Key takeaways
- The average cost of home insurance in 2024 is around $2,000.
- The cost of home insurance varies hugely from home to home. Your own quote could be quite different.
- Location and the sum insured are big factors that will determine your premium
The average cost of home insurance in Australia
Our team of home insurance experts gathered a bunch of quotes from over 40 different home insurance providers. We gathered quotes for NSW, VIC, QLD, SA and WA. To show you how hugely costs can vary, we've included the annual quotes from 10 popular providers.
As you can see, the quote differs greatly state to state. This is because location plays a huge part in what your premium will cost.
Keep in mind, these can be used as a guide only. Your own quote will differ based on your location, your home and your own personal history.
Provider | NSW | VIC | QLD | SA | WA |
---|---|---|---|---|---|
AAMI | $1,225 | $1,138 | $1,120 | $941 | $1,206 |
QBE | $2,743 | $1,353 | $2,354 | $1,120 | $1,901 |
Budget Direct | $1,696 | $1,012 | $1,186 | $882 | $1,431 |
NRMA | $1,939 | N/A | $2,221 | N/A | N/A |
Honey Insurance | $2,657 | $1,762 | $2,190 | $1,266 | $1,744 |
ahm | $3,332 | $2,250 | $3,009 | $2,133 | $2,697 |
Youi | $3,048 | $1,606 | $2,584 | $1,398 | $1,997 |
IMB | $2,315 | $2,029 | $2,118 | $1,674 | $2,393 |
National Seniors | $2,619 | $2,282 | $2,433 | $1,689 | $2,464 |
Bupa | $3,714 | $2,507 | $3,333 | $2,378 | $2,980 |
To learn more about how our quotes were collected, you can read our Finder home insurance methodology.
Is the cost of home insurance going up?
Sadly, yes. In 2023, Finder research indicated that the average cost of a home insurance policy was around $1,700. In 2024, our research suggests that the average cost is now around $2,000. That's a 17.65% increase in just one year.
That data lines up with other reporting - the AFR reports the annual price rise of home insurance is currently 16.5%, which is the highest we've seen in 3 decades, other than after the introduction of the GST. Inflation, the cost of reinsurance and the changing climate all have a part to play.

"Yes, home insurance premiums are going up. It's normal for a policy to increase year on year but homeowners are noticing this price hike is a bit more extreme. Home insurance costs are seeing a steep rise due to things like inflation and global warming. Think about all the natural disasters Australia has been hit with in recent years; floods, bushfires, extreme winds and storms. Every time something like this happens, there's a string of home insurance claims that are made. This all plays a factor in how much home insurance costs in future."
How to save on your home insurance premiums
The price hike is somewhat inevitable but the good news is, there are still ways to save. Contrary to popular belief, you don't just have to pay whatever amount your insurer quotes you at renewal time.
- Shop around. You won't know what's out there if you don't bother to get a few more quotes and check. If you get about 5 different quotes then that'll give you a good idea of what's available.
- Get on the phone. Your current insurer will typically be really interested in keeping you as a customer. If you call them and tell them that your quote for renewal is out fo your budget and ask if there's any flexibility on the price, they'll likely lower it for you on the spot. It's a great way to save if you're happy with the service of your current provider, but not the cost.
- Look for sign up discounts. Lots of insurers have online sign up and deals and discounts available for new customers, especially if you're buying home and contents insurance (rather than a building only policy). These can be quite generous and save you hundreds.
"When buying my first home, i knew home insurance was a must, but had no idea how the costs worked. I quickly worked out that my policy premium was really impacted by two major things - the location and the'sum insured'. I used the Insurance Council building calculator to work out exactly how much it would cost to re-build my home. Turns out, i'd over insured in the first year, so reduced my policy by $50,000 coverage which knocked $200 off my annual bill."
FAQs
Ask a question
4 Responses
More guides on Finder
-
Guild Home Insurance review
Guild does have some market-leading benefits, but it was also one of the most expensive policies we compared. Read our full review.
-
Great Southern Bank Home Insurance review
Great Southern Bank offers a good range of benefits but it lacks underinsurance cover and premiums are quite expensive.
-
Shed insurance
Shed insurance can cover sheds of all shapes and sizes, as well as their often-valuable contents.
-
Home insurance for water damage
Find out how home insurance can cover water damage and how to avoid some of the pitfalls.
-
How to cancel your home insurance
Cancelling your home insurance is actually quite simple and you can do it at any time.
-
Motor burnout insurance
Motor burnout covers those big appliances in your home in the event that they let you down. This article will show you what it is, why it's important and how much it can cost you.
-
Phone insurance – all you need to know
With a variety of insurance options to protect your mobile phone, here's what you need to know.
-
Renters insurance
Find out what renter's insurance is, what it covers and how to find the right policy for your needs.
-
Best home insurance — a deep dive into 40+ policies
What you need to know about finding the best home insurance for you. Compare policies and learn what questions to ask when researching insurance policies.
-
Compare home and contents insurance
Compare home and contents insurance - our research shows you can save up to $1,653 by switching.
If the average price of house insurance is $2000/pa, how can I find out why my house insurance is $4400/pa for a less than average and very basic house.
Is there a direct comparison e.g. a house worth $500 000 to replace should have a premium of $ per $100 000?
Hi Nerida,
Every insurer prices insurance differently based on their own risk calculations, the number of claims they’ve paid out and other factors, so the exact same cover can vary widely in price, depending on which insurer you’re with. There’s a good chance you can get a better deal by shopping around. I compare every year – a couple of years ago, I compared and got my home insurance down from $4,300 to $2,900. This year, my premium went up by $2,000 so I shopped around again and got it for around $3k. You can compare some options here, and also contact your insurer to make sure they’re giving you their best possible deal.
Hope this helps!
Hi May i have an estimate of a $25,000 contents only insurance plus $15,000 jewellery
Regards Gill
Hi Gill,
We’re a comparison site so we don’t offer insurance directly, but you can enter your details and compare your options here:
https://www.finder.com.au/home-insurance/home-and-contents-insurance
Hope this helps!