building home insurances

Building insurance deals

Are you after a building insurance quote? Mozo helps you compare building insurance options so you can find a policy to suit your needs and budget as a homeowner. 

Here, we’ve collected some of the latest building insurance deals from Australia’s home insurance providers. You can compare key policy information, tailored coverage and current discounts before you get a personalised building insurance quote for your property.

Fact Checked

Building insurance comparisons on Mozo - last updated 27 January 2022

Search promoted home insurance below. Advertiser disclosure. Important information on terms, conditions and sub-limits.
  • Home Buildings Insurance

    Get award-winning Home and Contents Insurance at a price you can afford from Budget Direct. Save a huge 15% ^ on your first year’s premium when you purchase a new combined Home Buildings Insurance policy online.

    Main events covered
    • fire
      Fire
    • theft
      Theft
    • storm
      Storm
    • flood
      Flood
      Optional Extra
    Monthly payments
    cost extra
    Calendar icon
    Yes
    Underinsurance protection
    Underinsurance protection icon
    Optional ExtraUp To 25% Of Sum Insured
    New for old
    replacement
    Replacement icon
    Yes
    Compare
    Go to site
    Details
  • Everyday Comprehensive Home and Contents Insurance

    Huddle Everyday Home & Contents Insurance, up to 20% off Home & Contents Insurance (T&Cs apply). Increase your basic excess to suit your budget and reduce your premium. Lodge claims easily 24/7, and in some cases you'll get a decision within minutes.

    Main events covered
    • fire
      Fire
    • theft
      Theft
    • storm
      Storm
    • flood
      Flood
    Monthly payments
    cost extra
    Calendar icon
    Yes
    Underinsurance protection
    Underinsurance protection icon
    No
    New for old
    replacement
    Replacement icon
    Yes
    Compare
    Go to site
    Details
  • Home Insurance

    Making sure your home insurance is about where you’re at right now could save you lots. Start a quote with Youi today and see what you could save.

    Main events covered
    • fire
      Fire
    • theft
      Theft
    • storm
      Storm
    • flood
      Flood
    Monthly payments
    cost extra
    Calendar icon
    Yes
    Underinsurance protection
    Underinsurance protection icon
    No
    New for old
    replacement
    Replacement icon
    No
    Compare
    Go to site
    Details
  • Home & Contents Insurance

    Virgin Money Home & Contents Insurance, winner of the Exceptional Value Home & Contents Insurance award in 2020.

    Main events covered
    • fire
      Fire
    • theft
      Theft
    • storm
      Storm
    • flood
      Flood
      Optional Extra
    Monthly payments
    cost extra
    Calendar icon
    Yes
    Underinsurance protection
    Underinsurance protection icon
    Optional ExtraUp To 25% Of Sum Insured
    New for old
    replacement
    Replacement icon
    Yes
    Compare
    Go to site
    Details
  • Comprehensive Cover

    Save up to 20% when you purchase a combined Woolworths Home and Contents policy online (T&Cs apply). Get a quote online in just minutes and enjoy optional cover for portable valuables.

    Main events covered
    • fire
      Fire
    • theft
      Theft
    • storm
      Storm
    • flood
      Flood
    Monthly payments
    cost extra
    Calendar icon
    Yes
    Underinsurance protection
    Underinsurance protection icon
    No
    New for old
    replacement
    Replacement icon
    Yes
    Compare
    Go to site
    Details
  • Black Home and Contents Insurance

    Huddle Black Home & Contents Insurance, up to 20% off Home & Contents Insurance (T&Cs apply). Increase your basic excess to suit your budget and reduce your premium. Lodge claims easily 24/7, and in some cases you'll get a decision within minutes.

    Main events covered
    • fire
      Fire
    • theft
      Theft
    • storm
      Storm
    • flood
      Flood
    Monthly payments
    cost extra
    Calendar icon
    Yes
    Underinsurance protection
    Underinsurance protection icon
    No
    New for old
    replacement
    Replacement icon
    Yes
    Compare
    Go to site
    Details
  • Home & Contents Insurance

    Protect your home, contents and valuables with Honey Home & Contents Insurance. Receive complimentary smart home sensors, worth $250, plus save 8% off your yearly premium for using them to protect your home (T&C’s apply). Claims lodged 24/7, 365 days a year. Get insured in 3 minutes.

    Main events covered
    • fire
      Fire
    • theft
      Theft
    • storm
      Storm
    • flood
      Flood
    Monthly payments
    cost extra
    Calendar icon
    No
    Underinsurance protection
    Underinsurance protection icon
    No
    New for old
    replacement
    Replacement icon
    Yes
    Compare
    Go to site
    Details

^See information about the Mozo Experts Choice Home insurance Awards

*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.

Home insurance resources

Reviews, news, tips and guides to help find the best home insurance for you.

FAQ

What is building insurance?

If you are looking to insure your property – whether living in it yourself or renting it out as an investment – you’ll want to consider getting building insurance. 

Building insurance covers the structure of your home against loss and damage caused by things like fire, storms, flooding and vandalism. It can also include coverage for things like internal fixtures, landscaping, fences, garages and other fixed outdoor structures like pergolas.

When choosing between building insurance policies, it’s important to carefully review the insurable events as well as any cover limits and exclusions in your product disclosure statement (PDS)

What’s the difference between building insurance and home & contents insurance?

Building insurance vs home & contents insurance - Mozo graphic

Building insurance is often referred to as ‘home insurance’, which is one half of a home and contents insurance policy. Contents insurance is the other half, which covers the belongings within your home against theft and damage. 

If you’re living in the property (as opposed to renting it out) and want this kind of coverage as well, it may pay to combine the two policies. While you can purchase each on its own, providers often offer discounted premiums when you take out combined home and contents insurance under the same roof.

If your property is an investment and you’re renting it out, you might prefer to take out landlord insurance. This provides similar coverage to building insurance, but will often also cover things like lost rental income if tenants default on their rent and legal liability in case anyone is injured or dies on the property.

If you're after a combined home and contents policy, start researching with these options from the Mozo Experts Choice Home Insurance Awards.

How much building insurance do I need?

Underinsurance can create major problems if you need to claim on your building insurance. It’s essentially a situation where your home costs more to repair or rebuild than you’ve had it valued at and recorded with your insurance company. 

It’s important to have an accurate estimate of the replacement value of your home should you need to rebuild, and to get it re-evaluated at regular intervals as living and building costs change over time. 

To get an accurate estimate, talk to an architect, builder or property expert. Some insurance providers will offer underinsurance protection as an optional extra, just in case a valuation isn’t accurate.

Another important thing to remember is that the cost to insure your home is not the same as the price you paid for your home or property. The land value should be excluded from your calculations – you only need to insure for the value of your home's structure.

How do I choose a building insurance policy?

As always, best practice in choosing any financial product is to assess your needs, compare options and find an offer that aligns with both. 

For choosing building insurance, you should have the home valued to ensure you’re covered at the right level. You should also consider any extra events or elements of your property you might want covered. This could be additional flood cover if you live in a flood-prone area, or more coverage for your new garden and landscaping.

Then, you should get researching with Mozo’s comparison table above to find a policy which includes everything you need at a price you can afford. 

How can I reduce the cost of my building insurance?

There are several ways to get cheaper building insurance, without needing to reduce the level of cover you get. Some of these cost-saving moves you can make include:

Comparing and haggling. Always shop around at your policy renewal time to compare offers. Building insurance providers are just like other businesses and have discounts or incentives that can save you money. Even if you're happy with your current insurance company, it's a good idea to know what the competition is offering and see if you can use this to haggle a better deal for yourself.

Ensuring your property is secure. The more secure your property the lower your premium is likely to be. Put locks on doors and windows, make sure smoke alarms are in working order, and consider installing a security alarm or camera.

Making sure you are getting any relevant discounts. There are a heap of discounts which could be applied to your policy to reduce your premium if you’re eligible for them. 

This includes: 

  • No claims discounts: If you have not made a claim in a set period of time, you can start to build up a no claims bonus or discount on your premium. If you’re looking to switch insurance companies, many providers will honour the discount provided by your current insurance provider if you can show evidence.

  • Bundled products: You can often secure a discount if you have multiple products with the one insurance provider. If you are getting building insurance and also want contents insurance it could be cheaper to take out a combined policy with the one provider. Or you might consider getting your car insurance moved across at the same time to access a discount.

  • Online application discounts: Some providers offering building insurance will apply a discount on your first year’s premium if you buy the policy online. 

  • Loyalty discounts: If you stay with a building insurance provider for a certain number of years, a loyalty discount may kick in. This can often increase the longer you hold your policy.

How do I find the best building insurance?

If you’re on the lookout to find Australia’s best building insurance, a great place to begin is by checking out the winners in the Exceptional Value and Exceptional Quality categories. Our experts analysed the pricing and product data and determined these as the insurance policies bringing to the table the best price, range and features in the market.

Not all customers are in search of the same thing when it comes to building insurance, so it’s important to bear this in mind when comparing policies.

Building insurance FAQs

What is the difference between ‘sum insured’ and ‘total replacement’ cover?

While not many providers offer this, you might have the option to choose between ‘sum insured’ and ‘total replacement’ cover.

If you opt for sum insured you'll choose the amount of money you insure your home for, and your policy premium will be based on this amount. This is the maximum amount your insurance provider will pay to repair or rebuild your home. If you choose this option, it's vital to get an accurate idea of how much it will cost to repair or replace your home.

Total replacement cover, means just that. You don’t set a limit to the cover and the insurance company will pay no matter what the cost it is to repair or rebuild your home. Keep in mind, this kind of policy will likely come with a higher price tag.

How much does building insurance cost?

The cost for your building insurance policy will depend on a number of factors including where the property is located, the property size, it’s value and your insurance claims history. For example, insuring a house in a flood prone area will likely be more expensive than insuring somewhere else, and a larger house will come with a steeper price tag than a small one.

To get a personalised quote, first review the insurance policy information here on Mozo. We outline the key events and limits included in each policy to help you find one that looks right for you. Once you’ve compared your options you can get a quote directly from the insurance company for your property. They will also be able to answer any specific questions related to your property.

What is building insurance excess?

When you make a claim on your building insurance, you’re generally required to pay an amount before your insurance policy kicks in to cover the rest. This is called an ‘excess’. Excess levels can vary depending on your provider and policy, but it’ll generally be a set figure for a building insurance policy. 

For example, if you were to make a $10,000 building insurance claim and your excess was $800, the insurance provider would cover the remaining $9,200. If the bill only came to $500, it wouldn’t be worth claiming on your insurance as the excess covers the cost completely.

You can often opt for a lower excess, but this will generally result in a heightened premium cost. Similarly, choosing a higher excess can reduce the cost of your premium. 

Can I pay by the month for building insurance?  

Yes, many building insurance policies come with the option of paying insurance costs on a monthly basis. This can help you budget for the cost of insurance by spreading it out, rather than leaving you scrambling to come up with a lump sum payment. 

Keep in mind though, you might have to pay extra for the convenience of monthly payments, so factor that extra cost into your budget

Picture of Tara McCabe
Tara McCabe
Money writer
Tara McCabe writes across all areas of personal finance here at Mozo from banking through to insurance. Tara is expert at practical money tips, showing readers ways to live richer and be socially conscious while doing it. She earned a BA (Hons) in English Literature from Canterbury Christ Church University.

Home Insurance Reviews

AAMI Home & Contents Insurance
Overall 10/10
Best insurance ever

My family & I have been with AAMI. Highly recommend for excellent customer service. 10 star rating not 5. Thanks AAMI.

Read full review

My family & I have been with AAMI. Highly recommend for excellent customer service. 10 star rating not 5. Thanks AAMI.

Value for money
10/10
Policy coverage
10/10
Customer service
10/10
Claims handling
10/10
Less
Omnia, Victoria, reviewed 14 days ago
CHU Contents Insurance
Overall 1/10
Worst insurance company ever

They put me through hell making an insurance claim,?had to escalate my case to AFCA Staff are horrible, Insurance Is give below zero in rating. Customer service doesn’t exist. I’d go with AAMI for anything to be insured. Worst insurance company ever, I’ll be advising the CEO of CHU & QBE how the company is run.

Read full review

They put me through hell making an insurance claim,?had to escalate my case to AFCA Staff are horrible, Insurance Is give below zero in rating. Customer service doesn’t exist. I’d go with AAMI for anything to be insured. Worst insurance company ever, I’ll be advising the CEO of CHU & QBE how the company is run.

Value for money
1/10
Policy coverage
1/10
Customer service
1/10
Claims handling
1/10
Trust
1/10
Less
Samantha, Victoria, reviewed 14 days ago
Youi Home & Contents Insurance
Overall 1/10
worst house insurance ever

Claim for the cracks after the earthquake event. Base on engineer report, theoretically due to soil/footing that caused the crack of the house, not due to earthquake. Engineer report state: "Further investigation and discussions into the exact cause of differential footing movement can be provided if required", so I asked if YOUI can do further investigation because they can't just base on theoretical report and rejecting any further investigation. However, they still rejected and stated that theoretically the report is correct without any proof. I have asked people around and they actually said Youii is one of the worst insurance when it is about house insurance. Regret to stay for 2 years and not helpful.

Read full review

Claim for the cracks after the earthquake event. Base on engineer report, theoretically due to soil/footing that caused the crack of the house, not due to earthquake. Engineer report state: "Further investigation and discussions into the exact cause of differential footing movement can be provided if required", so I asked if YOUI can do further investigation because they can't just base on theoretical report and rejecting any further investigation. However, they still rejected and stated that theoretically the report is correct without any proof. I have asked people around and they actually said Youii is one of the worst insurance when it is about house insurance. Regret to stay for 2 years and not helpful.

Value for money
1/10
Policy coverage
1/10
Customer service
1/10
Claims handling
1/10
Trust
1/10
Less
Kayne, Victoria, reviewed 14 days ago

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