Budget Direct Home & Contents Insurance
Get 30% off
- Fire, storm & theft cover
- Lodge a claim online 24/7
- Optional sum insured safeguard
Updated . What changed?
Budget Direct Home & Contents Insurance
Get 30% off
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If you've bought a home, it's probably one of the biggest financial decisions of your life – so it makes sense to protect it, right? A home and contents insurance policy is designed to financially protect the physical structure of your home, as well as the valuable stuff you have inside.
When looking for the right policy, it's important to compare your options. In fact, we found a huge saving of $1,244 when comparing the price of 11 different policies. How much are you going to pay?
This covers the physical structure of your home. It also includes any permanent fixtures like air conditioning units and TV satellites.
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.
The cost of a home and contents insurance policy will vary based on your home, how much it's worth, where it's located and how much stuff you have in it.
That said, we gathered quotes from 11 different Australian insurers, for the same home (worth $1,000,000 and contents valued at $100,000) to show how important it is to compare policies.
The cheapest annual policy we found was $1,852.
The most expensive annual policy we found was $3,096.
That's a difference of $1,244 between the two policies. Check out the table below to get an idea of costs for two separate homes. Doing a price comparison can show you how much you can save, but don't forget to compare benefits since policies will always have different inclusions.
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.
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.
But here's what we can do.
We can help you figure out what is the best policy for you, and can let you know who our most popular home insurance brands are.
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.
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:
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.
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.
It's important that you're happy with your home and contents insurance, and that means being happy with the price too.
Here are our tips on how to save money on a policy:
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:
Making a claim is usually straightforward. Here's what you need to do:
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 buck or two by getting two 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 four products. You're more likely to get a discount on all that with one 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 form 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, barbecue 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.
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