Get the Finder app 🥳

Connect your accounts & save

Cheap Home Insurance

Want cheap home and contents insurance but don't want to skimp on value? You could save $1,123 simply by shopping around.

Updated

Fact checked
Father carrying daughter

If you're after cheap home insurance, there are ways you can reduce the cost of protecting your home. From improving home security to paying your premiums annually, there are options for finding an affordable policy that won't leave you out of pocket. Whilst there's no universally cheaper home insurer, there are ways that you can reduce the cost of insurance.

In our research, we found a huge $1,123 difference in the yearly cost of the cheapest home insuarance policy and the most expensive policy for the same home.

Budget Direct logo

Featuring Budget Direct Home Insurance

Award-winning insurance for your most prized possessions.

  • Save 30% on your first year's premium when you purchase a new Building & Contents insurance policy online. T&Cs apply.
  • Money magazine's Insurer of the Year in 2017, 2018, 2019 and 2020. Awarded Best of the Best in 2019 and 2020.
  • Optional flood cover so you only pay for the cover you need
  • Benefit from new for old replacement, temporary accommodation if your house is unliveable, and optional sum insured safeguard
Promoted

Start your search for cheap home insurance here

Name Product Fire, storm, & theft damage Rebuilding & Repairs to your Home Accidental Damage to Home or Belongings Underinsurance protection Pay Monthly at No Extra Cost
Budget Direct Home & Contents Insurance
Optional
Save 30% on your first year's premium when you purchase a new combined Home & Contents insurance policy online. T&Cs apply.
Youi Building and Contents Insurance
Optional
Youi Home Insurance takes the time to tailor a premium for you.
Virgin Home and Contents Insurance
Optional
Optional
Grab a $100 e-Gift card when you purchase a new eligible Virgin Home and/or Contents insurance policy by 30 September 2020. You’ll also save up to 30%. T&C's Apply.
St. George Home and Contents
Save up to 25% when you purchase cover online.
Westpac Home and Contents Insurance
Save up to 25% when you purchase cover online.
Real Top Home and Contents Insurance
Save up to 20% when you purchase combined Home and Contents online.
Coles Home & Contents Insurance
Optional
Buy online and save 25%. Collect double flybuys points at Coles Supermarkets. T&Cs apply.
Kogan Top Home & Contents Insurance
Save up to 20% when you buy online + $50 Kogan.com Credit.
ANZ Home & Contents Insurance
Optional
loading

Compare up to 4 providers

Budget Direct Home Insurance Deals Budget Direct Home Insurance Deals

30% online discount on new home & contents insurance

Receive 30% off your first year's premium when you purchase a new combined Home & Contents Insurance policy online. T&Cs apply.

Last verified

Virgin Home Insurance Deals Virgin Home Insurance Deals

$100 e-Gift card + 30% off new policies

Grab a $100 e-Gift card when you purchase a new eligible Virgin Home and Contents insurance policy by 30 September 2020. You’ll also save up to 30%. T&C's Apply.

Last verified

Deal ends

Kogan Home Insurance Deals Kogan Home Insurance Deals

$50 Kogan.com Credit + 20% off online

Get a $50 Kogan.com credit when you purchase a new Kogan Home and Contents insurance policy. You’ll also save up to 20%. T&C's Apply.

Last verified

Real Home Insurance Deal Real Home Insurance Deal

Up to 20% off with a new home and contents insurance policy online

Save up to 20% when you purchase combined Home and Contents cover online.

Last verified

Coles Home Insurance Deals Coles Home Insurance Deals

25% online discount on new home & contents insurance

Receive 25% off combined home and contents insurance when you purchase cover online.

Last verified

Westpac Home Insurance Deal Westpac Home Insurance Deal

Get up to 25% off when you sign up for a new home and contents policy

Save up to 25% when you combine Home and Contents Insurance online.

Last verified

Which company has the cheapest house insurance?

There's no universally cheapest home insurance company, but our research spills some interesting industry secrets.

We found a difference of $1,123 a year between the least and most expensive home insurance policy for the exact same home. You could find a cheaper policy by just shopping around.

See for yourself below.

BrandMonthlyYearlyGet quote
$140$1,404Get quote
virgin money logo$142$1,419Get quote
Westpac car insurance$117$1,408Get Quote
virgin money logo$117$1,403Get Quote
$146 $1,404 More info
$119$1,345Get quote
$183$1,960More info
ING logo$142$1,419More info
NRMA logo new$143$1,668More info
Suncorp logo new$191$1,895More info
BrandMonthlyYearlyGet quote
$183$1,855Get quote
virgin money logo$185$1,874Get quote
Westpac car insurance$196$2,357Get Quote
virgin money logo$196$2,351Get Quote
$246$2,873Get quote
$278$2,978More info
ING logo$185$1,874More info
Suncorp logo new$291$2,898More info

7 hacks to get a cheaper home insurance policy

Want to save some dosh? Follow these steps.

1. Determine how much cover you actually need.

Determine what kind of policy you need, whether that be building, contents, or both. Ensure your policy adequately covers your needs. Get a proper assessment on your sum insured and replacement value of your contents.

2. Improve your home security.

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.

3. Compare quotes from multiple insurers.

Don’t simply accept the first home and contents insurance quote you get. Compare quotes from at least three different insurers - this is quick and easy to do online - and shop around for a deal.

4. Make your home disaster resistant.

You may be able to save by adding features to make your home more resistant to storms and natural disasters. Consider installing storm shutters, reinforcing your roof, and modernising your heating and electrical systems to reduce the risk of fire or water damage.

5. Pay your premium annually.

Most insurers will let you choose a premium frequency (how often you pay per annum) when applying for cover. Paying annually as opposed to monthly could save you in the long-run.

6. Search for discounts.

If you hold multiple policies with the same insurer you may be entitled to a discount on your home and contents premium. Many insurers will also apply a discount to your premium if you purchase your insurance online. Some providers will offer to cut the price of your cover if you’ve been with them for a number of years. Don’t be afraid to ask for your loyalty to be rewarded.

7. Review your policy at least once a year.

Ensure your policy covers any major purchases or enhancements to your home. This means that you can ensure that you have enough cover for certain items, whilst also noting the reduced value of other albums. Your television might not sell for as high as it did a few years ago, which will reduce your contents cover price.

What impacts the cost of my cover?

The price you pay for cover is generally based on;

  • The policy you choose. A comprehensive policy with all the “bells and whistles” will generally cost more than the basic cover option. Assess if a basic policy will suffice for your situation.
  • How your home is used. If your home is used for business purposes or is left unoccupied for long periods of time you may be required to pay an additional cost for cover.
  • The location of your home. Insurance providers draw on claims data, crime rates, risk of flood and fire among other factors to help assess the level of each location presents. It can be worth taking some time to research where you are buying to determine what could impact the rate you pay for cover.
  • Your claims history. An insurance company will often consider previous claims you have made when determining what you pay for cover. Minor and major claims can impact what you will pay so it is worth having a look at different options available and speaking with your insurer about how you will be assessed.
  • Style of your home. Insurers will also consider the style/construction period of your home to help them determine a suitable rate.
  • The construction standard of your home. The actual design features and construction standard of your home will also impact what you pay with insurers usually rating dwellings in loose categories of average, quality and prestige.
  • If your home is built on flat or sloping land. Insurers will also need to know the aspect of the land your home is situated on to help them to determine what you will pay.

Review regularly to avoid underinsurance

Many Australians adopt a ‘set and forget’ approach when it comes to home and contents cover, but this fails to take into account that our circumstances and the assets we own are constantly changing. This leads to a risk of being under-insured, which can end up leaving you significantly out of pocket or even in dire financial straits when disaster strikes.

The best way to combat under-insurance is to regularly review your level of cover to determine whether or not it is adequate and if you could be better off switching to a more suitable option.

To learn more about underinsurance and how to avoid it, head here.

Receive a free quote for home insurance

FAQs

Picture: Shutterstock


Read more:

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Ask a question
Go to site