Australia’s best home insurance: Each season in Australia is accompanied by fires, cyclones, and unpredictability in the weather. Now may be the time to consider whether your home and its contents are adequately covered – and not just against the elements.
Accidents, theft, and natural calamities are a few of the unforeseen occurrences that home insurance can protect against. However, apart from perusing the policy’s terms and conditions, how can we determine if a policy offers the optimal balance of value and coverage?
It is important to remember that no single policy will work for everyone when selecting the finest home insurance policy. Those who reside in a valley or near a lake will likely prioritise flood protection, whereas those who live on a mountain will not. (Flood cover can differ between renters and proprietors, too). Regardless, you want a straightforward claims process.Australia’s best home insurance
In the end, the best homeowner’s insurance policy for you will depend on where you reside and your needs. Even when it comes to inexpensive home insurance, there is much to unpack.
However, to aid you in your quest, we’ve compiled a selection of home insurance policies from some of Australia’s newest and most reputable insurance providers. These plans include those that have received 2023 Mozo Expert Choice Awards, as well as others that we believe offer something distinctive.
Here is a summary of the finest homeowner’s insurance policies.
Best home insurance coverage for 2024
- Homeowner’s Insurance from Virgin Money
- Home and Contents Insurance from Kogan
- Home and Contents Insurance from QBE
- Budget Direct – Household Goods Insurance
- Honey Household Goods Insurance
- Home and Contents Insurance from Kogan
- Youi Household Goods Insurance
- Home & Contents Insurance from RAC
- Home and Contents Insurance from RACQ
- Winners of the Mozo Experts’ Choice Award for the finest home insurance policies
Regarding our Mozo Experts’ Selection Award Methodology
As part of the Mozo Experts Choice Awards, each year our team of product experts and analysts performs a comprehensive evaluation of a broad variety of home and contents insurance policies available to Australian consumers.
When analysing a policy, the team keeps an eye out for policies that satisfy the criteria for home and contents insurance with exceptional value and/or quality.
Home Insurance that is among the lowest-priced for the primary features it provides, based on a comparison of prices for various customer-scenarios.
Home Insurance coverage that leads the market in the generosity of additional benefits and flexibility of options – regardless of price – receives an award for exceptional quality.Australia’s best home insurance
In 2023, the Mozo experts compared more than 5,000 home and contents insurance quotes for our exceptional value awards and considered a variety of factors to hand-select the top policies in our exceptional quality category. Methodology report in depth.
- Best Home Insurance Value
- Homeowners Insurance through Virgin Money*
- 2023 Mozo Experts’ Selection Award for Outstanding Value
- Optional inundation protection
- 30% discount on the first year’s premium if purchased online.
Virgin Money has received the Mozo Experts Choice Award for Exceptional Value Home and Contents Insurance for the fifth time. The research team at Mozo discovered, after analysing more than 5,000 client quotes, that Virgin Money’s insurance offerings frequently had some of the lowest prices. In addition to providing value for money, Virgin Money offers new consumers several perks. For example, a 30% online discount may be applied to the first year’s premium if you purchase a qualifying combined home and contents insurance policy online (terms and conditions apply).Australia’s best home insurance
- Home and Contents Insurance from Kogan*
- Up to 22% off new home and chattel insurance (restrictions apply).
- Up to $30 million in liability protection
- Lifetime warranty on property repairs performed by an authorised contractor
According to our expert analysis, Kogan Comprehensive Home and Contents Insurance offers protection against a variety of events, including fire, theft, storm, and flood, at a reasonable price.
In addition to flexible coverage for your residence and/or belongings, optional additional benefits are available. When you insure your home and contents with Kogan, you’ll receive peace of mind with cover for temporary accommodation costs for up to two years if your home is uninhabitable after an insured event, a lifetime guarantee on home repairs made by approved repairers, and up to $500 in security upgrades after a break-in (terms and conditions apply). No portable items conceal application materials.
In addition, you’ll receive a $10 Kogan.com credit after completing a quotation, and new online applicants can save up to 22% on their policy (terms and conditions apply).
Excellent Home Insurance
- Home and Contents Insurance from QBE*
- 10% online policy discount (terms and conditions)
- Up to $30 million in legal liability coverage (terms and conditions)
- Underinsurance protection for up to 30% of the quantity insured (Terms and Conditions).
This award-winning QBE policy won in the Exceptional Value Home & Contents Insurance and Exceptional Value Landlord Insurance categories at the 2023 Mozo Experts Choice awards, and it’s not difficult to see why. This adaptable policy includes all the standard coverage you’d expect, as well as environmental enhancements after damage coverage and $30 million in legal liability (eligibility requirements apply). New policies purchased online may be eligible for a 10% discount (under certain conditions).
- Excellence in Value Insurance Provider of the Year
- Budget Direct – Contents & Home Insurance*
- Multiple winners of the Mozo Experts’ Choice Award
- Optional inundation protection
- 30% discount (off the first year’s premium) for paying online.
Why it won: The Mozo judges were repeatedly astonished by Budget Direct’s consistently low prices and strong coverage limits. In addition to being named Value Insurance Provider of the Year for the third consecutive year, Budget Direct’s home & contents insurance also won the 2023 Mozo Experts Choice Award for Outstanding Value Home & Contents Insurance. The award-winning policy combines building and contents coverage and offers a 30% discount on the first year’s premium for online purchases (terms and conditions apply).Australia’s best home insurance
editor’s choice for the best home insurance deals on Mozo.
How do we choose the home insurance recommendations of our editors?
Home insurance comparison shopping is similar to comparison shopping for other products and services. When searching for the ideal home insurance policy, it can be beneficial to be aware of any new products, special discounts, or offers. This is where our editors’ recommendations come in. You can also visit our home insurance centre for a more extensive list of available policies and a comprehensive list of the home insurance providers we compare at Mozo.
- Concentrate on disaster avoidance
- Honey Homeowners and Personal Property Insurance*
- Includes intelligent sensors to help prevent accidents
- Up to 8% annual discount for using smart sensors
- Flood protection is standard.
Key specifics: This month, our top recommendation is the combined policy from the tech-savvy provider Honey. Honey, a technology-driven company with a concentration on accident prevention, offers customers $250 worth of smart home sensors. The sensors can assist in notifying customers of accidents such as house fires, water damage, and theft. Plus, by using them,
you can receive an annual premium discount of up to 8%!(Terms and conditions apply). Simply activate your smart sensors within 28 days of receiving them, and maintain their activation throughout the year. In addition to supplying smart technology, Honey’s policy includes standard coverage for floods as well as damage caused by animals, storms, and theft. Before signing on the dotted line, be sure to peruse the PDS for the exact coverage limits and exclusions. Underinsurance protection is not included, so ensure that the amount insured for your home and its contents is sufficient in the event of a claim.Australia’s best home insurance
- online application discount plus $10 incentive credit
- Home and Contents Insurance from Kogan*
- Save up to 22% on a new property and contents insurance policy. (Conditions apply)
- Up to $30 million in liability protection
- Lifetime warranty on property repairs performed by an authorised contractor
Kogan Comprehensive Home and Contents Insurance provides coverage for a variety of occurrences, including fire, larceny, storm, and flood. In addition to flexible coverage for your residence and/or belongings, optional additional benefits are available. In 2023, this policy also garnered the Mozo Experts’ Choice Award for Outstanding Value Home Insurance.Australia’s best home insurance
When you insure your home and contents with Kogan, you’ll receive peace of mind with cover for temporary accommodation costs for up to two years if your home is uninhabitable after an insured event, a lifetime guarantee on home repairs made by approved repairers, and up to $500 in security upgrades after a break-in (terms and conditions apply). No portable items conceal application materials.
In addition, you’ll receive a $10 Kogan.com credit after completing a quotation, and new online applicants can save up to 22% on their policy (terms and conditions apply).
Customer favourites: Mozo People’s Choice Awards for the best home insurance
Regarding our People’s Choice Awards Procedure
The Mozo People’s Choice Awards are not judged by professional researchers and data analysts. The victors of these awards are instead determined by you, the customer.
For the 2023 awards, nearly 4,000 Australians rated home insurance providers based on their customer service and satisfaction, sign-up experience, and claims process. Since 2011, the Mozo People’s Choice Awards have been held.
Here is a selection of home insurance policies from companies with excellent customer service ratings.
- Home and Contents Insurance from Youi*
- Flood protection is standard.
- Coverage for fire, burglary, and disasters
- Counselling services after a claim are covered.
What you should know: Australian insurance provider Youi must be doing something right, as its Outstanding Customer Service was voted the best at the 2023 Mozo People’s Choice Awards. The combined Home and Contents Insurance policy of Youi includes coverage for flood, fire, larceny, and storms. Additionally,
if you need to file a claim after a traumatic event, the policy provides up to $1,500 per household member for counselling services. In the event that your cat or dog is injured as a result of a covered domestic accident, pet coverage of up to $1,000 is available as an optional add-on. Please note that this policy does not include protection against underinsurance, so be sure to accurately estimate the market value of your property and its contents.
- Home and Contents Insurance from RAC*
- Flood protection is standard.
- Option to increase limits on valuable items (with restrictions).
- $70 off when purchasing or switching online.
What you should know: RAC stands out in the eyes of West Australians as the 2023 Mozo People’s Choice Home Insurance Award recipient in two categories. Not only was the Australian provider rated highly for its reliability, but it was also voted “Most Recommended” by survey respondents. Included in the list of covered events are bushfires, earthquakes, floods, and cyclones. As an optional add-on, you can also increase the limits on specific high-value objects in your home (such as an expensive device or work of art) with a maximum of $2,000 per item or $5,000 in total. Register online to save $70 on your first year of coverage (terms and conditions apply). Only available to WA residents.Australia’s best home insurance
- Home and Contents Insurance from RACQ*
- Flood protection is standard.
- Optional companion protection (restrictions apply).
- $50 off when you buy a new combined insurance policy online.
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What you should know: RACQ, a Queensland-based insurance provider, was awarded trophies in nearly every category of the 2023 Mozo People’s Choice Home Insurance Awards, such as Outstanding Customer Service Experience, Customer Satisfaction, and Claims Experience.
It was also designated as a Highly Reliable and Highly Recommended provider. The combined Home & Contents Insurance policy from RACQ provides coverage for damage caused by extreme weather events such as flooding and cyclones, in addition to fire and theft. Note that this does not include coverage for elective, routine, or preventative care.
Up to $750 in eligible pet coverage is also available as an optional extra if they are injured by a domestic accident. Be careful to read the fine print, as there may be additional terms and conditions. Purchase the policy online in full and receive a $50 discount (excludes pay later option).