Home & Contents Insurance for Victoria

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

Victoria is the second most populated state in the country with 6.15 million people in 2017 – and growing fast. While Victoria is a beautiful place to live, the state has suffered its share of bushfires, floods, storms and crime waves. Taking out a good value home and contents insurance policy can help you protect your home from the unexpected.

Canstar’s database has more than 90 policies available for residents in Victoria looking for home and contents insurance, so if you’re looking for a new policy or feel like upgrading on your current one, check out some of the options below.

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Home & contents insurance policies – VIC

The table below displays a snapshot of five home and contents products 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 Victoria for building and contents worth less than $550,000.

Home insurance policies – VIC

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 Victoria.

Contents insurance policies – VIC

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 Victoria for contents worth under $75,000.

Why get home and contents insurance in Victoria?

If you’re asking this question, then ask yourself another one: can you afford to not have home or contents insurance? Insuring your home and contents can financially prepare you for unfortunate incidents such as a fire, flood, storm or burglary. 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.

While less likely to experience a cyclone than other states, Victoria has still experienced severe storms, floods and some of the most devastating bushfires in Australian history. Crime is also prevalent in certain parts of the state.

Your home and contents 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 Victoria?

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, and Victoria was no different. From 2016-2017, Canstar calculated premiums across home, contents and combined policies in Victoria and found cover rose by around 5-6% on average:

  • Contents insurance policies rose by an average of $20 (5%)
  • Home insurance policies rose by an average of $52 (8%)
  • Home & contents insurance policies rose by an average of $55 (6%)

The table below shows the average annual cost of home and contents insurance in Victoria. Bear in mind though that 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 home’s security
  • The medium suburb price
  • The estimated value of the home and more
Victoria average annual premiums
Insurance Type Minimum Average Premium ($) Maximum Average Premium ($)
Home $482.77 $1,032.84
Contents $242.22 $1,186.89
Home & Contents $671.71 $1,907.89

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

This article has a more complete breakdown of the average premiums across each state in Australia.

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Common exclusions to watch out for…

Even with a home and contents insurance policy, there are certain things that 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, would 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, while 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 that 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 Victoria as you can, using Canstar’s website:

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