Our insurance team have gathered 700+ quotes from over 20 providers, looking at 21 home and contents insurance policies and 31 building only options. We've selected some cheap home insurance policies based on 2023 Finder Awards and pricing research. Keep in mind, your costs will differ depending on where you live, the value of your home and your claims history.
Why you can trust our research
50+
policies analysed
700+
quotes gathered
100+
hours of research
As part of our awards, we got quotes for specific cities too. Keep in mind that these are only individual quotes, not averages, so your prices will be different. However, the research suggests Budget Direct is often the cheapest provider in the 4 big Australian cities.
| Brand | Annual price | |
|---|---|---|
| $997 | Get a quote |
 | $1,007 | More info |
 | $1,007 | More info |
| Brand | Annual price | |
|---|---|---|
| $1,016 | Get a quote |
| $1,026 | More info |
| $1,026 | More info |
| Brand | Annual price | |
|---|---|---|
 | $886 | Get a quote |
| $927 | Get a quote |
| $936 | More info |
| Brand | Annual price | |
|---|---|---|
| $1,137 | Get a quote |
| $1,148 | More info |
| $1,148 | More info |
There's no universally cheapest home insurance company but our research spills some interesting industry secrets.
We got quotes from 20+ Australian home insurers and found a difference of $1,362 between the cheapest and most expensive policies.
Just check out the least and most expensive policies for the same $600,000 home. The point is, you could find a cheaper policy just by shopping around and comparing your options.
| Brand | Annual price | |
|---|---|---|
| $1,365 | Get a quote |
 | $1,741 | Get a quote |
 | $1,858 | Get a quote |
 | $2,516 | More info |
 | $1,953 | Get a quote |
 | $1,705 | Get a quote |
| $1,515 | Get a quote |
 | $1,892 | More info |
 | $1,614 | Get a quote |
 | $1,385 | More info |
 | $1,188 | More info |
 | $1,863 | More info |
 | $2,185 | More info |
 | $1,899 | More info |
 | $2,158 | More info |
 | $2,138 | More info |
| $1,378 | More info |
 | $1,395 | More info |
 | $2,550 | More info |
 | $1,635 | More info |
| $1,378 | More info |
Want a really easy way to pay less? Here's a list of all the home insurance deals we have available on Finder.
| Store | Discount | |
|---|---|---|
|
Save up to 20% on a combined home & contents policy from Australian Seniors Offer applies to new policies bought online. Discount is made up of a 10% for buying a combined policy and a further 10% if you hold a Seniors Card . T&Cs apply. Last verified |
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Receive $250 worth of smart sensors with Honey Home Insurance Get free smart sensors (valued at $250) to install around your home when you sign up for a combined home and contents policy. T&Cs apply. Last verified |
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30% online discount on new home and contents insurance Receive 30% off your first year's premium when you purchase a new combined home and contents insurance policy online. T&Cs apply. Last verified |
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22% off on your premium for the first year + $10 credit Sign up online and get 22% off your policy for the first year plus $10 ongoing monthly credit. T&Cs apply. Last verified |
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Get up to 20% off your first year's premium with QBE Building and Contents Insurance Discount is made up of a 10% online discount, and a further 10% for buying a combined policy. T&Cs apply. Last verified |
Want to save some dosh? Follow these 7 steps.
Decide what kind of policy you want: building, contents or both. In most cases, you'll also be asked to calculate your sum insured. This is how much it would cost to rebuild your home from scratch if it was destroyed. Home insurance calculators can help you work this out.
Security systems and alarms can act as a deterrent to thieves, while smoke alarms can reduce the risk of your home being damaged by fire. Installing these items can reduce the cost of your home and contents premiums.
Don't simply accept the first home and contents insurance quote you get. Compare quotes from at least 3 or 4 different insurers – this is quick and easy to do online – and shop around for a deal. If you're buying home insurance for the first time, most brands offer discounts for new sign-ups.
You can sometimes save by adding features to make your home more resistant to storms and natural disasters – for example, by installing storm shutters, reinforcing your roof and modernising your heating and electrical systems to reduce the risk of fire or water damage.
If you can afford to pay your home insurance for the entire year in one go, it's often cheaper (some insurers will charge you around $40 less).
Some sign-up discounts can save you lots, but watch out – brands often increase costs the following year to make up for the deal you've just got. (To avoid this 'loyalty tax', review your policy every year).
The climate crisis and rising cost of living are driving home insurance prices up. Shop around every year and you could save a lot. It's very common for insurers to significantly increase prices once you've been with them for more than one year.
For years Australian consumers have been offered a discounted price as new customers, whilst existing customers often pay a higher price when those discounts disappear or they're rated higher as an existing customer, even though they are the ones that have been loyal. This happens across many industries but is particularly prevalent in the Insurance industry as it can be part of the strategy to attract new customers. In fact, research shows that Australian consumers are paying up to $3.6 billion in 'loyalty taxes' and 10 million Australian households were affected by insurance related loyalty tax. Research in 2019 showed, on average, customers renewing their insurance policy paid 34 per cent more than new customers. In the UK, the FCA has ruled that a customer renewing insurance policies will pay no more than they would if they were new customers. A decision that may roll out to Australia in the coming years and at Honey we would welcome.
I'm a firm believer that staying loyal to an insurer never pays off when it comes to home insurance. I'd encourage consumers to compare at least 4 or 5 different policies when your renewal date creeps closer.
James Martin
Finder's insurance editor and homeowner
The price you pay for cover is generally based on:
Finder's head of editorial and homeowner Sarah Megginson recently saved $1,415 by switching to Honey home insurance after 11 years with the same insurer.
She's not alone. 74% of homeowners admit to having never switched home insurance or switching more than 2 years ago.
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