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Finder’s 2022 home insurance award winners revealed

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Finder's-2022-home-insurance-awards-revealed

Our experts analysed more than 60 home insurance policies and got over 100 quotes to see which insurers came out on top.

To find out which home and contents insurance companies are offering the best value for money and cover, Finder has researched 68 home and contents insurance policies as part of its 2022 home insurance awards.

These awards highlight the top-ranking policies on Finder's database based on price and features across 10 different property profiles.

Our research in numbers:

  • Policies rated: 68
  • Quotes received: 153
  • Property profiles: 10
  • Award-winning providers: 2

And the winners are:

Finder home insurance award - value

Value – Budget Direct Home Insurance

Budget Direct came out on top for value largely because it offers comparatively cheap home insurance. It also comes with the biggest online discount and covers most of the essentials (flood is optional). Keep in mind that this is a first-year discount only. After this, your premiums will increase.

Second place: Qantas Home Insurance
Third place: Honey Home Insurance

Finder home insurance award - comprehensive

Comprehensive – ANZ Home Insurance

ANZ offers one of the most comprehensive home insurance policies available in Australia. It's the only brand to include Full Building Replacement as a standard feature across all home and landlord building insurance products. This prevents underinsurance which can cost you thousands of dollars if your home is destroyed.

Second place: Honey Home Insurance
Third place: AAMI Home Insurance

How we determined our home insurance award winners

Finder's home insurance awards is a ratings methodology that compares both the price and features of a home and contents insurance policy.

To determine the ratings, our insurance experts researched a total of 68 home insurance policies and got 153 home insurance quotes based on 10 different profiles.

Each home and contents insurance policy we assessed had to meet our eligibility criteria. For example, every policy had to offer some form of underinsurance promise and be available in major Australian states.

Once we applied our eligibility criteria to all insurers, we were left with 17 home and contents insurance policies.

We then got a total of 150 quotes for the 17 remaining policies based on 10 different property profiles.

Our experts also analysed 15 different features commonly covered by home insurance. We ranked each feature out of 10 based on which policy offered the most comprehensive option.

The final score for value was based on a 60:40 split of features and price. The final score for the comprehensive rating was based on an 80:20 split of features and price.

Why do home insurance awards matter?

2022 hasn't been the best year for Australian homeowners.

In August, Finder research revealed that home insurance prices have gone up by as much as $1,444 a year in some parts of the country.

The massive increase is largely due to a record-breaking year of climate disasters and soaring building costs.

However, the majority of Australian households hold some form of cover according to the Insurance Council of Australia (ICA), so something needs to be done.

Finder's home insurance awards are designed to help you get better value for your money.

We understand how hard it is to find the right insurance policy for your home. We hope these awards make it easier for you to see how these policies can differ.

So you have a fuller picture of everything that's on offer, we looked at the majority of home insurers in Australia, not just the ones we work with.

While we gathered quotes for a range of different areas, your costs may still differ significantly.

Prices can vary a lot depending on where you live and the type of home you own.

We did not include quotes for regional areas of the country. The ongoing weather events meant that several insurers were unable to provide cover at the time we gathered quotes.

If you live in a regional area, it's worth calling the insurer directly to see if they will cover you.

Sick of paying too much? Compare home insurance policies from multiple insurers to find a better deal.

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2 Responses

    Default Gravatar
    PeterApril 26, 2023

    What is average increasein Home insurance premiums in NSW in 2022-23?

      AvatarFinder
      SarahMay 19, 2023Finder

      Hi Peter,

      We don’t have access to this statistic, but can share a range of other home insurance stats here:
      https://www.finder.com.au/home-insurance-statistics

      For added context, KPMG insurance partner Scott Guse told 7 News: “On average we probably saw price increases in the realms of 10 per cent in 2022 and I wouldn’t be surprised to see similar increases in 2023.”

      You can also see how Finder editor Sarah Megginson saved over $1400 on her insurance premium here:
      https://www.finder.com.au/home-insurance-soars-how-i-saved-1415

      Hope this helps!

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