Best Value: Our Top 10 Home Insurance Premiums in Australia

Home insurance is a safety net to protect your home. That’s standard advice from property investment experts, banks, financial advisors and everybody involved in the property market. The main problem for homeowners is getting the best value for money from their insurance packages for their new homes.

That’s where this McDonald Jones Homes guide comes in handy. We’ve curated a list of the top 10 options for the best house insurance in Australia. Keep reading to learn more about using comparison sites, the difference between insured event and accidental damage policies and the importance of regular insurance reviews. 

Using Home Insurance Comparison Sites

To find the best home insurance in Australia, home insurance comparison sites are the way to go. These platforms collect initial information to produce an estimated quote from many of the country’s top insurers. One of the biggest benefits of using comparison sites is being able to look at multiple home insurance premiums in one place, so you can effectively compare policies. Make sure to pay particular attention to the monthly/annual payments and coverage limitations to help you make the right choice.
Some of the most popular and effective comparison sites in Australia are Canstar, CHOICE, Compare The Market and iSelect. With reviews and ratings from real-life customers, you can find the best value home insurance that works for you.

Understanding Different Policies for the Best Insurance Home Policies

Before you can find the best value home insurance, it helps to understand the different policies you may see on comparison sites. The best house insurance in Australia provides comprehensive protection for both insured events and accidental damage. Here’s what you need to know.

Insured Event Policies

When your home and contents insurance lists insured events, this refers to the perils that are covered by the policy. Insurance coverage will be provided only for specific insured events outlined in the policy, which typically include fire, explosion, lightning, earthquake, burglary, theft, malicious damage, vandalism and escape of liquid from the plumbing system. Accidental breakage, riot, civil commotion, impact by vehicles or animals, and storm/rainwater runoff excluding flood may also be included. Check each specific policy for details.

Accidental Damage Policies

While insured events policies protect against the specifically outlined events in the policy, accidental damage is broader, covering all accidental damage or loss other than those specifically excluded in the contract. Accidental damage policies usually provide wider coverage, such as water damage from structural defects or natural disasters, earth movement, landslides, rust, corrosion and more. Design defects and insect infestations may also be added to accidental damage policies, although you will need to check with each insurer to confirm what they do and do not cover.

Top 10 Home Insurance Premiums

The best way to compare insurance premiums is to check out the market leaders. Their rates are always competitive and will give you a good overview of market prices. 
Homeowners are strongly advised to check out and compare home insurance policies before spending a cent. We have some information for you about some of the leading home insurers to use as a general guide. Please be aware that premiums may vary, and you need to speak directly to insurers about the actual premium costs for specific packages.
In alphabetical order, here are 10 insurance premiums to look at:
 

1. 1300 Insurance: This insurer is best known as an online insurance company. They offer discounts and comprehensive home insurance packages tailored to the needs of their clients.
2. AAMI: A very well-known insurer, AAMI provides a complete range of home insurance packages. Premiums vary according to the range of coverage, but you'll be interested to know that AAMI also offers discounts for existing homeowners.
3. Allianz: This is a national market leader, offering a very broad spectrum of home insurance packages. Browse their website to see a full range of different types of home insurance, including building insurance, contents, and other essentials. Allianz also offers discounts for combined policies.
4. ANZ Home Insurance: ANZ is a leading player in the housing market. This company is a true benchmark for insurance rates, and a must-see to compare packages.
5. APIA: A leading New South Wales insurer, APIA is best known as insurance for over 50s, but it also offers insurance packages and related products. It's well worth checking out this company to compare packages and premiums.
6. Aussie Home Insurance: This famous brand is a strong competitor in the home insurance market. Aussie is a must-see when you're looking for comparisons to find the best deals.
7. Budget Direct: This is another well-known and highly competitive brand, offering multiple discounts. They also offer a choice of home and contents, contents-only and home-only insurance packages.
8. GIO: This company offers multiple home insurance packages. They have a complete range of insurance packages, including landlord insurance and strata insurance, plus combined home and contents policies.
9. St George Home Insurance: St George is part of the Westpac banking group and a long-time player in the housing market. Originally a building society, St George has become a leading home insurer. Their website is very useful for a simple, straightforward explanation of policies and premiums.
10. Seniors Home Insurance: This is a specialist insurer for seniors. Not as well-known as others in the market, they are an excellent choice for older people looking for better insurance deals and packages. There’s up to a 20% discount on combined protection for home and contents.

Importance of Regularly Reviewing Your Insurance

When talking about the best insurance home policies, it’s important to keep in mind that these rates fluctuate. Insurers often increase premiums over time, which is why it’s crucial to review insurance policies regularly.

Here are a few more tips to ensure you get the best deal on Australian home insurance:

• Save money on your premium by increasing your excess, with easy online calculators showing you how much you could save.
• Browse online for home insurers offering a 10-15% discount for purchasing a policy online instead of in person or via phone.
• Look for multi-policy discounts and capitalise on cost savings for home and contents coverage.
• When it’s time to renew, shop around for a better deal based on inclusions, exclusions and other terms/conditions.

Final Thoughts on Best Home Insurance in Australia

Given the importance of home insurance in protecting your investment, it’s a good idea to regularly review your policy. Even if you’re signed up for an auto-renewal, checking your insurance at least once a year, if not more, is smart as most insurers charge more the longer you stay with them. 

By reviewing insurance policies, you can take steps to get a more competitive deal or comprehensive policy depending on your requirements. Take a look at Canstar, CHOICE, Compare The Market or iSelect comparison sites to help you get the best value for money. You can also count on the award-winning home builders at McDonald Jones Homes to build new homes that will stand the test of time.

Ready to Buy and Build Your Own Home?

If you are thinking seriously about building a new home, McDonald Jones can help you throughout the entire process. Whether you have more questions about home insurance and building requirements, or if you want to explore design options, we would love to hear from you. Give us a call on 1300 555 382 or contact us online for more information and assistance. Your dream home awaits!