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About Home & Contents Insurance

If our home is our castle, then it makes sense to protect it in any way possible. We invest in locks and latches, in gates and fences, in smoke detectors and alarm systems – so investing in home and contents insurance should be a must as well.

Even in our increasingly digital world, most of our most treasured possessions are still physical. We can’t compensate for the sentimental value attached to our belongings, but we can try to compensate for the financial loss of either or both our property and our belongings.

The way we do this is with home insurance (sometimes called building insurance) for the property we live in, and contents insurance for the belongings stored inside that property.

What is home insurance?2016 Canstar Outstanding Value Home and Contents

Home insurance (also called building insurance or property insurance) helps to cover the cost of damage to or destruction of your home, garage, other outbuildings, and permanent fixtures such as built-in wardrobes.

What is contents insurance?

Contents insurance provides protection against damage or loss of personal possessions. This may include anything from a pair of designer sunglasses to a flat-screen TV.

What can home and contents insurance cover?

  • Legal liability cover for damage to other people and their property cause by an incident at your address
  • Damage caused by fire, flood, storm, earthquake, riot, etc.
  • Damage from animals that don’t live on the property
  • Damage or loss of your home caused by theft or attempted theft, vandalism, or malicious damage
  • Emergency repairs to prevent further damage after an insured event
  • Demolition of a damaged or irreparable building
  • Temporary accommodation while your home is uninhabitable
  • Mortgage discharge fees if your building is a total loss
  • Accidental glass breakage including windows and cooktops
  • Damage caused by burnout of electrical motors (fusion damage)

These are just some of the the events that your home and contents insurance may cover. Compare home and contents insurance to find out more.

Keep in mind that home and contents insurance is different to landlord insurance, which is similar to building insurance but can also include some landlord-specific features such as loss of rent, tenant eviction, legal expenses and malicious acts and damage.

How does CANSTAR compare home and contents insurance?

CANSTAR currently researches and rates more than 100 home and contents insurance policies from different providers to see which products offer customers outstanding value. We help Australians choose between standalone building insurance, standalone contents insurance, and combined home and contents insurance packages.

The secret to our ratings is that we compare on value, not just price.

Do you want to buy the cheapest insurance policy on the market? Some do, and so you can sort the policies available based on price, but most want a policy that meets their insurance needs – as well as being affordable!

Home and contents insurance products are rated for each state and territory in Australia and for two different sums insured. This means you can see how a policy might perform in your situation, which may be different to the cover provided and the cost of that cover for people in other customer profiles. Then you can create a shortlist of products that may be suitable for your needs.

A summary of features that we look for in an outstanding value insurance policy are contained in the Methodology attached to the Home and Contents Insurance Star Ratings report.

To be eligible for Canstar’s star ratings assessment, premium quotes have to be available both online and by phone and the provider must provide quotes for all addresses quoted for the specific policy and sum insured level.

The results are reflected in a user-friendly star ratings concept, with a 5-star rating representing a product that offers outstanding value.

So whether you’re looking for contents insurance, house insurance, or home and contents insurance, CANSTAR can help you make a shortlist of policies to investigate.

Compare Home and Contents Insurance

How should you compare home and contents insurance?

It’s about working out what insurance issues are important to you. Some things to think about when choosing home insurance include:

  • What level of home and contents insurance do you want?
  • How many people live in your household?
  • Do you own or are you renting?
  • Are there any specific risks (e.g. flooding, bushfire, cyclone) that your property may face?
  • Do you have any particularly valuable items that would need additional cover?
  • Do you need cover for accidental damage or malicious damage, or just theft?
  • Do you have pets?
  • Do you work from home?
  • Do you frequently travel away from home for work or leisure?

From there, CANSTAR can help you compare features and price of home insurance and contents insurance policies that could suit your needs, and you can get a quote from the insurers on your shortlist:

Compare Home Insurance

Written by: TJ Ryan

Home and Contents Insurance Glossary of Terms

Please note that these are a general explanation of the meaning of terms used in relation to home and contents insurance.

Policy wording may use different terms and you should read the terms and conditions of the relevant policy to understand the inclusions and exclusions of that policy. You cannot rely on these terms to the part of any policy you may purchase.

Refer to the product disclosure statement (PDS) and Canstar’s Financial Services Guide (FSG).

Accidental glass breakage: Accidental breakage of or damage to glass items or glass that is part of an item. Glass contents may include such things as light fittings, glass in furniture, and mirrors. It does not usually mean glass in televisions or small glass items such as crystal and ornaments. Learn about accidental glass breakage and other coverage.

Building replacement value: The amount it would cost you to totally rebuild your home at today’s prices, including any home improvements you have made.

Contents: Your unfixed household goods and valuables and personal effects that you own, including furniture, carpets, electrical appliances, pot plants, and more. Learn about contents insurance. Learn about what contents insurance covers.

Excess: The excess is the amount you have to pay for each incident if you make a claim. It is generally deducted from the amount of cover provided by your policy. The amount and type of excess that applies to your policy is shown on your Certificate of Insurance.

Flood cover: The standard definition of flood is: the covering of normally dry land by water that has escaped or been released from the normal confines of any lake, or any river, creek or other natural watercourse, whether or not altered or modified; or any reservoir, canal, or dam. Damage from sea water flooding an area is not covered. Learn more about flood cover and see our Flood Checklist for preparing for a flood.

Forced entry: Unlawful entry into your home, including entry by using stolen keys or picking locks. If your door or window was unlocked, this is not forced entry.

Fusion: The burning out of an electric motor or its wiring caused by the electric current in it. Common items that may be subject to a fusion claim include washing machines, refrigerators, clothes dryers, freezers, and pool motors. Learn about motor burnout and fusion cover.

New for old: If your home or contents are damaged or stolen and your insurance policy covers “new for old replacement”, your insurer will replace the lost items with new items, or repair them with new materials that are available at the time of replacement or repair from Australian suppliers. Learn more about new for old replacement with contents insurance.

Optional cover: This is extra insurance cover not included as standard. To get optional cover, you must specifically select that option and pay an extra premium for that cover. You can discuss with your insurer of choice the optional covers that may be available.

Period of insurance: The time you are covered by the insurance, as shown on your Certificate of Insurance.

Sum insured: The most you can claim for any particular incident. The amount is shown on your Certificate of Insurance or in the PDS. The sum insured includes GST.

Home & Contents Insurance (Combined Package) providers we research and rate

CANSTAR researched and rated the following providers of combined package Home & Contents insurance for our most recent home and contents insurance star ratings:

  • 1300 Insurance
  • 1Cover Direct
  • AAMI
  • Allianz
  • ANZ
  • AON
  • Aussie
  • Australia Post
  • Australian Seniors Insurance Agency
  • Australian Unity
  • Bank of Melbourne
  • BankSA
  • Bankwest
  • Bendigo Bank
  • BOQ (Bank of Queensland)
  • Budget Direct
  • Bupa
  • Catholic Church Insurance
  • CGU
  • Citi
  • Coles Insurance
  • CommInsure
  • CUA
  • Dodo
  • GIO
  • Guild Insurance
  • HSBC
  • IMB Bank
  • ING DIRECT
  • nab
  • National Seniors Insurance Australia
  • NRMA
  • NRMA QLD
  • People’s Choice Credit Union
  • QBE
  • RAA
  • RAC
  • RACQ
  • RACT
  • RACV
  • Real Insurance
  • SGIC
  • SGiO
  • Shannons Insurance
  • St.George Bank
  • Suncorp Insurance
  • Virgin Money
  • Westpac
  • Woolworths
  • Youi

Compare Home & Contents Insurance

Home (Building) Insurance providers we research and rate

CANSTAR researched and rated the following providers of Home Building Only insurance for our most recent home and contents insurance star ratings:

  • 1300 Insurance
  • 1Cover Direct
  • AAMI
  • Allianz
  • ANZ
  • AON
  • Aussie
  • Australia Post
  • Australian Seniors Insurance Agency
  • Australian Unity
  • Bank of Melbourne
  • BankSA
  • Bankwest
  • Bendigo Bank
  • BOQ (Bank of Queensland)
  • Budget Direct
  • Bupa
  • Catholic Church Insurance
  • CGU
  • Citi
  • Coles Insurance
  • CommInsure
  • CUA
  • Dodo
  • GIO
  • Guild Insurance
  • HSBC
  • IMB Bank
  • ING DIRECT
  • nab
  • National Seniors Insurance Australia
  • NRMA
  • NRMA QLD
  • People’s Choice Credit Union
  • QBE
  • RAA
  • RAC
  • RACQ
  • RACT
  • RACV
  • Real Insurance
  • SGIC
  • SGiO
  • Shannons Insurance
  • St.George Bank
  • Suncorp Insurance
  • Virgin Money
  • Westpac
  • Woolworths
  • Youi

Compare Home Building Insurance

Contents Insurance providers we research and rate

CANSTAR researched and rated the following providers of Contents Only insurance for our most recent home and contents insurance star ratings:

  • 1300 Insurance
  • 1Cover Direct
  • AAMI
  • Allianz
  • ANZ
  • AON
  • Aussie
  • Australia Post
  • Australian Seniors Insurance Agency
  • Australian Unity
  • Bank of Melbourne
  • BankSA
  • Bankwest
  • Bendigo Bank
  • BOQ (Bank of Queensland)
  • Budget Direct
  • Bupa
  • Catholic Church Insurance
  • CGU
  • Citi
  • Coles Insurance
  • CommInsure
  • CUA
  • Dodo
  • GIO
  • Guild Insurance
  • HSBC
  • IMB Bank
  • ING DIRECT
  • nab
  • National Seniors Insurance Australia
  • NRMA
  • NRMA QLD
  • People’s Choice Credit Union
  • QBE
  • RAA
  • RAC
  • RACQ
  • RACT
  • RACV
  • Real Insurance
  • SGIC
  • SGiO
  • Shannons Insurance
  • St.George Bank
  • Suncorp Insurance
  • Virgin Money
  • Westpac
  • Woolworths
  • Youi

Compare Contents Insurance

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