This covers the cost of your belongings that may have been lost or damaged because of an insured event. It includes things like your entertainment system, furniture and even food.
How much does home and contents insurance cost?
Based on our research, the cheapest home and contents insurance policy was $118. This premium was based on a home in New South Wales with contents worth $100,000.
While this is the cheapest price based on our quotes, it's probably going to be different for your home.
Prices are completely dependent on the value of your home and your stuff. The research below can help you compare between brands and show the difference in price when paying monthly versus annually.
To find out more, you can also head to our guide on average home insurance costs for a state-by-state breakdown.
Quotes were obtained for the same 3 bedroom NSW home in Baulkham Hills owned by a family of 2.
Building replacement costs for all quotes were $500,000 and $1,000,000, with an excess of $500.
Contents were valued at $100,000.
Quotes were obtained in November 2021 and were for a combined home and contents insurance policy.
Homeowning family of 2 who moved into their property in 2019.
3 bedroom, 1 story freestanding house on flat ground with brick veneer walls, terracotta tiled roof, no verandas and built in 1980.
Windows secured by deadlocks, with no security devices.
Why do I need home and contents insurance?
Getting home and contents cover is a no-brainer. You've probably sacrificed a lot to save up a deposit and pay down your mortgage, so why would you risk losing it all? Here's why it's worth every cent.
Because life happens, and that's okay!
Unexpected things happen and there's nothing we can do about it, but getting a home and contents insurance policy will help you prepare for it.
Because replacing everything will cost you.
Look around you, how much was the sofa you're sitting on? The TV you're staring at? The laptop you're using?
Because it's the smart thing to do.
You've worked hard to become a homeowner. It's probably one of the biggest financial decisions of your life – it makes sense to protect it.
Because it's a small price to pay for peace of mind.
Think about the cost of your home, and all your stuff. The price of a home insurance policy is only a fraction of this.
What is the best home and contents insurance in Australia?
We'd love to tell you what the best policy is, but the truth is, only you can know that. It will depend entirely on your home and what you want to protect.
A home and contents insurance policy will generally cover events that could lead to your financial loss. You can find these events in your product disclosure statement (PDS), but they usually include events like fires, storms, theft and vandalism.
Here are some examples where the right home and contents insurance policy can cover you.
A big storm hits and a tree falls onto your house leaving a hole in your roof, and your kitchen destroyed.
A pipe bursts in your bathroom and causes water damage to the rest of your home and belongings.
You definitely can. Most home insurers will offer optional add-ons during the application process so you can get the most tailored policy to your needs.
Common add-ons include:
Accidental damage. Cover for those homely mishaps like a knocked-over TV or a spilled glass of wine on an expensive rug.
Personal effects/portable contents. Cover for loss or damage to your valuables that you take outside of your home. You might want to cover your phone, engagement ring or designer handbag.
Personal valuables. Some contents will have a limit to which they'll be covered. If you have any unique or collectible items of particularly high value, you may want to consider specifying them on your policy for extra cover.
Flood cover. If you live in a flood-prone zone, having flood cover is essential to protect your home and contents from damage.
Motor burnout. Cover for your home appliances like your fridge or washing machine if the motor burns out. You should also be covered for any damages that are caused like food spoilage or water damage.
Sum insured safeguards. When you apply for home insurance, you'll tell the insurer how much your home is worth; this is usually the maximum pay-out if you lose everything. Having a sum insured safeguard means that if you get your estimation wrong, the insurer will give you a buffer to help cover the costs.
Contents in commercial storage. If you have stuff stored away and an insured event occurs at the site (like if the building burns down), you may be able to recuperate the value of contents lost.
Business items. Cover for the things you use as part of your profession.
Pet injury. Cover for your pet (up to a certain limit), if they are accidentally injured and need veterinary care.
What won't I be covered for?
All insurance policies will have general exclusions but they might not be the same. That's why it's important to check over your PDS to make sure you understand what is and what isn't covered under your home and contents insurance policy.
General exclusions can vary between insurers, but here are some common ones.
Deliberate damage or poor maintenance. If you fail to take care of your property then neither will your home insurance.
Breaking the law. If the damage to your home is caused by illegal activity, it's safe to say that you probably won't be covered for the repairs or any replacement costs.
Action of the sea. Things like king tides, tidal waves and storm surges are not usually covered. You can get cover for floods if you add it on to your policy. It might be hard to tell the difference between floods and storm surges, so check your PDS because each insurer can define them differently.
Pest control and eradication. Pests like cockroaches, mice and rats are not usually covered under home insurance since these policies are designed to cover you for preventable issues.
Asbestos and mould. Just like the above, asbestos and mould are not covered under home insurance because they're considered preventable issues.
For contents left unattended. If you leave your things in the open air, you may not be covered even if you have portable contents cover. For example, if you leave your clothes on a shared clothes line unattended, and it's taken, you most likely won't be covered.
An unoccupied home. If your home is left unoccupied for a period of time (usually over 60 days), you may void your cover since the property will likely be unmaintained.
Many of the individual benefit categories (flood, fire, theft, etc) will have their own individual exclusions, so make sure you're fully across those as they apply to your specific policy.
How can I save money on home and contents insurance?
Here are our tips on how to save money on a policy:
Go bare bones. If you do your homework, you might find that some policies actually have more inclusions than what you actually need. This will in turn reflect on your premium and you'll likely pay a higher price. By understanding your policy, you may be able to strip back a few benefits (like flood cover if you don't live in a flood-prone area) and pay a cheaper premium.
Change your excess. Playing with your excess is a balancing act. If you choose to increase your excess, your premium will decrease. However, if you end up needing to make a claim, you'll have to pay more.
New customer discounts. A lot of home insurance companies offer discounts to attract new customers. This is why it's a smart idea to check your policy and compare what's on the market to see if you can get better value with another insurer.
Online discounts. Some home insurance companies will also offer discounts to buy your policy online rather than in-store or over the phone.
Here are some deals that we have available in May 2024
Deal
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.
We hate to be the bearers of bad news but according to the Insurance Council of Australia, 83% of Aussies don’t have enough insurance cover for their combined home and contents. This is known as underinsurance and it can be almost as bad as not having insurance at all.
Let’s say your home and everything in it was worth $2 million and a fire destroyed it all. Having your stuff insured for half that would help, but you’d still be reeling.
Here are some tips to help you avoid this fate:
Do the maths. Be as detailed as possible in your calculations. There are plenty of online calculators to help you.
Don’t cut corners. Don’t insure something important for lower than what it’s worth, and don’t pass on extras you know you might need (like flood cover when you’re on a flood plain). You might save a few bucks on your premium but find yourself on the hook for thousands if you ever need to claim.
Details, details, details. Sometimes the devil is in the detail. For example, your contents protection might give you $50,000 worth of cover but cap your payout at $2,000 per item. If your $10,000 wedding ring gets stolen, a $2,000 payout probably won’t cheer you up much. In this instance, you’d need to declare the ring separately.
Review early, review often. There’s a good chance the value of your stuff will change over time. Property values never stay the same, and you'll always be bringing new gadgets into your house. If the value of everything changes, adjust your cover as necessary.
Alert the authorities. If there was a crime, call the police to file a report. Otherwise, move on to step 2.
Alert the insurer. Ring your insurer as soon as possible so they’re aware a claim is on the way. It will let you know if you need to do anything specific.
Make a detailed claim. Submit a claim form with all the details. You can often do this over the phone or online.
Gather evidence. The insurer will want supporting evidence, such as a police report, photographs, proof of ownership and receipts.
Let the inspector in. The insurer might send someone out to assess the damage, arrange emergency repairs and obtain quotes.
Wait. Sit back while the insurer processes your claim. They'll notify you of the outcome as soon as they can.
Why you can trust Finder's home insurance experts
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.
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.
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.
Frequently asked questions about home and contents insurance
When your current policy is up for renewal, shop around to see what other policies are available. Compare quotes, features and limits across a range of policies to see if you can find better-value cover. If you find a suitable policy, you can apply for cover online or over the phone.
Sure, but in most cases it's probably not worth the effort. If all you need is something super simple, you might save a few bucks by getting 2 separate policies. But as soon as you start tweaking things you may find the savings dwindle.
Let's say you buy home and contents policies and add flood cover to each. You're already talking 4 products. You're more likely to get a discount on all that with 1 company than if you split the purchases. Not to mention the time saved on paperwork.
By all means search around for the best deals, but be aware of the hidden costs in both money and time.
If you're renting, you probably only need a contents policy since your building will most likely be covered by the landlord or strata.
There's a special kind of home and contents insurance designed specifically for you known as landlord insurance. It works similarly to regular home and contents insurance but adds a few bits of protection that a landlord might appreciate (such as loss of rental income).
Your home and contents insurance policy will generally cover things within your property, whether they're kept indoors or outdoors.
If it's permanently fixed, like a water feature, then the buildings policy will kick in. If it's things like an outdoor dining set, barbeque or tools, the contents side will cover you. Of course, this is all within reason. If you leave your phone unattended in the front yard while gardening, you probably won't be covered for that.
This depends on the conditions of your policy but if you have signed a rental agreement which stipulates that you are legally responsible for the items you rented, they will usually be insured under your contents policy.
This will depend on the length of your trip. Many insurers won't cover you if you leave your home unoccupied for an extended period, usually 60 consecutive days or more, but may agree to cover you if you notify them of your travel plans and take steps to ensure that your home is looked after while you're away.
Always contact your insurer. You might even find it easier to give them a call.
They'll be able to update your policy if you need to add value to your sum insured, or add optional extras like accidental damage or flood cover.
If you're adding on cover, you can expect that your premium will increase as well.
After this has been confirmed, don't forget to keep a copy of your documents that show the changes to your policy.
Yes, you will usually be required to pay an excess. However, you usually have the option to adjust your excess when you apply for cover.
Some insurers will allow you to add pet cover that provides a benefit to help you pay vet bills when your pet suffers an accidental injury.
Jessica Prasida is a travel insurance expert for Finder. She lives and breathes travel, having worked as a travel agent and branch manager at STA Travel for over 4 years, then writing about travel insurance with Finder for another 5 years. Jess has a Bachelor of Business from the University of Technology, Sydney and a Tier 1 General Insurance qualification.
Looking for home and contents insurance in Tasmania? Find the right policy here.
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