Australia’s Best Home Insurance for February 2024

A foot through a gold ceiling -- hope they have home insurance!

Each season in Australia brings with it naturals disasters including fires, storms and unpredictable weather. Now could be the time to ask yourself if your home and contents are adequately covered – and not just from the weather. 

Home insurance can offer protection from a variety of unexpected events, from accidents to theft to natural disasters. But aside from reading the terms and conditions, how do we know a policy has the right balance of value and coverage?

When it comes to choosing the best home insurance for you, it's important to note that no single policy will work for everyone. For example, flood cover will likely be a top priority for someone who lives in a valley or near a lake, but not for someone on a mountain. (Flood cover can differ between renters and homeowners, too). Either way, you definitely want a simple claims process.

Ultimately, the best home insurance policy for you will depend on where you live and what you need. There's even a lot of unpack when it comes to cheap home insurance, as well.

But to help you in your search, we’ve rounded up a number of home insurance policies from some of Australia’s new and well-known insurance providers. These include plans that have received 2023 Mozo Expert Choice Awards^, plus others that we think offer something unique.

Here’s our summary of some of the best home insurance policies.

Best home insurance February 2024

Expert recommendations: Mozo Experts Choice Award-winning best home insurance policies

Graphic of Mozo Experts Choice Awards logo.

About our Mozo Experts Choice Awards Methodology

Every year our team of product experts and analysts perform a detailed assessment of a wide range of home and contents insurance policies available to Australian consumers as part of the Mozo Experts Choice Awards^.  

When analysing a policy, the team keeps an eye out for standout policies that meet the criteria for exceptional value and/or exceptional quality home and contents insurance.

  • Exceptional value awards: Home Insurance that’s among the best-priced for the main features it offers, based on a comparison of prices for selected customer scenarios.
  • Exceptional quality awards: Home Insurance cover that leads the market in the generosity of additional benefits and flexibility of options - irrespective of price.

In 2023, the Mozo experts compared over 5,000 different home and contents insurance quotes for our exceptional value awards and looked at a wide range of factors to hand-select this year’s best policies in our exceptional quality category. Full methodology report.

Best Quality Home Insurance

QBE Home and Contents Insurance*
  • 10% online policy discount (T&Cs)
  • Up to $30 million legal liability cover (T&Cs)
  • Underinsurance protection for up to 30% sum insured (T&Cs)

Why it won: This award-winning policy from QBE won in the Exceptional Value Home & Contents Insurance^ and Exceptional Value Landlord Insurance^ categories at the 2023 Mozo Experts Choice awards, and it’s not hard to see why. This flexible policy comes with all the standard cover you’d expect, with some handy built-in features, such as environmental upgrades after damage cover and $30 million in legal liability (eligibility criteria applies). New policies purchased online could receive a 10% discount (with conditions).

Australia Post Home & Contents Insurance*
  • 2023 Mozo Experts Choice Award for Exceptional Quality^
  • 24/7 claims support service
  • 10% online discount (for combined home and contents cover)

Why it won: This award-winning policy from Australia Post won in the Exceptional Value Home & Contents Insurance^ category in the 2023 Mozo Experts Choice awards, and its easy to see why it rated so well. This policy comes with all of the features you want from your cover including 24/7 claims support service and cover for fire, theft, water damage and much more. New combined home and content policies purchased online could receive a 10% discount (T&Cs apply).

Value Insurance Provider of the Year

Budget Direct - Home & Contents Insurance*
  • Multiple Mozo Experts Choice Award^ winner
  • Optional flood cover
  • 30% online discount (off the first year’s premium) for combined policy (T&Cs apply)

Why it won: Time and time again, the Mozo judges have been impressed with Budget Direct’s consistently low prices and solid cover limits. As well as being crowned Value Insurance Provider of the Year^ for the third year in a row, Budget Direct’s home & contents cover also scooped up a 2023 Mozo Experts Choice Award for Exceptional Value Home & Contents Insurance^. The award-winning policy combines building and contents cover and comes with a 30% discount off the first year’s premium when you purchase a combined policy online (T&Cs apply).

Editor’s pick of the month: Best home insurance deals on Mozo in February

Autumn family smiling in front of an insured house.

How do we choose our editor’s picks for home insurance? 

Shopping around for home insurance is like shopping for other goods and services. When you're in the market to find the best home insurance policy for you, it can be helpful to know about any new products, special discounts, or offers available and this is where our editor’s picks come in. If you’re after a full list of home insurance providers we compare here at Mozo you can also visit our home insurance hub for a longer list of policies available.

Focus on accident prevention

Honey Home and Contents Insurance*
  • Includes smart sensors to help avoid mishaps
  • Up to 8% discount each year for using smart sensors
  • Flood cover included as standard

Key details: Our top pick this month is the combined policy from tech-savvy provider, Honey. As a tech-led company focused on accident prevention, Honey provides customers with smart home sensors valued at around $250. The sensors can help alert customers to mishaps such as fires, water damage and theft in the home. Plus, by using them, you can get up to an 8% discount on your premium each year!(T&Cs apply). Just make sure you activate your smart sensors within 28 days of receiving them and keep them active throughout the year. Besides providing smart tech, Honey’s policy includes flood cover as standard as well as cover for other events such as damage caused by an animal, storms and theft. Remember to read the PDS for precise cover limits and exclusions, before signing on the dotted line. Underinsurance protection isn’t included so ensure the sum insured for your property and contents will be adequate in the event of a claim.

Customer favourites: Best home insurance from Mozo People’s Choice Awards

Graphic of Mozo's People's Choice Award badge.

About our People’s Choice Awards Methodology

The Mozo People’s Choice Awards are not judged by data analysts and professional researchers. Instead, the winners of these awards are decided by you, the actual customer.

For the 2023 awards, nearly 4,000 Aussies rated home insurance providers on their customer service and satisfaction, the sign up experience, and for insurance, what the claims process was like. The Mozo People’s Choice Awards have been running since 2011. 

Here is a selection of home insurance policies from providers rated highly for their customer service.

Youi Home and Contents Insurance*
  • Flood cover included as standard
  • Cover for fire, theft and storms
  • Cover for counselling services after a claim

What you need to know: Voted to the top for its Outstanding Customer Service at the 2023 Mozo People’s Choices Awards, Aussie insurance provider Youi must be doing something right. Youi’s combined Home and Contents Insurance policy includes flood, fire, theft, and storm cover. Plus, if you do need to make a claim after a traumatic event, the policy also includes up to $1,500 worth of cover for counselling services per household member. Up to $1,000 pet cover is also available as an optional extra, going toward vet fees if your cat or dog is injured due to an eligible household accident. Just be aware this policy doesn’t come with underinsurance protection so be sure to adequately estimate the market value of your home and contents.

RAC Home & Contents Insurance*
  • Flood cover included as a standard
  • Option to increase limits for valuable items (conditions apply)
  • $70 discount when if you purchase or switch online
Find out more

What you need to know: An astonishing winner in two categories for the 2023 Mozo People’s Choice Home Insurance Awards, RAC stands apart in the eyes of West Australians. Not only was the Aussie provider rated highly for its trustworthiness, but survey respondents also voted it ‘Most Recommended’. Cover includes a host of eligible events, including bushfires, earthquakes, floods, and storms. As an optional extra, you can also increase the limits on specific items in your home which have higher values than standard cover limits (like an expensive device or work of art), with a limit of $2000 per item or $5000 in total. Sign up online and save $70 on your first year of coverage (T&Cs apply). Available to only WA residents.

RACQ Home & Contents Insurance*
  • Flood cover included as standard
  • Optional pet cover (conditions apply)
  • $50 discount when you purchase a new combined policy online
Find out more

What you need to know: Impressively, Queensland based insurance provider RACQ received a trophy in nearly every single category for the 2023 Mozo People’s Choice Home Insurance Awards, including Outstanding Customer Service Experience, Customer Satisfaction, and Claims Experience. It was also named a Highly Trusted and Most Recommended provider. The RACQ combined Home & Contents Insurance policy offers cover for damage caused by extreme weather events such as flooding and storms, as well as fire and theft. Up to $750 in eligible pet cover is also available as an optional extra if they’re injured by a household accident, although it should be noted that this does not include cover for elective, routine, or preventative care. Be sure to read the fine print as more terms and conditions may apply. The policy also comes with a $50 discount when you purchase online in full (excludes pay later option).

* Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement and the Target Market Determination on the provider's website for further information before making any decisions about an insurance product.

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

Most common FAQs about home insurance

Why do you need home insurance?

Home insurance is a fantastic way to protect yourself financially in case of accidental or malicious damage, loss, or theft to your property and/or belongings. While it isn’t compulsory to have a policy in place, some mortgage lenders might require you to have one to lessen your perceived risk as a borrower.

What does home insurance cover?

What home insurance covers will vary from policy to policy. Generally though, home building insurance provides cover for your actual property, while contents insurance is designed to protect the belongings inside it. These can be purchased together or separately.

Home insurance often covers events such as fire, theft, storms, flooding, lightning, earthquakes, and malicious damage – although not every policy will provide insurance for all these events. Some may only offer cover for certain things, or including events such as flood damage as an optional extra. Carefully review the product disclosure statement (PDS) before purchasing, as this will tell you exactly what is and what is not covered with a specific insurance plan.

What’s the best way to save on home insurance?

While there’s nothing wrong with searching for cheaper cover, it is worth remembering that insurance is designed to provide financial support should something go awry. If a policy doesn’t provide adequate cover, you could be left severely out of pocket in the event of a natural disaster or emergency.

That said, there are a few ways you can try to lower your annual premium. One of the best ways to save on home insurance is to make sure you get all the discounts you can. For instance, a number of providers offer a discount for combining home and contents insurance. This is called a multi-policy discount – you may even be able to get more money off by getting car insurance from the same provider, as well. 

Other things that could make your insurance cheaper include opting for a higher excess or adding extra safety features to your home. Keep in mind that a higher excess means you will have to pay more come claim time, so adding extra safety features, such as security locks or cameras, could reduce the chance of you being burgled. Ergo: make it less likely you will have to make a claim.

What’s the best way to work out how much to insure my home for?

Generally speaking, the amount you insure your home for should be enough to pay for a full rebuild, should it be completely destroyed. That said, obtaining an accurate estimate for the cost to rebuild can be tricky. So as to not put all your eggs in one basket, you might think about getting an estimate from a few different sources. That way you can cross reference what you find and see if the results differ wildly.

CoreLogic has a Rebuild Cost Calculator designed to help estimate how much insurance a specific property might need. Home valuation experts are another option. You can use the Australian Property Institute’s “find a property professional” search tool to find a certified residential property valuation expert near you. Alternatively, a quick internet search may also bring up valuation experts in your area.

What is underinsurance?

Underinsurance is when a property is insured for less than it would actually cost to rebuild it. So for example, if a property is insured for $400,000, but it turns out that the rebuild costs are actually over $500,000 - the homeowner is going to be left out of pocket. Unless the insurance customer has an underinsurance safety net with their policy, the insurance company will not pay more than $400,000 towards the rebuild costs.

Check out Mozo’s guide to underinsurance to read more about what it is and how you can avoid your home being underinsured.

What happens if I don’t have home insurance?

If you don’t have home insurance, any repairs your property needs will have to be paid for with your own money. The main point of home insurance is to provide financial support to individuals in the unfortunate event that their home is damaged or made uninhabitable. Costs stack up fast – especially in the event of a flood or bushfire. 

In worst case scenarios, some homes even need complete rebuilding after an extreme weather event. In these instances, bills for construction work can climb over $100,000. Not many individuals will have that much money stashed away in a savings fund. Of course even with home insurance, there will often still be at least a small amount to pay (such as an excess). However, home insurance can help you recover without taking as big a hit to your finances.

What is a home insurance excess?

The excess is the amount you will be expected to pay before the insurance company steps in. For example, say someone has a $400 excess with their home insurance. The insurance company will most likely not contribute towards a $300 bill, but will help out with a $1,000 bill (if the claim is accepted, of course). In the second scenario, the customer would pay $400 and the insurance company would pay $600. 

What your excess is will depend on a number of factors. These include the policy you sign up to and whether or not the insurance company allows flexibility in choosing an excess. A high excess will usually equal a lower insurance premium, while a low excess will often lead to a more expensive premium. 

However, come claim time you will have to pay more with a high excess and less with a low excess. So depending on the likelihood of you having to file a claim, there are different advantages to having a higher or lower excess.

Where can I find the best home insurance?

No one home insurance policy can be called the best. However, some may be more suited to your circumstances than others. As discussed earlier on, a policy that includes flood cover as standard may be appealing to someone who lives in a valley or near a river, while someone whose home sits near bushland may be more concerned about bushfire cover.

To pick the best home insurance for you, you will first have to decide what you need from a policy. Are you worried about your home being burgled? Do extreme weather events pose a threat where you live? Another thing to consider is budget. If money is tight, you may be after a no fuss policy that covers the basics. Or, if your financial situation is comfortable, you may want a comprehensive home insurance plan with all the bells and whistles attached.

Whatever your situation, you can start reviewing policies at Mozo’s compare home insurance hub. Here, we give a snapshot of individual home insurance policies available in Australia right now.

Is home insurance compulsory in Australia?

While there’s no official requirement for homes to be insured in Australia, many mortgage lenders may require you to have a home insurance policy in place before approving your home loan. This is because depending on the policy, home insurance (whether building, contents, or combined building & contents) could offer significant financial protection from unforeseen circumstances. Even if it’s not federally mandated, it’s still a worthwhile investment to consider.