North Queensland is a place of great beauty, from the Great Barrier Reef to the majesty of the Daintree Rainforest, but it is also a place that takes a battering from nature, with the north of the state particularly susceptible to cyclones and storm surges.
If you live in North Queensland and want to protect your home and its contents from these and other kinds of events, then we crunched the numbers on how much you might expect to pay.
How much does home and contents insurance cost in North Queensland?
According to Canstar Research, here’s how much you might expect to pay for both home and contents insurance in North Queensland, as well as for combined policies.
When calculating these figures, we considered a range of addresses and building sum insured amounts, with premiums based on amounts between $250,000 and $900,000, and contents insured for $50,000.
Cost of home insurance premiums in North Queensland:
- Minimum average premium: $2,681
- Average premium: $4,296
- Maximum average premium: $6,733
Cost of contents insurance premiums in North Queensland:
- Minimum average premium: $474
- Average premium: $891
- Maximum average premium: $2,090
Cost of combined home and contents insurance premiums in North Queensland:
- Minimum average premium: $2,852
- Average premium: $4,813
- Maximum average premium: 8,382
The above premiums are based on home and contents insurance policies rates in the Canstar 2021 Home and Contents Insurance Awards and Star Ratings.
Source: Canstar research, as of October 2, 2021.
Home and contents insurance policies – North QLD
The table below displays a snapshot of home and contents products with direct links to the providers’ websites, sorted by Star Rating (highest to lowest) and then alphabetical order. These results are based on a policyholder under 50-years old in North Queensland (above Rockhampton) for building and contents worth less than $550,000.
Home insurance policies – North QLD
The table below displays a snapshot of building insurance products with links to the providers’ websites, sorted by Star Rating (highest to lowest) and then alphabetical. These results are based on a policyholder under 50 years old in North Queensland (above Rockhampton).
Contents insurance policies – North QLD
The table below displays a snapshot of contents insurance products with links to the providers’ websites, sorted by Star Rating (highest to lowest) and then alphabetical. These results are based on a policyholder under 50 years old in North Queensland (above Rockhampton) for contents worth under $75,000.
Does home and contents insurance cover flood damage?
It is important to know that cover for flood damage does not necessarily come standard with home and contents insurance, and it’s therefore important to establish what kind of flood damage you’re covered for, and whether it’s a standard inclusion or an optional extra.
A survey of home and contents insurance policies on Canstar’s database found that, for those with flood cover, damage caused by rainwater runoff tends to be a standard inclusion, but damage for other things such as flash flooding due to heavy rain may not be.
Around 80% of policies surveyed cover flooding from a natural water course such as a creek or river, or flooding from the release of a dam, as standard, while around 20% require policyholders to take this cover on as an optional extra.
Only a third of policies surveyed cover flooding damage due to a storm surge, while none of the policies surveyed cover flooding due to a rise in seawater or tidal flooding.
In an area such as North Queensland, which may be prone to flooding, it may prove very helpful to check the details of your policy or contact your insurance provider to find out exactly what you are covered for in this event.
What are some common exclusions in home and contents insurance?
Even after you take out a home and contents insurance policy, it’s important to remember that there are certain exclusions, and things that could see your claim knowned back. In Australia, some of the most common exclusions to be wary of are:
- Leaving your home empty: Some insurance providers have a maximum period you can be away from home before your cover is voided, so it’s important to check exactly how long you can be away with your insurance provider.
- Failing to properly secure your home: Your claim could be rejected if you don’t take proper precautions to lock doors and windows in your home, or to take measures like closing windows when a storm is coming.
- People staying at your house: Typically only people listed on your insurance certificate will be covered, so the belongings of guests and house-sitters will not be covered by standard contents insurance.
- Existing damage: It is unlikely that your home insurance policy will cover pre-existing damage to your home or its contents, so if there is a known fault such as a leaky roof, then your insurance provider may not pay out a claim to repair or replace it.
- Renovations: Some home and contents insurance will not cover for damage or loss connected to repairs and renovations, so you may need a specialised policy for this, and alternatively, it is worth checking with your builder about their insurance.
It is important to 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. You may also like to check the Target Market Determination (TMD) for a product you are considering. If you would like to know more, Canstar has considered some of the most common home and contents insurance exclusions.
How do you compare home and contents insurance?
If you’re in the market for a new policy or looking to switch providers for a better deal, you can compare home and contents insurance with Canstar, and find insurance policies specifically for Queensland residents living north of Rockhampton.
You may also consider Canstar’s Home and Contents Insurance Awards and Star Ratings, in which we recognise providers who offer value for money to Australian customers.
Cover image source: JR-Stock/Shutterstock.com