Australia’s home insurance market has many options, and your household’s needs determine the kind of home insurance that is ideal for you. For some, it can be a costly, premium cover. For others, it might be the least expensive home insurance that still provides essentials to keep your home secure. This article provides you with detailed information on the best home insurance Australia.
What does home insurance cover?
Home insurance typically covers:
- Building structure: Includes fences, fixtures, sheds, garage, and main house.
- Personal belongings: Includes jewelry, gadgets, furniture, and artwork.
- Legal liability: Injury to others or damage to their property on your land.
- Standard events covered: Internal water leaks, theft, vandalism, fire, and storms.
- Optional event coverage: Earthquake, flood, and accidental damage.
- Common exclusions: Wear and tear, mould, pests, neglect, and the insured’s deliberate actions.
Home Insurance Excess:
When your insurance company approves a claim under your policy, you are responsible for paying a portion of the costs. We refer to this part as the excess. Because you will pay more up front if you file a claim, a bigger excess can lower your premiums, whereas a smaller excess typically results in higher premiums. Excesses typically range from $500 to $2,000, but some insurance gives options as little as $0 or as high as $5,000. Besides the standard excess, additional excesses might be applicable under specific situations, such as during renovations or if the property is being left unoccupied.
Home Insurance Premium:
The amount you pay for your home insurance policy is known as your premium, and it can be paid either monthly or annually. Some insurers will give you a discount if you pay annually.
The type of insurance and excess you select, whether it’s a rental or residential property, and any applicable discounts are examples of controllable factors that may impact your price. The location of the property, the building materials used, and the distance to emergency services are examples of uncontrollable factors.
Home Insurance Claim:
When you make a claim, you are requesting that your insurance company pay for an incident that your policy covers. Typically, the procedure is informing your insurance of the incident, completing their claim form, and providing any supporting documents like receipts or pictures.
Best Home Insurance Australia:
The 3 best home insurance Australia are:
- QBE Home and Contents Insurance
- Budget Direct Home and Contents Insurance
- Youi Building and Contents Insurance
1. QBE Home and Contents Insurance:
This insurance provider stands out for providing excellent coverage to all of its home insurance policies, which include both its standalone contents policy and its combined building and contents insurance, making it a great choice for both renters and homeowners.
QBE’s combined home and contents insurance policy is one of the best home insurance Australia because of its strong and flexible coverage. In fact, for exceptional quality, it won the Mozo Experts Choice Awards 2025 for Home Insurance. The same honor was granted to its stand-alone contents insurance policy.
Nearly $2,500 for each item of jewelry, $5,000 for tools of trade, 24 months of temporary accommodation, $2000 for building materials awaiting installation, and 30% underinsurance protection (with the underinsurance add-on) are some of the highest limits that are found in our database for almost every category of coverage.
Advantages:
- 0% online policy discount.
- The contents cover includes generous limits for specific items and categories.
- Underinsurance protection up to 30% of the sum assured.
- Dual winner of the 2025 Mozo Experts Choice Awards for Home Insurance.
Disadvantages:
- Landscaping is not covered.
2. Budget Direct Home and Contents Insurance:
Best Insurance online Australia for exceptional value is Budget Direct, which is an insurer that regularly shows itself to be among Australia’s most affordable solutions for both standalone contents policies and combined home and contents insurance.
Budget Direct provides the essentials while maintaining house and contents insurance reasonably priced rate. It earned two significant Exceptional Value awards in the 2025 Mozo Experts Choice awards for both its standalone contents policy and its combined home and contents insurance policy, demonstrating that you don’t need to spend a fortune to get solid cover.
You can add additional services like flood cover, accidental damage, and appliance motor burnout as an extra to the included coverage for fire, theft, and storm damage. One thing to be aware of is that some cover limits are relatively low. For example, jewellery is only covered up to $1,000 per item. If you have high-value items, you will need to list them separately. However, the fact that you may select only the things that you truly require is what makes this policy an excellent financial choice.
Advantages:
- If you purchase online and bundle your home and contents, you can receive 30% off your first year (T&Cs apply).
- Flood protection is optional (subject to qualifying criteria).
- 2025 Mozo Experts Choice Awards winner for Exceptional Value.
Disadvantages:
- Low per-item for some specific categories of content.
3. Youi Building and Contents Insurance:
As seen by their consecutive People’s Choice Award victories, the next insurer has an excellent record with customers. It even goes so far as to offer coverage for counseling sessions after a claim, a unique and thoughtful feature that is not often found in home insurance.
Youi has built a strong reputation for responding to its clients when it matters most. Consumers praise its customer service and easy claims process, making it an exceptional customer service.
The combined Building and Contents Insurance coverage covers fire, theft, storm, and flood damage, and additionally provides extra support if you need to file a claim. The insurance covers up to $1,500 for counseling services for each household member in the case of a traumatic event. Additionally, you have the option to buy pet insurance, which covers up to $1,000 in medical costs if your dog or cat is hurt in an eligible household accident.
Advantages:
- Flood protection is standard.
- Protection from storms, theft, and fire.
- Coverage for counseling services after a claim.
Disadvantages:
- No underinsurance coverage, not even as an optional extra.
Conclusion:
I hope this article helps you to know the 3 best home insurance Australia by highlighting home and contents insurance policies that are outstanding in terms of their value and/or quality, and a combined home and contents insurance policy in Australia typically costs $3,490 annually, or around $291 per month.
