Home and Contents Insurance for New South Wales

Looking to insure your home in New South Wales? Check out some of the top-rated NSW home and contents insurance policies on Canstar’s database.

As Australia’s most populous state and probably its most geographically diverse, NSW can be an exciting place to live. But no matter whether you reside on its glittering coastline, snowy peaks, or in the hustle and bustle of Sydney, a good value home and contents insurance policy can help you protect your home from the unexpected.

Like most states in Australia, NSW can experience extreme weather such as wild storms and floods. Bushfires can also be a threat in parts of the state. With over 7.5 million people in NSW, theft is another threat to be mindful of.

Canstar’s database has over 121 different policies available for New South Wales residents looking for home and contents insurance, so if you’re looking for a new policy or feel like upgrading your current one, check out some of the options below.

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Home & contents insurance policies – NSW

The table below displays a snapshot of five home and contents products on Canstar’s database with direct links to the providers’ websites, sorted by Star Rating (highest to lowest). These results are based on a policy holder under 50 years old in New South Wales and ACT for building and contents worth less than $550,000.

Home insurance policies – NSW

The table below displays a snapshot of five building insurance products on Canstar’s database with links to the providers’ websites, sorted by Star Rating (highest to lowest). These results are based on a policy holder under 50 years old in New South Wales and ACT.

Top contents insurance policies – NSW

The table below displays a snapshot of five contents insurance products on Canstar’s database with links to the providers’ websites, sorted by Star Rating (highest to lowest). These results are based on a policy holder under 50 years old in New South Wales and ACT for contents worth under $75,000.

 

Why get home and contents insurance in New South Wales?

Having insurance can financially prepare you for the event of a major disaster that affects your home, such as a fire, flood, storm or robbery. Most policies will cover you for ‘defined events’ like natural disasters, while others may cover you for accidental damage to your property or belongings, such as a window getting smashed by a tennis ball.

You can be insured for three different amounts:

  • The sum insured: policies will typically pay claims for up to a specified amount
  • Safety net: some policies will pay an additional percentage above the sum insured amount in specific circumstances
  • Total replacement: some policies will pay the total cost to repair or replace your property or contents

How much does home and contents insurance cost in New South Wales?

The cost of home and contents insurance reflects the level of risk the insurer expects to take on. A larger number of claims in recent years due to increased severity and occurrence of natural disasters has seen a slight increase in premiums nationwide, but in New South Wales, premiums have actually decreased year-on-year.

The intended removal of the Emergency Services Levy on July 1, 2017 played a key role in the reduction in premiums in New South Wales, which were:

  • 16% ($95) for average annual contents insurance premiums
  • 15% ($146) for average annual home insurance premiums
  • 16% ($229) for average annual home & contents insurance premiums

The table below displays the average annual cost of home and contents insurance in New South Wales. Bear in mind the premiums you pay will vary based on a wide variety of factors such as:

  • Your age
  • The location of the property and whether it is prone to natural disasters
  • Your level of security your home has
  • The medium suburb price
  • The estimated value of the home
 New South Wales average annual premiums
Insurance Type Minimum Average Premium ($) Maximum Average Premium ($)
Home $554.22 $1,214.08
Contents $243.05 $1,298.73
Home & Contents $741.21 $2,116.58

Source: Canstar.com.au. Average annual premiums are based on products included in Canstar’s Home and Contents Insurance Star Ratings and Award, 2017. Premiums are based on home insurance of $450,000 and contents insurance of $125,000, with a $500 excess.

Read this article for a more comprehensive breakdown of the average premiums across each state in Australia.

Common exclusions to watch out for…

Even with a home and contents insurance policy, there are certain things you may not be covered for, known as exclusions. Some of the most common exclusions in Australia are:

  • Leaving your home empty: check with your insurer if there’s a maximum period you can be away for before your cover is void.
  • Having people stay in your house: in most cases, only the people on the insurance certificate are covered, so people housesitting, for example, may not be covered during an event.
  • Not properly securing your home: claims may be rejected if you don’t take proper precautions to lock your home up.
  • Existing damage: new policies may not cover damage that already existed.
  • Stock for your home business: if you work from home, your business capital may not be covered under a standard home insurance policy. You may need business insurance for that.
  • Animal and pet damage: standard policies are unlikely to cover you for damage caused by wild animals like turkeys or feral dogs, and you should check with your insurer if you’ll be covered for damage caused by your pets.
  • Renovations: most insurers won’t cover damage connected to renovations you’ve undertaken.

Ensure you check the product disclosure statement (PDS) of your chosen policy before taking it out, so you can be aware of what you are and aren’t covered for. And as always, make sure you check out as many of the policies available in New South Wales as you can, using Canstar’s website:

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