Compare Home Insurance in Australia

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20 live offers compared from 20 providers, from A$250 /year. Updated daily.

What is home insurance in Australia?

Home insurance protects your property and belongings against events such as fire, storm, theft and, in many policies, flood. It comes as building cover for the structure, contents cover for your possessions, or a combined home and contents policy that covers both. Renters typically take contents cover only, since the building is the landlord's responsibility, while owner-occupiers usually insure both the building and their belongings under one policy.

How the Australian market works

Australia's exposure to bushfire, storm, hail, cyclone and flood makes natural-peril cover central to home insurance, and premiums in high-risk areas such as flood-prone or cyclone regions can be substantial. Many familiar brands are underwritten by a handful of large general insurers. Policies insure either for a sum insured you nominate or, less commonly, on a total-replacement basis, and getting the sum insured right is critical because underinsurance leaves you short if you need to rebuild.

Benefits of home insurance

Rebuilding protection — Building cover funds repair or full reconstruction after a fire, storm or other insured event, protecting your largest asset.

Contents replacement — Contents cover replaces furniture, appliances, electronics and valuables lost to theft or damage, often on a new-for-old basis.

Liability cover — Most policies include legal liability if a visitor is injured at your home or you accidentally damage someone else's property.

How to choose a policy

Set an accurate sum insured using a rebuild calculator, since insuring for the property's market value rather than its rebuild cost is a common and costly mistake. Check whether flood cover is included, optional or excluded, compare the excess against the premium, and review exclusions for wear and tear, gradual damage or unoccupied periods. Confirm the policy covers temporary accommodation if your home becomes uninhabitable after a claim.

Leading providers in Australia

The comparison features NRMA Insurance, Budget Direct, RACV, Youi, Suncorp Insurance, GIO, CGU Insurance and Allianz Australia. NRMA and CGU sit within IAG, several brands including GIO fall under Suncorp, and motoring clubs such as RACV bundle home cover with membership perks. The best choice balances premium, excess, natural-peril inclusions and claims reputation for your particular location and risk profile.

What it costs

Premiums depend heavily on location, especially flood and bushfire risk, plus the building's value, construction type and your chosen excess. The indicative figure of A$250 in this comparison represents a sample premium; homes in high-risk zones can cost several times more. Raising the excess, installing security and smoke alarms, and combining building and contents on one policy can all reduce the price you pay. Because insurers weigh natural-peril risk heavily, two similar homes in different suburbs can attract very different premiums, so it pays to obtain several quotes rather than assume they will be alike. Bundling home and car insurance with the same insurer can also unlock a multi-policy discount that lowers the overall cost.

Protections and regulation

General insurers are prudentially regulated by APRA and conduct-regulated by ASIC, and follow the General Insurance Code of Practice. Complaints can go to AFCA free of charge. Since 2021 a standard definition of flood applies across policies, which aids comparison between insurers. Underinsurance is a frequent problem, so review your sum insured regularly, particularly after renovations or when building costs rise sharply.

Common questions

Is flood covered automatically? — Not always; some policies include it, others make it optional or exclude it entirely, so check the flood terms carefully for your specific address.

Should I insure for market value? — No. Building cover should reflect the cost to rebuild your home, which can differ significantly from its market or sale value.

Home Insurance in Australia — FAQ