing what you want, getting quotes online and then comparing prices from different companies. Our guide on finding home insurance in Western Australia can help.
Some insurers such as Australian Seniors offer discounts to Seniors Card holders. They can also cover hearing aids and wheelchairs as part of portable valuables and can be contacted over the phone.
Gary Ross Hunter is an editor at Finder, specialising in insurance. He’s been writing about life, travel, home, car, pet and health insurance for over 6 years and regularly appears as an insurance expert in publications including The Sydney Morning Herald, The Guardian and news.com.au. Gary holds a Kaplan Tier 2 General Advice General Insurance certification which meets the requirements of ASIC Regulatory Guide 146 (RG146).
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