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Cheap home insurance, cause you already spend enough on your mortgage

We got hundreds of quotes and weeded out the pricey policies. These ones came out on top for price.

Top pick:
Variety
BonusFinder Award Finalist
  • Cheaper than most insurers
  • Up to 30%* off your first year
  • Finder best value award winner
Top pick:
Cheap building only
Best Rated Brand
  • Cheaper option to home and contents
  • Cheap compared to other brands
  • Fire, theft, flood cover and more
Top pick:
Cheap
  • One of the cheapest policies on average
  • Fire, theft, flood cover and more
  • Popular brand

Finding the cheapest home insurance

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

Best value home and contents insurance: Budget Direct

Budget Direct home insurance
Finder award home insurance value

What we like about Budget Direct:

  • It's consistently one of the cheapest home insurers on the market, especially in major cities including Sydney, Melbourne and Brisbane. It costs an average of $1,365 per year, according to our awards research. Out of 20+ home insurance policies, that's $411 less than average.
  • It's cheap but it covers the essentials, which is why it won the best value home insurance award. It covers the most common reasons for claims such as fires (including bushfires), escape of liquid (such as a burst pipe), storms, rainwater and theft.
  • Unlike most insurers, Budget Direct doesn't automatically cover floods. It's important you add this on to your policy if you are in a flood-prone area. You can do this when you get a quote.
  • You get 30% off your first year's premiums for a combined policy purchased online. Keep in mind, your insurance may increase after this. To make sure it's still a cheap policy, it's worth shopping around after the first 12 months.
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Cheap buildings only insurance: Youi

Youi Insurance Logo

What we like about Youi:

  • If you don't want contents insurance, Youi could be good. It offered the joint cheapest buildings only insurance policy out of 31 popular insurers including Budget Direct, Allianz and QBE. It cost an average of $973 per year, the same as AAMI, and $235 less than Qantas, the second cheapest buildings policy.
  • Its building option covers your property for theft, fire, earthquakes, floods and storms, temporary accommodation, emergency repairs and clean up fees. 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. Other insurers we researched didn't offer this.
  • Unlike other insurers, you often have get a quote over the phone which may be inconvenient for some.
  • Buildings only insurance won't cover your contents for loss or damage. This includes items such as your furniture, curtains and carpets.
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Cheap home and contents insurance: AAMI

AAMI Insurance Logo

What we like about AAMI:

  • AAMI offered the cheapest home and contents insurance policy on average when we gathered quotes from 21 of Australia's most popular insurers. A policy cost an average of $1,188 per year. Keep in mind prices can differ a lot depending on where you live.
  • It covers most of the essentials, including fires, bushfires, floods, storm surge, theft and escape of liquid (for example, a burst pipe).
  • It doesn't have the strongest complaints record. AAI Insurance, which issues AAMI home insurance policies, received the largest number of home insurance-related complaints (1,330) during the most recent financial period. Other very large insurers such as Allianz received around half as many complaints (642).
  • Like the majority of insurers, you aren't automatically covered for accidental damage.
Gary Ross Hunter
All of the top picks above were carefully researched and chosen by our editor for insurance . Gary is the insurance expert at Finder, holds a Tier 2 General Insurance certification and has been helping Australians find good value cover for over 6 years.

Cheap home insurance in your city

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.

BrandAnnual price
Budget Direct Logo$997Get a quote
Virginmoney logo$1,007More info
Picture not describedING Home Insurance Logo$1,007Get a quote
BrandAnnual price
Budget Direct Logo$1,016Get a quote
Virginmoney logo$1,026More info
Picture not describedING Home Insurance Logo$1,026Get a quote
BrandAnnual price
Qantas Life Insurance Logo$886Get a quote
Budget Direct Logo$927Get a quote
Virginmoney logo$936More info
BrandAnnual price
Budget Direct Logo$1,137Get a quote
Virginmoney logo$1,148More info
Picture not describedING Home Insurance Logo$1,148Get a quote

Which company has the cheapest house insurance?

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.

BrandAnnual price
Budget Direct Logo$1,365Get a quote
youi$1,741Get a quote
Picture not described$1,858Get a quote
Bendigo bank$2,516More info
Honey home insurance$1,953Get a quote
Australian seniors$1,705Get a quote
Qantas Life Insurance Logo$1,515Get a quote
australia post$1,892Get a quote
kogan$1,614Get a quote
1st for women logo$1,385More info
AAMI$1,188Get a quote
ahm$1,863More info
Picture not described$2,185 More info
Bank of Queensland logo$1,899More info
Picture not described$2,158More info
commbank logo no letters$2,138More info
Picture not describedING Home Insurance Logo$1,378Get a quote
Ozicare logo$1,395More info
Picture not described$2,550More info
Picture not described$1,635More info
Virginmoney logo$1,378More info

Compare home and contents insurance special offers for May 2024

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

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

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

16% off on your premium for the first year + $10 credit

Sign up online and get 16% off your policy for the first year plus $10 ongoing monthly credit. T&Cs apply.

Last verified

Deal ends

Earn up to 30,000 Qantas Points with Qantas Home Insurance

Earn up to 30,000 Qantas Points with every Qantas Home Insurance policy you take out by 28 May. T&Cs and exclusions apply.

Last verified

Deal ends

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

Get 10% off when buying Home and Contents Insurance from Australia Post

Save 10% when you buy a combined home and contents insurance policy online from Australia Post. T&Cs apply.

Last verified

How can I get cheaper home insurance?

Want to save some dosh? Follow these 7 steps.

Number 1

Calculate how much cover you actually need

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.

Number 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.

Number 3

Compare quotes from multiple insurers

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.

Number 4

Make your home disaster-resistant

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.

Number 5

Pay your premium annually

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).

Number 6

Search for discounts

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).

Number 7

Review your policy at least once a 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.

What impacts the cost of home insurance?

The price you pay for cover is generally based on:

  • The policy you choose. A combined home and contents insurance policy will generally cost more than a building-only insurance policy.
  • The location of your home. Insurance providers draw on claims data, crime rates, flood and fire risk factors among others to help assess your risk level. You will also typically pay more if your home is built on sloping land.
  • The type of home you own. Older homes typically pay more. Insurers may also take into consideration the design features and construction standard of your home.
  • How your home is used. If your home is left unoccupied for long periods of time you may be required to pay an additional cost for cover.
  • Your claims history. Insurers may charge you more depending on the claims you've made.

How much could you save?

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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Why you can trust Finder's home insurance experts

free

We're free

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.
expert advice

We're experts

We've researched and rated dozens of policies as part of our Finder Awards. We provide unique insights and our in-house experts regularly appear on Sunrise, 7News and SBS News.
independent

We're independent

Unlike other comparison sites, we're not owned by an insurer. That means our opinions are our own and we work with lots of home insurance brands, making it easier for you to find a good deal.
help

We're here to help

Since 2014, we've helped 150,000+ people find home insurance by explaining your cover options simply and clearly. We'll never ask for your number or email. We're here to help you make a decision.

Questions you might still have

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