Compare home and contents insurance: Save up to 30% online

Are you looking for cheaper home insurance? Mozo can help you to compare a range of home and contents insurance options to find the best policy to suit your home and lifestyle. Start now!

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Home and contents insurance comparisons on Mozo - last updated 22 February 2024

Search promoted home insurance below. Advertiser disclosure. Important information on terms, conditions and sub-limits.
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    Main events covered
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    Main events covered
    • fire
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    • storm
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    • flood
      Flood
    Monthly payments
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  • Home & Contents Insurance

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    Main events covered
    • fire
      Fire
    • theft
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    • storm
      Storm
    • flood
      Flood
    Monthly payments
    cost extra
    Calendar icon
    Yes
    Underinsurance protection
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    Optional ExtraUp To 30% Of Building Sum Insured
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  • Home & Contents Insurance

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    Main events covered
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    • storm
      Storm
    • flood
      Flood
      Optional Extra
    Monthly payments
    cost extra
    Calendar icon
    Yes
    Underinsurance protection
    Underinsurance protection icon
    Optional ExtraUp To 25% Of Building Sum Insured
    New for old
    replacement
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    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.

Home insurance snapshot for February 2024

With February here, Australia's summer shows no signs of quietly dimming. We're enjoying the tail end of long, warm days, yet keeping a keen eye on the changing weather. It's a period packed with momentous occasions: the school holidays wrapping up, Valentine's Day bringing a bit of fun and leap year adding one extra day of fun to the short month. 

The El Niño effect adds a distinct twist this year, ushering in heatwaves and increased bushfire risks, especially in Western Australia and South Australia. Meanwhile, Queensland remains on alert for potential cyclones. 

This unique combination of factors makes it an ideal time to reassess your home and contents insurance, ensuring it's up to the task for whatever February has in store.

Here are some tailored tips:

  • Customised coverage. Make sure your policy is tailored to your local weather risks – such as bushfire coverage in prone areas and storm or flood coverage in regions susceptible to cyclones.

  • Proven claims process. Find an insurer that has a proven claims process. This is important for weather-related claims, when everyone will be trying to claim at once.

  • Comprehensive personal property coverage. Verify that your policy adequately covers all personal belongings, including high-value items that may not be standard in basic policies.

  • Award-winning policies. Look for policies recognized for their excellence, such as the Mozo Experts Choice Awards. These usually signal a policy that’s doing things right.

Following these tips will ensure you step into February with confidence, knowing your home insurance is tailored and ready for the specific demands of this unique month.

What is home insurance?

Home and contents insurance is really a combination of two different policies: building insurance (also called home or house insurance) and contents insurance. These two are usually bundled together, but they’re also sold separately.

If one of these events damages your home, the policy should cover the cost of repairs, provided you've insured your home for an amount that accurately reflects its value and the specific damage is covered in your policy.

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

Home and contents comparison graphic Mozo

Home and contents insurance is really a combination of two different policies: building insurance (also called home insurance) and contents insurance. These two are usually bundled together, but they’re also sold separately.

House insurance, or building insurance, will cover expenses associated with loss or damage to the physical building that you own, for example rebuilding a collapsed roof. Contents insurance protects the things inside your home like furniture, white goods and other valuables.

Not everyone needs both. If you’re a renter, you won’t need home insurance, so you can opt for a contents insurance policy only. 

Why do I need home and contents insurance?

Look, nobody likes thinking about the ‘what-ifs,’ but they're important to consider. Home insurance offers a financial cushion for some of life's most unexpected and unfortunate events. Here are some compelling reasons why having home insurance is a good idea:

  • Unexpected damage or loss. Think fires, water damage and theft. These things can happen to anyone, anytime. It's not just about protecting your valuables; it's also about having the ability to rebuild or repair your home.

  • Legal liability. Imagine your neighbour takes a tumble on your driveway and breaks an arm. If you're found liable, your home insurance can help you cover their medical expenses. It's peace of mind for you and your bank account.

  • Mortgage requirements. If you're like most people, you've got a mortgage on your home. Most lenders won't let you sign the dotted line without proof of insurance. It safeguards their investment as much as it does your own.

  • Asset protection. Your home is more than just four walls; it's probably your most significant investment. Insurance is there to protect that asset, from the structure itself to the valuables inside.

So, is another insurance policy really necessary? To put it simply: yes. It's the kind of adulting no one looks forward to but everyone benefits from. Better safe than sorry, right?

What does home & contents insurance actually cover?

When you want to make sure your home and belongings are protected, it's important to understand what your home and contents insurance covers. Let’s get into it.

Objects covered: the ins and outs of your home

Your policy looks after several key areas:

  • Building or home structure. This includes the essential parts of your home like the roof, walls and foundational elements.

  • Permanent fixtures. These are items that are attached to and form part of the building, such as kitchens, built-in cupboards and bathroom suites. They're generally considered part of the building or structure.

  • Home contents. This encompasses movable items like furniture, white goods, electronics, clothing and personal belongings.

  • Fittings. These are items that can be removed without damaging the property, such as light fixtures and removable floor coverings. They're typically treated as ‘contents’.

Situations covered: when insurance steps in

Your insurance can provide financial protection in a range of situations. It’s important to consult your PDS for specifics of your policy, but here are a few of the most common situations:

  • Natural disasters. Such as floods, storms and bushfires.

  • Accidental damage. From burst pipes to accidental fires.

  • Theft and vandalism. Coverage for when your home is broken into or damaged maliciously.

  • Liability coverage. This protects you from legal costs if someone gets hurt on your property.

Examples of covered situations

Here are some real-life scenarios where your insurance could help:

  • A storm causes a tree to fall on your house.

  • A pipe bursts and causes water damage.

  • Someone breaks into your home and steals your valuables.

  • A friend injures themselves at your home.

Caveats and exceptions: read the fine print

Every insurance policy has its limits and exceptions. It's crucial to carefully review your product disclosure statement (PDS) to understand what is and isn’t covered.

For example, you might not be covered for gradual damage like tree roots affecting your foundation. Also, if you don't clean your gutters and they overflow, causing damage, you might not be covered.

Flood coverage often requires a separate add-on, and while floods might be covered, storm surges may not be. Always check the fine print!

How much does home insurance cost?

The cost of home and contents insurance depends on a few things like where you live, how much your home is worth, what security mechanisms you have in place and whether you want coverage for the building, your belongings, or both. And, of course, any extras you opt in for, like flood cover, will affect the price too.

The average yearly cost of home insurance, based on our survey of over 2,000 Australians from across the country, comes to about $1,460, which breaks down to approximately $121 per month.

And here’s a state-by-state breakdown:

State

Average Annual Cost

TAS

$1,114

SA

$1,139

VIC

$1,370

NT

$1,400

NSW

$1,479

WA

$1,504

ACT

$1,634

QLD

$1,692

Remember, these are just averages. Your own quote could be different, so it's a good idea to check with a few different insurers to find out exactly what it would cost for your situation.

Comparing quotes helps you find the cheapest option available, but keep in mind that the cheapest policy might not always offer the most comprehensive coverage. Finding a balance between cheap home insurance premiums and adequate protection is key.

What kinds of home insurance are there?

Different types of home insurance - Mozo graphic

In the wide world of home insurance, there are a few different policies you might want to consider. Here's a breakdown to help you decide what fits your needs best.

  • Building insurance. Your home's structure, from the roof down to the foundation, is covered here, including things like garages and sheds.

  • Contents insurance. This one has your back for all the personal items inside your home – think your comfy sofa, snazzy laptop, your prized jeans collection and even food.

  • Home and contents insurance. Just like it sounds, this combines building and contents insurance for an all-in-one protective umbrella.

  • Landlord insurance. For those renting out properties, this covers property damage and can include things like rent default and legal liabilities.

  • Renters insurance. Basically, this is contents insurance repackaged for renters, so you're not paying for building protection you don't need.

We're also going to touch on a few special mentions because they can often be their own separate products, or they can be add-ons to your home or contents insurance.

  • Portable contents insurance. Ideal for items you regularly take outside, like your camera or laptop.

  • Valuable items cover. This is where you'd ensure your high-ticket items such as jewellery, artwork or your vintage comic book collection.

Note on renovations: If you're giving your place a facelift, your builder should have their own insurance. This covers any accidental damage they might cause during the renovation, because your home insurance probably won’t cover it.

How do I find home insurance that’s right for me?

Figuring out the right home insurance is all about knowing what you need and looking at your choices side by side. Remember, buying a house is probably the biggest investment you're going to make. Making sure it's securely insured? That's a no-brainer.

We get how important it is and that’s why we’re here to help.

So, shall we get started? Then let’s dig in:

Step 1: Decide what kind of insurance you’re after

In the previous sections, we walked through the different home insurance options out there. Now, let's figure out your perfect fit.

Are you…

  • A homeowner wanting to shield your home sweet home and cherished belongings?

  • A renter keen on protecting your personal stuff?

  • Or perhaps a landlord in need of coverage for potential property damage and those ‘just in case’ moments?

While it's common for homeowners to opt for the whole shebang, there are times when just building insurance will do the trick - say, if your place is temporarily vacant or you're between moves.

Once you pin down the product-type that meshes with your lifestyle, we can move onto  pinpointing how much coverage will hit the spot.

Step 2: Work out how much cover you need

Next, you’ll be tallying up the value of your home and everything in it, so you're completely covered if you ever need to claim. Here’s what you’ll need to consider:

  • Home Value. Here you’ll need to estimate the value of your home. If you've recently renovated, the added value should be reflected in your insurance. It's about making sure your cover accurately reflects your home's worth, so you're not shortchanged if you ever need to claim.

  • Contents. List out what you own, from your gadgets down to your socks. This isn't just about being thorough — knowing the value of what’s inside your home helps you pick cover that’s tailored to you.

  • Special Items. Have items that are a cut above the usual, like heirloom jewellery or collectible artwork? They might need additional cover since they can go beyond typical policy limits.

  • Portable Items. Think about the things you take with you when you leave the house. For the laptops and cameras that travel with you, you'll want to ensure they're covered on the go.

Now you’ve got a better grip on what you need, and that’s a solid foundation to move on to choosing a policy that fits like a glove.

Step 3: Make your shortlist

Next, head back to our comparison table and pick your preferred coverage type: building, contents or both. Notice what each provider brings to the table in terms of coverage options, special features and any potential red flags.

You can even create a shortlist of your top contenders. This handy feature pulls up a more detailed side-by-side comparison, letting you spot the nuances of each policy without being distracted by options that didn't make your cut.

After narrowing it down to your top 2 or 3 choices, it's time to gather quotes for a clearer picture of costs based on your specific circumstances. But don't worry, we'll walk you through that process next.

Step 4: Get some quotes

Okay, now we're getting somewhere. Click 'Get Quote' for the policies you're interested in. You’ll be whisked away to the insurer's website, where you'll get an idea of what your premium could be.

It's free, and don't worry, you're not locked into anything. They'll need some details like your location, home value and the like.

Be as precise as possible to get the most accurate quote. And don't worry, the insurer will most likely send you a unique link that lets you return to your quote, just in case you need to tweak anything or revisit it later.

Once you have 2 or 3 quotes, lay them out and compare. This isn't just about finding the cheapest home and contents insurance option; it's about finding the best value. What gives you the best coverage for your money? Any additional benefits or features that stand out?

The perfect policy for you is out there, and you're one step closer to finding it!

Step 5: Start your application

So, you've found the right home insurance policy and now it's time to seal the deal. Pop over to the insurer's website or click that link they sent you, fill in your personal details, and don't forget to have your payment information handy.

Most insurers offer various payment options, like monthly or annual instalments, so choose what works best for you. Before you finalise everything, you’ll see when the first payment will be due. Make a note of this to avoid any surprises.

Stuck or got questions? A quick call to the insurer will sort you out. They're ready to help you finalise your coverage and get you all set up.

Understanding your home and contents insurance terms

While every insurance policy can vary, there are a few features you’ll have to settle on across the board. Here are some terms you can expect to be acquainted with when you sign up.

Premium

The premium is how much you’ll pay for your insurance. Based on demographic factors and your insurance history, your provider will assess how likely it is you’ll make a claim

They then weigh this up against how much you’re insured for and set your premium accordingly. Some of the factors they might take into account are where you live, how old your home is, what it’s worth, what it’s made of, and if you’ve made any claims in the past.

Excess 

The excess is how much you’ll pay towards each claim before insurance coverage kicks in. For example, if your excess is set at $500 and you make a claim on damages that cost $5,000 to repair, you’ll pay $500 while your insurance company will chip in $4,500. 

If you opt for a higher excess, your premium will go down. Similarly, if you only agree to pay a small amount in excess, your premium will be higher.

Cover limits 

This is the maximum amount that your insurance provider will pay on claims on certain items. For example, your collection of jewellery might only be insured up to $10,000. If $12,000 worth is stolen, you’ll only be able to claim up to $10,000.

Struggling with another unfamiliar home insurance term? Check out our home insurance jargon buster.

Beware underinsurance

Being underinsured means your policy doesn’t cover the full value of your home and possessions. If you insure your home for less than it's worth to save on premiums, it might seem like a good idea—until disaster strikes.

Take a home worth a million dollars, for example. If you've insured it for only $500,000 to cut costs, and then face damages of $500,000, you might expect your insurance to cover it since after all, you did pay for $500,000 worth of cover.

Unfortunately, it doesn't work that way. The insurance company could reduce your claim payout significantly because your coverage is only for half of your home's value. This would leave you to pay out-of-pocket for the rest of the repairs, which isn't a situation anyone wants to be in.

To sidestep the trap of underinsurance, homeowners should stick to a few key practices:

  • Stay current with your home's worth. Homes change value like seasons; make sure your insurance reflects the latest, from market shifts to any upgrades you've added to your nest.

  • Inventory your belongings honestly. It's not just about what you paid; it's about what it would cost to replace your stuff today. From your laptop to your lounge chair, get it all appraised right.

  • Give your policy an annual once-over. Life changes and so should your policy. Got a new art piece? Renovated the kitchen? Update your policy so it keeps up with your life’s upgrades and doesn't fall behind.

  • Plan for the worst, just in case. It's not about being gloomy, but about being smart. Make sure a total loss won't be a total knockout for your finances.

In short, a little legwork and knowledge go a long way. Knowing the real value of your home and the nitty-gritty of your coverage keeps you ahead of the underinsurance game.

How do I find the best home insurance?

The best home insurance is the one that fits your needs and budget the best. When comparing home insurance policies or seeking quotes, it’s important to find an option that aligns with your individual requirements and financial plan.

However, among the myriad of home insurance offerings, certain policies stand out for their comprehensive coverage.

In the 2023 Mozo Experts Choice Awards for home insurance, Mozo’s expert research team and data analysts scrutinised numerous home insurance policies from a wide range of providers, all to spotlight the finest home insurance choices available in Australia.

Among the winners were:

How to find the cheapest home insurance?

Finding cheap home insurance doesn’t mean cutting corners. It's about smart choices that align with your lifestyle and budget. Let's get into the nitty-gritty of how you can save cash while still rocking solid coverage:

  • Opt for higher excess. Consider a higher excess to potentially lower your premiums. Just make sure you're comfortable with the amount you'd need to pay if you ever had to make a claim.

  • Bundle discounts. Many insurers will give you a price break for holding multiple policies with them. Combining your home and auto insurance might lead to some nice savings.

  • Conduct regular maintenance. A well-maintained home can prevent issues that often lead to claims, and some insurers will reward this with lower premiums.

  • Upgrade your security. Upgrading your home security can reduce the risk of claims and potentially qualify you for a discount on your insurance.

  • Claim smartly. Using your insurance for major claims but handling minor fixes yourself could help maintain a lower premium over time.

  • Compare policies. Always compare policies at renewal time to make sure you're getting a good deal. A little bit of research can go a long way.

  • Review your cover. As life changes, so should your insurance. Keep your policy in line with your current circumstances to ensure you're properly covered.

  • Optional extras? Choose wisely. Tailor your policy with extras you need and skip the ones you don’t.

  • Discounts and deals. Always ask for discounts and don’t shy away from a bit of bargaining for a better rate.

By taking these steps, you can find a home insurance policy that provides both affordability and peace of mind.

For more details on getting the most for your money, check out how to find cheap home and contents insurance.

How to compare home and contents insurance

Finding the right home and contents insurance isn't just about the cost; it's about getting the coverage that's right for you. To make sure you're comparing apples with apples, here's a straightforward approach to evaluating different policies:

  • Policy coverage. Look closely at what each policy covers. Make sure the risks most relevant to you are included. It's important to compare policies that offer similar levels of coverage.

  • Exclusions and limits. Every policy has its blind spots. Know what these are, and decide if you can live with them.

  • Cost of premiums. While keeping an eye on your budget, weigh the cost against the coverage. Cheaper isn't always better.

  • Excess amounts. Pay attention to how different policies balance excess amounts and premiums. The key is to find the balance that suits your budget and coverage needs. 

  • Customer reviews and company reputation. What do others say about the insurer? Good customer service can be a lifesaver.

  • Additional benefits. Some insurers throw in extra perks. These can be tie-breakers if you're stuck between two good options.

  • Policy flexibility. Can you tweak the policy to suit your needs? This flexibility can be a real advantage.

  • Claim process. A hassle-free claim process is worth its weight in gold. Check out how each insurer handles claims.

In short, the key to comparing home and contents insurance is to look at each option through a lens that's focused on your specific needs. By taking this approach, you'll be in a better position to choose a policy that offers both value and peace of mind.

Picture of Evlin DuBose
Evlin DuBose
RG146
Senior Money Writer
Evlin is RG146 certified for Generic Knowledge and has become a leading voice in finance news since joining Mozo two years ago. She is regularly featured in Google's Top Stories alongside major publications like News.com.au and Yahoo Finance, and seasoned journalists. Despite being in the industry for just two years, she is Mozo's go-to writer for all things RBA and her research has been referenced by the Victorian Government. With a Bachelor of Communications degree from UTS, where she won the Dean's Merit Award and acted as the Director of Student Publications.

Your home insurance FAQs, answered

How much does home and contents insurance cost?

The price tag on home and contents insurance can be as varied as the homes they cover. 

For a rough idea, though, you might want to flick through the latest Mozo Home Insurance Report or round up some quotes yourself. 

This kind of homework can give you insight into how insurers think – because they're definitely thinking a lot about where you live and the kind of place you call home.

Let's break down the main players in the home insurance pricing game:

  • Location, location, location. If your home's in a spot with a rep for trouble or wild weather, insurers might see more risk – and that can bump up your bill.

  • Safety first. If your place is kitted out with alarms and locks, insurers might see fewer dollar signs when they look your way.

  • The space you occupy. Size matters. Whether it’s a cosy apartment or a sprawling estate, it can make a difference in what you'll pay.

  • The value of your stuff. All your gear, from the tech to the couch, it all adds up. The more you’ve got, the more insurers might charge.

  • History lesson. Got a clean sheet with no past claims? That could mean good news when it comes to cost.

  • Your stake in the game. The more you're willing to fork out if the worst happens, aka your excess, the less you'll generally pay up front.

  • Brick by ageing brick. Old homes have character – and sometimes costly quirks. If your walls could talk, they might warn you about potentially higher premiums.

Just remember, getting your head around these factors won’t spit out an exact number, but it'll certainly frame the picture better when you start seeing those quotes.

Are there any home insurance traps to avoid?

Home insurance policies will have their share of caveats and conditions buried amid all the policy documents. Naturally, you’ll need to do your due diligence and read over the relevant PDS yourself, but here are just a few things you should keep in mind.

  • Regular upkeep is key. If the damage caused can be chalked up to a lack of maintenance on your part – for example, if there’s water damage caused by leaks from old windows – you likely won’t have any luck making a claim. 

  • Pre-existing problems don’t fly. Similarly, if the damage caused can be traced back to a defect or fault which you were aware of (or should have been aware of) you’ll find you won’t be covered.

  • Check the clock on vacant homes. Many policies won’t insure your property if it’s been unoccupied for an extended period of time. So if you’re planning on going away for a while, it’s a good idea to inform your insurance provider in case an arrangement can be made.

  • Outdoor belongings need a second look. You’ll need to watch out when it comes to removable items that you keep in your yard. Barbecues, outdoor furniture and sports equipment might not be covered under a regular policy.

  • Renovation risks are real. If you’re renovating your property and something goes wrong – perhaps you tear down the wrong wall, for example – it generally won’t be covered. You should also know that some policies draw the line at theft or injuries that occur while construction is going on at your home.

Remember, a little bit of knowledge goes a long way in avoiding these traps and keeping your home insurance intact.

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

When you're considering your home insurance options, you'll notice two ways you can determine the value of your home. These are the ‘sum insured’ method and the ‘total replacement cover’ method. Here's the difference:

  • Sum insured. This is a fixed figure based on your estimate of construction costs and materials. If you’re off the mark, you could be underinsured and be left footing part of the bill if something needs repaired or replaced.

  • Total replacement cover. With total replacement cover, your insurer agrees to rebuild your home to its previous glory, regardless of cost. It's usually the more expensive option, but it takes away the guesswork and guarantees you won’t be underinsured.

If you're good with numbers and like to keep costs down, sum insured could be your thing. Prefer to play it safe and not sweat the details? Total replacement might be worth the extra. 

Does home insurance cover flooding?

Home insurance can be a bit of a puzzle when it comes to flooding. Some policies automatically cover it, which is great if you're in a spot where the water tends to rise.

However, if your home happens to be in a frequent flood zone, the story changes—insurers might be hesitant to provide flood coverage, looking to avoid the risk of too many claims. Still others may offer it as an optional add-on, saving money for those that don’t live in a flood zone.

The term 'flood' for insurance companies generally means water from natural sources, like rivers or lakes, getting into your home. But let's not forget the other aquatic troubles that can come knocking: a sudden storm overwhelming your drainage or a pipe going rogue. These may not be 'floods' by the book, but they could still be covered.

Best practice? Get cosy with your product disclosure statement (PDS). That document will tell you what's included and what's not. Being clued up on your policy’s coverage before you're knee-deep in water is always a smart move.