Home insurance Tasmania

With climate change impacting more and more Tassies each year, home and contents insurance in Tasmania can provide financial security and peace of mind now and long into the future.

But finding a good policy can be tricky, so we've made the process simpler. The table below lets you compare all the top providers available on Finder side-by-side so that you can pick a policy that includes cover things that matter to you.

Why do I need home insurance?

There are many reasons why home insurance in Tasmania is so important, including:

• Tasmania's climate is changing. From catastrophic bushfires destroying ancient forests to the warming of oceans around Tasmania and Southern Australia, global warming is having a huge impact on Tasmania. Home insurance can't stop climate change, but it can protect you financially if your home is impacted by bushfires, floods or other weather events.
• Home loan requirement. Some lenders will not approve your home loan application unless you have already purchased an adequate level of home insurance cover.
• Financial protection. You'll probably never buy anything anywhere near as expensive as your home, so it makes sense to protect the largest investment you'll ever make. With the right home insurance cover in place, you can enjoy the peace of mind of knowing you will be looked after financially even if your home and everything you own is destroyed.
• Stuff happens. From lightning strikes and hailstorms to burst pipes and freak accidents, disaster can strike at any time. There's no way of predicting what the future holds, but home insurance can offer critical protection against the unexpected.

Consider this when buying house insurance in Tasmania

Just like buying a home, there are certain things worth considering when you purchase home insurance in Tasmania. Here are some questions worth asking yourself before you take out a policy:

• What kind of financial protection matters to you? The building, your belongings or both? When you choose an insurer, you'll usually be given three options:
  • Home insurance (sometimes called building-only cover), which covers the building and any built-in features such as your swimming pool.
  • Contents insurance, which covers your belongings.
  • Home and contents insurance, which does both.
• Do you want sum insured or total replacement cover? A sum insured policy covers you up to a specified amount and is generally cheaper because you risk undervaluing your home and being underinsured. Total replacement cover will cover the rebuilding of your home to its original condition.
• What are the main risks to your home? Depending on where you live, you may be more prone to certain risks than others. For example, bushfires can pose a big threat in rural areas of the state.

What type of home insurance can I get in Tasmania?

How much does home and contents insurance cost in Tasmania?

For a clearer idea of the cost of home and contents insurance in Tasmania, take a look at the price comparison graph below:

Monthly costs of home and contents insurance in Tasmania

Monthly costs of home and contents insurance in Tasmania

Provider	Monthly costs
Budget Direct	$79.3
Qantas	$90.1
Seniors	$139.4
ANZ	$106.5
QBE	$110.1

• How did we get these prices?

  • Quotes were obtained for the same home in Battery Point.
  • Building replacement costs for all quotes was $500,000, with an excess of $500.
  • Contents were valued at $100,000.
  • Quotes were for a combined home and contents insurance policy.
  • The property was built in 1980, occupied by the owner since 2019, with brick veneer walls and clay/terracotta tiles.

  These prices are only a guide. Prices will differ based on a number of factors including the value of your home and the belongings inside, as well as where your home is. For instance, if you live in an area where flooding, theft or bushfires are common, your premiums are likely to be higher, because the chances of damage or loss occurring are higher.

  If you've taken certain security measures, such as installing an alarm system, this should help lower the price of your home insurance policy.

  If you're looking to save on insurance for your home, check out our current home insurance offers.

What insurers can I access in Tasmania?

Finder's panel of insurers includes some of Australia's leading home insurance providers, all of which offer cover to Tasmanian homeowners:

Are there any exclusions or additional costs I should be aware of?

Before choosing a policy, take a close look at any general exclusions that apply. Some common exclusions are:

• No cover if you fail to keep your home in good condition, for example, if you fail to repair a leaky roof.
• No cover if your home is left vacant for more than 60 days, such as if you're overseas on an extended holiday.
• No cover for any part of your home that is used as a business.
• No cover for damage that occurs as a direct result of renovations or extensions.
• No cover if you fail to properly secure your home.

In addition, make sure you're aware that duty is payable on Tasmanian home insurance premiums at a rate of 10%. That 10% is charged on the whole premium, including GST, the terrorism levy and the fire service levy, so those costs are built into your premium before duty is added on top.

Frequently Asked Questions

• What specific natural disasters are typically covered by home insurance in Tasmania

  Home insurance policies in Tasmania generally cover a range of natural disasters including fire, storm, lightning, earthquake and some flood events. Specifics can vary between insurers and policies so always check your Product Disclosure Statement for full details.

• Is flood cover automatically included in home insurance policies in Tasmania

  Flood cover is not always automatically included in home insurance policies in Tasmania. Many insurers offer it as an optional add on or it may be included as a standard feature depending on the policy level. It is crucial to confirm with your chosen insurer whether flood cover is part of your policy, especially if your property is in a flood prone area.

• Does home insurance in Tasmania cover damage from bushfires

  Yes most standard home insurance policies in Tasmania include cover for damage caused by bushfires including fire, smoke damage and ash. However coverage can vary so it is important to review your Product Disclosure Statement to understand the specific terms, conditions and exclusions related to bushfire events. Some policies may have higher excesses or specific requirements for properties in high risk zones.

• How can I reduce the cost of my home insurance premium in Tasmania

  There are several ways to potentially lower your home insurance premium in Tasmania. You could increase your excess, opt for a higher sum insured safeguard rather than total replacement cover or inquire about discounts for combining home and contents policies. Installing security features such as alarms or deadlocks may also lead to a reduction in your premium. Always compare multiple quotes to find the best deal.

• What should I do if I need to make a home insurance claim in Tasmania

  If you need to make a home insurance claim, first ensure your safety and that of your family. Then contact your insurer as soon as possible to report the incident. They will guide you through the process which usually involves documenting the damage with photos or videos, providing details of the event and completing a claim form. Keep any damaged items if it is safe to do so until your insurer advises otherwise.

• What is the difference between home insurance and landlord insurance in Tasmania

  Home insurance in Tasmania typically covers the physical building and contents for owner occupiers. Landlord insurance on the other hand is designed for property owners who rent out their homes. It covers the building and landlord owned contents but also provides protection for risks specific to renting such as loss of rent due to tenant default or malicious damage by tenants. If you are a landlord you will generally need a landlord insurance policy.

• Do I need to inform my insurer if I am renovating my home in Tasmania

  Yes it is generally advisable to inform your insurer before commencing any significant renovations or extensions to your home in Tasmania. Renovations can alter the value of your property affect the risks associated with it or even void your policy if not declared. Your insurer may need to adjust your cover or offer a specific renovation insurance policy to ensure you remain adequately protected during the works.