* Annual combined home & contents premium reduction for a brick veneer home, colorbond roof in Bridgeman Downs, QLD 4035. Home insured for $1,590,000 ($500 excess) and Contents valued at $205,000 ($500 excess) and reduction in Personal Effects to $9,000 ($100 excess). We do not compare all brands in the market, or all products offered by all brands. At times certain brands or products may not be available or offered to you. Learn more . What’s the difference between types of home insurance? We’ve compiled this table of benefits outlining some of the differences between various types of home insurance policies available. This information should be used as a guide only, as different policies and insurers might offer varying types of coverage and definitions of benefits. Combined home and contents insurance This includes cover for both building and contents insurance in one policy. Sheds, garages and carports Patios and pergolas Fixed swimming pools Carpets and rugs Blinds and curtains Furniture and appliances Potted plants and garden tools Above ground swimming pools Home building insurance Home building insurance generally covers your home building and structures like sheds and garages. Sheds, garages and carports Patios and pergolas Fixed swimming pools Carpets and rugs Blinds and curtains Furniture and appliances Potted plants and garden tools Above ground swimming pools Contents insurance Contents insurance typically covers a range of items in your home such as clothing, furniture and electrical appliances. Sheds, garages and carports Patios and pergolas Fixed swimming pools Carpets and rugs Blinds and curtains Furniture and appliances Potted plants and garden tools Above ground swimming pools Before you make any decision about whether to purchase a product, you should read the PDS (Product Disclosure Statement) and TMD (Target Market Determination) for more information and to see whether it is suitable for you and your needs. Top 5 things to know about home insurance It pays to compare home insurance Compare quotes in minutes and start saving today. Get started by answering a few quick questions to help us understand your home insurance needs. Save time and money by easily comparing home insurance options from a range of providers side-by-side. Switching is easy Follow a few easy steps online to switch to a new home insurance deal that suits you and your budget. Why compare with us? Our smart comparison technology is trusted, free, safe and secure. We believe the best decisions start with a comparison. We’re proud to have helped millions of Aussies look for a better deal. A guide to home insurance ‘Premiums can be expensive, but there are ways to save.’ Our top tips could help you reduce your home insurance premiums. They say home is where the heart is, and usually a whole lot of other stuff. Insurance is so important to protect our properties and the things we love, but premiums can be expensive. But there are ways to save with a few tips and tricks from the experts at Compare the Market. Check your excess. You might be able to reduce your premiums by increasing the excess you’ll pay if you need to make a claim. If you have emergency savings this could be a good option for you. Consider your current policy inclusions. Are you insured for items you no longer own? Prune any that don’t seem necessary based on your current circumstances. Compare your options. At Compare the Market, you can review a range of policies side by side to look for a similar policy that costs less. There’s no excuse for waiting either because you can compare, cancel, and switch at any time. Just check to see if any fees apply. So get to it. It always pays to compare. Expert tips for choosing great home insurance for you Our Chief Executive of General Insurance, Adrian Taylor , has some helpful tips for finding a great home and contents policy for you. Compare like-for-like home insurance policies When you compare home insurance policies against your current insurance, make sure that you’re comparing the same cover, same sum insured, same excesses and same optional cover. That way, you can be sure your results are accurate. Consider choosing a different excess Once you’ve found a preferred insurance provider, play around with the excess amount to see if it lowers the cost of your home insurance premium. Keep in mind that choosing a higher excess for a lower premium means you’ll have to pay that higher amount if you claim. See if you can switch to a better policy today Don’t wait for your renewal notice to arrive to see if you can save money on a new policy. If you have an existing policy, you can cancel anytime. Just keep in mind that cancellation fees may apply. Include all structures in your cover Along with the cost of replacing your home building, include the replacement value of all outbuildings like garages, sheds and fences in your sum insured. Tell your insurer about renovations Consider telling your insurer when you plan to renovate your home as you may need to update the level of cover in your policy once the work is complete. Find out more about home insurance Factors that affect home and contents premiums Guide to home and contents insurance Exclusions and restrictions to look out for What is home insurance? Home insurance is a broad category of insurance that includes combined home and contents insurance, home building insurance, contents insurance and landlord insurance. Depending on the type of cover you choose, it could help pay for damages and incidents that affect your property or belongings from any listed or defined events such as fire, theft or storm damage . There are conditions, and the event has to be specifically covered by your policy, but having home insurance could bring peace of mind and help financially secure your home. What does home insurance cover? Home insurance can cover your home building, fixtures, belongings and rental property against insured events such as fire, storm damage and theft. While exact cover can differ between policies and insurance providers, we’ve put together a summary to show you what’s typically covered by home insurance (which can include combined home and contents insurance, contents insurance , home building insurance and landlord insurance). Note: Some events, such as flood damage, may be covered as an optional extra or a separate policy you can purchase alongside home building and contents insurance. Limits and additional exclusions may apply. Types of home insurance and what they cover For full details of your insurance policy, you should always read the relevant PDS. *Doesn’t include cover for tenant-related theft, vandalism or malicious damage. It’s generally available as an optional extra. Why is home insurance important? Home insurance can help reduce the financial burden of repairing or rebuilding your home, replacing damaged or stolen belongings, and covering certain liability costs if something unexpected happens. Whether you’re a homeowner, landlord or renter, it can help provide financial protection against insured events that could otherwise be expensive to manage yourself. This coverage is particularly important because the cost of rebuilding a home has increased significantly in recent years. According to the Australian Bureau of Statistics, the average cost of completed homes rose from $345,410 in 2019–20 to $443,828 in 2023–24, with an average annual increase of 6.7%. So, if you need to rebuild your home following an insured event like malicious damage, falling trees or a natural disaster, an up-to-date home insurance policy could help relieve some of the financial burden. What type of home insurance do I need? If you own and live in your home, combined home and contents insurance is a worthy option, while property investors might need landlord insurance to cover tenant-related risks. Policy coverage for you will depend on your living arrangements and the type of property you own or occupy. Types of cover that may suit different circumstances What insurance should I consider when purchasing a house? If you’re buying a freestanding house as your primary residence, home building insurance could help cover the house and structures like sheds and garages. For a townhouse or an apartment in a strata complex, home building insurance may be covered by your body corporate fees. However, it’s worth considering contents insurance to cover internal fittings and fixtures in your townhouse or apartment. If you’re planning to lease your home to renters, landlord insurance could help cover your investment property and offer financial protection against loss of rent, tenant default and malicious damage. Your lender will generally require you to have a home insurance policy before your settlement date to approve your home loan. Depending on your circumstances, you may also need lenders mortgage insurance (LMI) if you’re borrowing more than 80% of the property’s value. LMI protects the lender if you’re unable to repay your home loan, although the cost is typically passed on to you, the borrower. In addition, you may also want to consider other types of protection when buying a property, including: Title insurance : One-off protection against hidden risks like unauthorised previous building work or boundary encroachments. Mortgage protection insurance : Covers your monthly home loan repayments if you suffer a serious illness, injury, job loss or death. How much does home insurance cost? The average annual premiums are $1,685 for home building insurance, $445 for contents insurance, and $1,990 for combined home and contents insurance, according to Compare the Market quote data for the 2026 financial year. However, the actual cost you pay for a home building insurance and a contents insurance policy can vary widely based on several key factors. For example, where you live can have a significant impact on your premium, as areas prone to floods, bushfires or cyclones are generally considered higher risk. Other factors that can affect the cost of cover include: the value of your home and contents (how much it would cost to replace these items) the sum insured your chosen excess the risk of natural disasters in your area the materials used to build your home your claims history which optional extras you choose to include (such as flood cover) the security features in your home when your home was built your age and the age of other residents in the home. How can I reduce the cost of my home insurance? You may be able to reduce the cost of your home insurance through changes to your cover, excess, payment options and policy features. Some ways to help lower your premium include: Review your sum insured regularly : Make sure your sum insured accurately reflects the cost of rebuilding your home and replacing your belongings. Overestimating your sum insured could mean paying more for cover than necessary, while underestimating it could leave you underinsured. Consider a higher excess : Choosing a higher excess will generally reduce your premium. Many insurers offer excess options ranging from around $300 to $5,000. However, you’ll need to be comfortable paying the higher excess amount if you need to make a claim. Bundle your policies : Some insurers offer discounts when you combine home building and contents insurance under the same policy. Check whether a combined policy could help reduce your overall insurance costs. Pay annually : Paying your premium annually is usually cheaper than paying monthly or fortnightly, as it can help you avoid the processing or administration fees that often apply to instalment payments. Compare your options at renewal : Don’t automatically accept your renewal notice. Comparing a range of policies regularly can help you find a more competitive premium. Some insurers also offer online discounts, so it’s worth checking what’s available. Review optional extras : If your circumstances have changed, consider whether you still need every optional extra on your policy. For example, you may no longer need portable contents cover for jewellery you’ve sold or cover for an above-ground pool you’ve removed. How can I get cheap home insurance? To help lower your home insurance premiums, choose only the cover you need and check how different policy features affect the price you pay. The cheapest policy may not always the best option, and there are several ways you may be able to help reduce the cost of your cover and maximise your savings: Only purchase the cover you need. Don’t add any optional extras that aren’t required, as they typically increase your overall premium. Increasing your basic excess could help lower your premium, and vice versa. Before adjusting your excess, consider whether it’s an amount you could afford to pay if you need to make a claim. Paying your premiums annually usually costs less in the long run than paying monthly, as instalment payments often incur additional fees. The area you live in can affect how much you pay for home insurance. Properties in areas with a higher risk of theft or severe weather events typically attract higher premiums. Installing features such as burglar alarms or security systems may help reduce the risk of theft and could qualify you for discounts with some insurers. New customers can sometimes access discounts that aren’t available to existing customers, so it’s worth shopping around rather than automatically renewing.

What is home and contents insurance? Home and contents insurance covers both your home building and the belongings inside it. Instead of taking out two separate policies for your building and contents, a combined policy can help cover both under one policy, which also means that if both your home and its belongings are damaged in the same insured event, you may only need to pay one excess (the higher of the two). A combined policy may also offer benefits such as: Potential savings : Some insurers offer discounts when you combine home building and contents cover under the same policy. Simplified claims : You will typically only need to deal with one insurer, instead of multiple insurers, if both your home and contents are affected by the same event. This can make claims easier to manage and may also speed up the claims process. What isn't covered by home and contents insurance? Combined home and contents insurance generally doesn’t cover damage caused by normal wear and tear, pre-existing issues, pests and vermin, or loss resulting from intentional or illegal acts. While exclusions vary between insurers and policies, some common examples include: business activities, including operating a business from home or using the property as a holiday rental damage that occurs when a property is left unoccupied for an extended period high-value items, such as jewellery that hasn’t been specified separately commercial properties, such as hotels and motels damage caused by actions of the sea. Is it cheaper to get home building and contents insurance together? Bundling home building and contents insurance can potentially reduce your overall premium. Depending on the insurer, a combined policy could also mean you only need to pay one excess if both your home and contents are damaged by the same insured event. However, savings vary between insurers and policies, so it’s important to compare your options before making a decision. When considering a combined policy, keep in mind to: Compare the cover, not just the price: a multi-policy discount may save you money, but it’s important to make sure the policy still provides the level of cover you need. Review your policy at renewal: If the premium of one policy increases over time, it may be worth comparing other options rather than relying on a multi-policy discount. How much insurance do I need for my home and its contents? Your sum insured should be enough to fully replace your contents and fully rebuild your house and any sheds, garages and other structures on your property. This should factor in the cost of building materials, labour, and any renovations or improvements you’ve made. Also consider the costs of: demolition, debris removal and site preparation architect, and surveyor fees construction, legal costs and council fees. Keep in mind that rebuilding costs aren’t the same as your home’s market value. To estimate your rebuild cost, you can use an online home insurance calculator or obtain a professional rebuild valuation from a qualified building surveyor. If you compare quotes through Compare the Market, our calculator can help guide your sum insured amount. What optional cover can I get for my home and contents? Alongside the standard cover included in a home and contents insurance policy, many insurers offer optional extras, such as flood cover, accidental damage cover and motor burnout. Here’s how they work: Flood cover could help you with the cost of repairs or rebuilding if your home is damaged by floodwaters or needs to be fully replaced. Accidental damage cover could provide cover against accidental damage to your home, which can happen as part of everyday life, including damage to walls and fixtures. Motor burnout cover can help pay for repairs and replacement costs for fixtures like washing machines and aircon units if their electric motors break due events like power surges or electric currents. Portable contents cover provide insurance for items you take outside the home, such as phones, laptops, jewellery and handbags, if they’re lost, stolen or damaged. Note that adding optional cover will typically increase your home insurance premiums. What is contents insurance? Contents insurance helps pay to repair or replace your household and personal items at your insured address if they’re damaged, destroyed or stolen by an insured event such as theft or fire. Whether you rent or own your home, contents insurance can provide valuable financial protection. Almost a third of Australians have reported having their home burgled at some point in their lifetime, with the most commonly stolen items being electronics and jewellery. If you find yourself in a similar situation, a contents insurance policy could save you from potentially spending thousands out of your own pocket to replace stolen items. What does contents insurance cover? Contents insurance covers your household items, such as clothing, jewellery, furniture, bicycles, tools in the garage and free-standing (portable) appliances like fridges, washing machines and TVs, against loss, theft, or damage while at the insured address. Depending on the type of policy you have, you could also be insured for flood damage and motor burnout for electrical appliances. Highly valued items, such as jewellery, fine art and collectibles, that are worth more than your policy’s sub-limit are often excluded from standard contents cover, but they can usually be added under specified contents cover for an additional premium. If you want to be covered for damage from certain weather events, like floods or earthquakes, you’ll usually need to purchase additional insurance. How to estimate replacement value for your personal belongings Start by listing all your belongings and the cost to replace each item at today’s prices. Include as many details as possible, such as receipts, warranties and the date of purchase. Consider taking photos or recording a walk-through of each room to create an inventory of your belongings. Having a visual record can help when lodging a claim by providing evidence of the items you owned. It’s important to get this valuation as accurate as possible to avoid underinsurance. If you undervalue your belongings and need to make a claim, your payout may not be enough to replace everything you’ve lost. If you compare quotes through Compare the Market, our calculator can help guide your sum insured amount. What is home building insurance? Home building insurance covers repairing or rebuilding the physical structure of your home – including fences, sheds and outbuildings – if they’re damaged by an insured event like fire, flood or theft. If my home needs repairs, how long is the replacement guaranteed for? Insurers generally guarantee the quality of authorised home repairs for as long as you own the property, provided the insurer arranged and managed the repairs following an accepted claim. Can I get home building insurance for a house under construction? You can’t get a home building insurance policy until the construction is complete. While the building is under construction, the builders’ insurance will pay for damages and incidents that occur. Be sure to inquire with the builder about their legal liability and insurance policy before you hire them. Why compare home insurance? Comparing home insurance can help you find a policy that offers a specific level of cover at a competitive price. It can also help you identify policies with higher claim limits, optional extras and cover that better matches your budget. There are several reasons why you should consider comparing home insurance: You could be missing out on savings with a cheaper policy. Another provider might have higher limits on insurance claims that could provide better coverage. A different policy might have a better range of optional extras. Comparing a range of policies could help you avoid paying more than you need to at renewal. If you haven’t compared policies in more than a year, consider comparing your options today and see if your cover still holds up. Getting quotes through our comparison service only takes a few minutes, and it could help give you peace of mind. What to consider when choosing a home insurance policy When looking for a home insurance policy, consider how much cover you need, what risks are relevant to your property and whether the policy fits your budget. It’s important to make sure your sum insured reflects the cost of rebuilding your home and replacing your belongings, while also checking for exclusions, claim limits and any optional extras that may be relevant to your situation. Here are some key questions to ask yourself when looking for home cover: Are you in a flood-prone area? It’s essential to know whether flood cover is included in the PDS of a policy before you make a purchase. Do you live in an apartment? If you live in an apartment, strata insurance will cover only the building, not your belongings. You can take out contents insurance to help cover your personal possessions. Do you own valuable belongings? Some items, like jewellery, heirlooms and expensive equipment, may be worth more than what you’ll receive for a general claim if they’re damaged or stolen. If you specify the value of each item in your policy, these expensive items can be covered for what they’re worth (for an additional premium). Do you need insurance if you’re renting? While home building insurance isn’t your responsibility as a tenant, getting contents insurance (also known as renters insurance) is a step you can take to help protect your belongings. As a landlord, how do you protect your investment? As a landlord, you can get landlord insurance to cover malicious damage by tenants to your rental properties, defaults, legal liability and more. Could you be underinsured? Provide your insurer with accurate values for your home and belongings. Otherwise, you risk undervaluing your belongings and your home, so you may not receive enough money to repair or replace them. What is the best home insurance? There’s no single ‘best’ home insurance policy or provider for every Aussie. The ‘best’ home insurance policy is the one that provides the level of cover you need at a price that suits your budget. When comparing policies, here are some things to consider: Your insured address . Where you live can make a big difference to the type of cover you need. For example, if you live in a flood-prone area, a policy with flood cover could provide peace of mind. Policy coverage . Whichever home policy you purchase, the sum insured should be enough to cover a complete rebuild of your home building and other outbuildings, plus the replacement cost of your possessions. Standard inclusions . What’s included in home insurance can vary depending on the insurance company. For example, some could include flood cover as standard, while others might offer it as an optional extra. Optional extras . You might consider add-ons like accidental damage cover and portable contents cover for items like laptops, mobile phones and handbags. Keep in mind that these add-ons typically come at an extra cost. Reading the Target Market Determination could give you a better understanding of whether a policy is right for your circumstances. Can I get home insurance for an apartment? Yes, you can get insurance for an apartment, but instead of building insurance, you’ll most likely only need contents insurance. Building insurance for an apartment is usually covered by the body corporate or strata insurance policy. Contents insurance can help protect your belongings and any fixtures or fittings inside your apartment that aren’t covered by the strata policy. Home insurance providers in Australia Australia has a wide range of home insurance providers, including AHM, BOQ and Budget Direct, offering home building insurance, contents insurance, combined home and contents insurance and landlord insurance. We work with a range of Australian home insurance providers to bring you a range of policies to compare: Coles Insurance We do not compare all brands in the market, or all products offered by all brands. At times certain brands or products may not be available or offered to you. Learn more . You can also take a look through the following list of home insurance providers in Australia. 360 Farm & Regional AIG Australia Limited ACS Financial Pty Ltd Aussie (AHL Investments Pty Ltd) Australian Seniors Insurance Agency Australian Unity Bank of Melbourne Berkshire Hathaway Specialty Insurance Company CCI Personal Insurance Chubb Insurance Coast Insurance Coles Insurance Defence Service Home Insurance Scheme Elders Insurance Everyday Insurance (formerly Woolworths Insurance) Guild Insurance Hollard Australia Huddle Insurance Mansion of Australia National Seniors Insurance Over Fifty Insurance Qantas Insurance RentCover Landlord Insurance Retirease Insurance Sompo Japan Insurance Inc Strata Community Insurance Strata Unit Underwriters Suncorp Insurance Terri Scheer Landlord Insurance Territory Insurance Office (NT) List accurate as of August 2026 and is subject to change. Meet our home and contents expert, Adrian Taylor As a General Insurance expert with over 13 years’ experience in financial services, Adrian Taylor works to make it easier for homeowners, renters and landlords to protect their home and contents. He believes it’s important for all residents (whether they rent, own or lease) to have adequate financial cover for their property and belongings in case the worse should happen. Want to know more about home insurance? Home building insurance Contents insurance Renters insurance Landlord insurance