Home and contents insurance covers both your home and what's inside it.
Home insurance can cover the cost of damage from storms, water damage and fire.
Contents insurance can cover like accidental damage, theft, water damage and more.
What is home and contents insurance?
Put simply, home and contents insurance covers the cost of damage or replacement to both your home and what's inside. Home and contents is the combination of the 2 types of home insurance you're likely to need.
Home insurance: Sometimes called building insurance, this covers the physical structure of your home. It also includes any permanent fixtures like air conditioning units and TV satellites..
Contents insurance: This covers the cost of your belongings that may have been lost or damaged because of an insured event. It includes things like your entertainment system, furniture and even food.
Who needs home and contents insurance?
Home and contents insurance is a pretty comprehensive product, so not everyone will need the whole package. Here are the main categories of home and/or contents insurance buyers that we tend to see:
Owner/occupiers of a house: If you own a house or townhouse you own, home and contents is for you. It will cover both the physical house and all your stuff inside.
Owner/occupiers of a unit: If you live in a unit you own, home and contents insurance might suit you. Depending on your strata, you may be responsible for the cost of repairs to your physical home, though this is more common with townhouses. Bigger apartment blocks will have strata insurance that covers the 'home' part. You'll definitely want contents insurance though.
Renters: Renters don't need to worry about home insurance, that's the landlord's responsibility. But you will probably still want contents only insurance - your stuff is your responsibility, and it's worth insuring!
Landlords: Landlords generally don't need contents insurance unless they are renting out a home that's fully or partially furnished, or otherwise have stuff at the property. You will need home insurance though - typically in the form of landlord insurance, a special cover type for this exact situation.
How much does home and contents insurance cost?
Based on our research, the cheapest home and contents insurance policy was $118. This premium was based on a home in New South Wales with contents worth $100,000.
While this is the cheapest price based on our quotes, it's probably going to be different for your home.
Prices are completely dependent on the value of your home and your stuff. The research below can help you compare between brands and show the difference in price when paying monthly versus annually.
To find out more, you can also head to our guide on average home insurance costs for a state-by-state breakdown.
Brand
$500,000 Building - Monthly price
$500,000 Building - Annual price
$1,000,000 Building - Monthly price
$1,000,000 Building - Annual price
$194.21
$2,330.61
$309.39
$3,712.66
$194.21
$2,330.61
$309.39
$3,712.66
$155.72
$1,668.37
$227.42
$2,436.63
$168.39
$1,667.29
$262.38
$2,607.20
$147.92
$1,584.75
$216.10
$2,315.21
$159.72
$1,835.16
$328.85
$3,864.84
$117.75
$1,412.97
$144.64
$1,735.63
$187.94
$1,879.46
$289.68
$2,896.83
$133.65
$1,603.82
$133.65
$1,603.82
$160.98
$1,615.51
$211.01
$2,140.13
$163.18
$1,631.68
$212.94
$2,161.54
$163.20
$1,631.68
$212.95
$2,161.54
$156.10
$1,816.20
$177.19
$2,069.30
$145.00
$1,552.00
$212.00
$2,269.00
$183.28
$1,834.17
$239.36
$2,429.81
$129.77
$1,390.36
$189.57
$2,031.09
$138.01
$157.45
$1,490.54
$1,889.37
Learn more about our methodology
Quotes were obtained for the same 3 bedroom NSW home in Baulkham Hills owned by a family of 2.
Building replacement costs for all quotes were $500,000 and $1,000,000, with an excess of $500.
Contents were valued at $100,000.
Quotes were obtained in November 2021 and were for a combined home and contents insurance policy.
Homeowning family of 2 who moved into their property in 2019.
3 bedroom, 1 story freestanding house on flat ground with brick veneer walls, terracotta tiled roof, no verandas and built in 1980.
Windows secured by deadlocks, with no security devices.
Want to save some serious cash?
We did some research and found that you can save up to $1,653 just by comparing quotes of your home and contents insurance policy.
Why do I need home and contents insurance?
If you're an owner-occupier, getting home and contents cover is really a no-brainer. You've probably sacrificed a lot to save up a deposit and pay down your mortgage, so why would you risk losing it all? Here's why it's worth every cent.
Because life happens, and that's okay! Unexpected things happen and there's nothing we can do about it, but getting a home and contents insurance policy will help you prepare for it.
Because replacing everything will cost you. Look around you, how much was the sofa you're sitting on? The TV you're staring at? The laptop you're using?
Because it's the smart thing to do. You've worked hard to become a homeowner. It's probably one of the biggest financial decisions of your life – it makes sense to protect it.
Because it's a small price to pay for peace of mind. Think about the cost of your home, and all your stuff. The price of a home insurance policy is only a fraction of this.
What does home and contents insurance cover?
A home and contents insurance policy will generally cover events that could lead to your financial loss. You can find these events in your product disclosure statement (PDS), but they usually include events like fires, storms, theft and vandalism.
Here are some examples where the right home and contents insurance policy can cover you.
A big storm hits and a tree falls onto your house leaving a hole in your roof, and your kitchen destroyed.
A pipe bursts in your bathroom and causes water damage to the rest of your home and belongings.
You definitely can. Most home insurers will offer optional add-ons during the application process so you can get the most tailored policy to your needs.
Common add-ons include:
Accidental damage. Cover for those homely mishaps like a knocked-over TV or a spilled glass of wine on an expensive rug.
Personal effects/portable contents. Cover for loss or damage to your valuables that you take outside of your home. You might want to cover your phone, engagement ring or designer handbag.
Personal valuables. Some contents will have a limit to which they'll be covered. If you have any unique or collectible items of particularly high value, you may want to consider specifying them on your policy for extra cover.
Flood cover. If you live in a flood-prone zone, having flood cover is essential to protect your home and contents from damage.
Motor burnout. Cover for your home appliances like your fridge or washing machine if the motor burns out. You should also be covered for any damages that are caused like food spoilage or water damage.
Sum insured safeguards. When you apply for home insurance, you'll tell the insurer how much your home is worth; this is usually the maximum pay-out if you lose everything. Having a sum insured safeguard means that if you get your estimation wrong, the insurer will give you a buffer to help cover the costs.
Contents in commercial storage. If you have stuff stored away and an insured event occurs at the site (like if the building burns down), you may be able to recuperate the value of contents lost.
Business items. Cover for the things you use as part of your profession.
Pet injury. Cover for your pet (up to a certain limit), if they are accidentally injured and need veterinary care.
What won't I be covered for?
All insurance policies will have general exclusions but they might not be the same. That's why it's important to check over your PDS to make sure you understand what is and what isn't covered under your home and contents insurance policy.
General exclusions can vary between insurers, but here are some common ones.
Deliberate damage or poor maintenance. If you fail to take care of your property then neither will your home insurance.
Breaking the law. If the damage to your home is caused by illegal activity, it's safe to say that you probably won't be covered for the repairs or any replacement costs.
Action of the sea. Things like king tides, tidal waves and storm surges are not usually covered. You can get cover for floods if you add it on to your policy. It might be hard to tell the difference between floods and storm surges, so check your PDS because each insurer can define them differently.
Pest control and eradication. Pests like cockroaches, mice and rats are not usually covered under home insurance since these policies are designed to cover you for preventable issues.
Asbestos and mould. Just like the above, asbestos and mould are not covered under home insurance because they're considered preventable issues.
For contents left unattended. If you leave your things in the open air, you may not be covered even if you have portable contents cover. For example, if you leave your clothes on a shared clothes line unattended, and it's taken, you most likely won't be covered.
An unoccupied home. If your home is left unoccupied for a period of time (usually over 60 days), you may void your cover since the property will likely be unmaintained.
Many of the individual benefit categories (flood, fire, theft, etc) will have their own individual exclusions, so make sure you're fully across those as they apply to your specific policy.
How can I save money on home and contents insurance?
Here are our tips on how to save money on a policy:
Go bare bones. If you do your homework, you might find that some policies actually have more inclusions than what you actually need. This will in turn reflect on your premium and you'll likely pay a higher price. By understanding your policy, you may be able to strip back a few benefits (like flood cover if you don't live in a flood-prone area) and pay a cheaper premium.
Change your excess. Playing with your excess is a balancing act. If you choose to increase your excess, your premium will decrease. However, if you end up needing to make a claim, you'll have to pay more.
New customer discounts. A lot of home insurance companies offer discounts to attract new customers. This is why it's a smart idea to check your policy and compare what's on the market to see if you can get better value with another insurer.
Online discounts. Some home insurance companies will also offer discounts to buy your policy online rather than in-store or over the phone.
Here are some deals that we have available in December 2024
Deal
Receive $250 worth of smart sensors with Honey Home Insurance
Get free smart sensors (valued at $250) to install around your home when you sign up for a combined home and contents policy. T&Cs apply.
Get a home insurance quote for $5 Kogan.com credit
Expires 5 Feb 2025
Get a quote before 11:59am AEST 5 February and you’ll receive a $5 credit to spend at Kogan.com. For purchases over $100 (excluding shipping), T&Cs apply.
Earn up to 40,000 Qantas Points with Qantas Home Insurance
Verified 2 days agoExpires 29 Jan 2025
Earn up to 40K Qantas Points for joining by 29 January. Plus save 30% on your 1st year's premium for purchasing a combined home and contents policy online. T&Cs apply.
We hate to be the bearers of bad news but according to the Insurance Council of Australia, 83% of Aussies don't have enough insurance cover for their combined home and contents. This is known as underinsurance and it can be almost as bad as not having insurance at all.
Let's say your home and everything in it was worth $2 million and a fire destroyed it all. Having your stuff insured for half that would help, but you'd still be reeling.
Here are some tips to help you avoid this fate:
Do the maths. Be as detailed as possible in your calculations. There are plenty of online calculators to help you.
Don't cut corners. Don't insure something important for lower than what it's worth, and don't pass on extras you know you might need (like flood cover when you're on a flood plain). You might save a few bucks on your premium but find yourself on the hook for thousands if you ever need to claim.
Details, details, details. Sometimes the devil is in the detail. For example, your contents protection might give you $50,000 worth of cover but cap your payout at $2,000 per item. If your $10,000 wedding ring gets stolen, a $2,000 payout probably won't cheer you up much. In this instance, you'd need to declare the ring separately.
Review early, review often. There's a good chance the value of your stuff will change over time. Property values never stay the same, and you'll always be bringing new gadgets into your house. If the value of everything changes, adjust your cover as necessary.
Alert the authorities. If there was a crime, call the police to file a report. Otherwise, move on to step 2.
Alert the insurer. Ring your insurer as soon as possible so they're aware a claim is on the way. It will let you know if you need to do anything specific.
Make a detailed claim. Submit a claim form with all the details. You can often do this over the phone or online.
Gather evidence. The insurer will want supporting evidence, such as a police report, photographs, proof of ownership and receipts.
Let the inspector in. The insurer might send someone out to assess the damage, arrange emergency repairs and obtain quotes.
Wait. Sit back while the insurer processes your claim. They'll notify you of the outcome as soon as they can.
Why you can trust Finder's home insurance experts
You pay nothing. Finder is free to use. And you pay the same as going direct. No markups, no hidden fees.
You save time. We spend 100s of hours researching home insurance so you can sort the gold from the junk faster.
You can trust us. We say it like it is. We aren't owned by an insurer and our opinions are our own.
The lowdown on Finder Score
Finder Score is one way we try to make getting home insurance a little bit easier. Home insurance may not be sexy, but by golly it's important, and we're doing our bit!
Each month the experts at Finder analyse over 50 products for 16 different features, ranking each product on each. And yes, this includes price. At the end of the process, each product gets a score between 1 and 10. It's bowling rules rather than golf, so 10 is good while 1 is rubbish.
Now, remember that Finder Score is just one factor to consider - one brick in your house if you will. You'll want to look at other aspects like excess, specific features, insurable events and the other fine print you'll find in the PDS of every product we compare. Double-check details that matter to you before applying or buying.
Finder Scores explained
9+ Excellent - These products offer a balance between low pricing and more features.
7+ Great - Competitive products within their group.
5+ Satisfactory - Usually these products would either have fewer benefits or higher pricing.
Less than 5 – Basic - Offering basic cover with limited features or higher pricing.
The Finder Score methodology is designed by our insights team and reviewed by our editorial team. We review the products objectively. Commercial partnerships do not affect the score.
To get the price score, we collect annual quotes from 10 personas across 5 states (NSW, VIC, QLD, WA,SA). To be eligible for a Finder Score, providers have to be able to give us these quotes online. The personas we collect quotes for are:
Owner occupied, 3 bedroom, 1 bathroom, freestanding house
With a mortgage owing on the property
With the home's rebuild cost is $6000,000 and the value of its contents is $100,000
For 2 suburbs per state
Frequently asked questions about home and contents insurance
When your current policy is up for renewal, shop around to see what other policies are available. Compare quotes, features and limits across a range of policies to see if you can find better-value cover. If you find a suitable policy, you can apply for cover online or over the phone.
Sure, but in most cases it's probably not worth the effort. If all you need is something super simple, you might save a few bucks by getting 2 separate policies. But as soon as you start tweaking things you may find the savings dwindle.
Let's say you buy home and contents policies and add flood cover to each. You're already talking 4 products. You're more likely to get a discount on all that with 1 company than if you split the purchases. Not to mention the time saved on paperwork.
By all means search around for the best deals, but be aware of the hidden costs in both money and time.
If you're renting, you probably only need a contents policy since your building will most likely be covered by the landlord or strata.
There's a special kind of home and contents insurance designed specifically for you known as landlord insurance. It works similarly to regular home and contents insurance but adds a few bits of protection that a landlord might appreciate (such as loss of rental income).
Your home and contents insurance policy will generally cover things within your property, whether they're kept indoors or outdoors.
If it's permanently fixed, like a water feature, then the buildings policy will kick in. If it's things like an outdoor dining set, barbeque or tools, the contents side will cover you. Of course, this is all within reason. If you leave your phone unattended in the front yard while gardening, you probably won't be covered for that.
This depends on the conditions of your policy but if you have signed a rental agreement which stipulates that you are legally responsible for the items you rented, they will usually be insured under your contents policy.
This will depend on the length of your trip. Many insurers won't cover you if you leave your home unoccupied for an extended period, usually 60 consecutive days or more, but may agree to cover you if you notify them of your travel plans and take steps to ensure that your home is looked after while you're away.
Always contact your insurer. You might even find it easier to give them a call.
They'll be able to update your policy if you need to add value to your sum insured, or add optional extras like accidental damage or flood cover.
If you're adding on cover, you can expect that your premium will increase as well.
After this has been confirmed, don't forget to keep a copy of your documents that show the changes to your policy.
Yes, you will usually be required to pay an excess. However, you usually have the option to adjust your excess when you apply for cover.
Some insurers will allow you to add pet cover that provides a benefit to help you pay vet bills when your pet suffers an accidental injury.
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To make sure you get accurate and helpful information, this guide has been edited by Tim Bennett as part of our fact-checking process.
Gary Ross Hunter was an editor at Finder, specialising in insurance. He’s been writing about life, travel, home, car, pet and health insurance for over 6 years and regularly appears as an insurance expert in publications including The Sydney Morning Herald, The Guardian and news.com.au. Gary holds a Kaplan Tier 2 General Advice General Insurance certification which meets the requirements of ASIC Regulatory Guide 146 (RG146). See full bio
Gary Ross's expertise
Gary Ross has written 644 Finder guides across topics including:
What you need to know about finding the best home insurance for you. Compare policies and learn what questions to ask when researching insurance policies.
Home warranty insurance, also known as builders warranty insurance and home indemnity insurance, is designed to offer protection for homeowners against faulty building work.
APIA and MHIA are insurers that can provide insurance for over 55 markets.
Hope this helps!
PaulJanuary 28, 2019
If you have an existing home and contents policy and you want to cancel the home policy and just keep the contents side of the policy, if you’re moving house, can this be done? Isn’t it breaking a policy contract?
Finder
JeniJanuary 30, 2019Finder
Hi Paul,
Thank you for getting in touch with finder.
I suggest that you contact your insurer on this matter as they may provide you a more accurate info on changing your cover or level of cover.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
KenMarch 22, 2018
Can you tell me of insurance companies that handle Strata building insurance. Thanks
Finder
JoanneMarch 24, 2018Finder
Hi Ken,
Thanks for reaching out.
If you live in strata such as an apartment block, your body corporate will have their own strata insurance that generally provides cover for your building, parking, and other shared areas. In most cases, you will be required to pay strata fees. Strata do not cover you for interior fixings, so most homeowners with a strata-titled property will also take out a contents-only policy. Alternatively, you may speak with a mortgage broker for you to get specialised advise.
Cheers,
Joanne
annetteFebruary 7, 2018
how much would 250000 cost for dwelling insurance and contents 100000 cost or 130000 cost cover should cover any structural damage caused by floods and fire home is protected by alarm system and bolts to all windows and doors smoke alarm fitted sincerely Annette
Finder
JoshuaFebruary 14, 2018Finder
Hi Annette,
Thanks for getting in touch.
If you need to know about the cost of your premiums, please check with your insurer. They are in the best position to provide you a quote.
In case you don’t have an insurer yet, please feel free to use our table with a list of home and contents insurance to compare your options. Once you are ready, you can then click on the “Go to site” green button to learn more or initiate your online application.
I hope this helps. Should you have further questions, please don’t hesitate to reach out again.
Have a wonderful day!
Cheers,
Joshua Infantado
EricMay 21, 2015
Do you insure transportable Park Homes, home and contents also our private car. Thank You
If you are interested in either of these products, please review the pages above. Please make sure to read the eligibility criteria, features, and details of the policy, as well as the relevant Product Disclosure Statement of the policy before making a decision and consider whether the product is right for you. If necessary, speak to the insurance brand to verify any details.
I hope this was helpful,
Richard
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You pay nothing. Finder is free to use. And you pay the same as going direct. No markups, no hidden fees.
You save time. We spend 100s of hours researching home insurance so you can sort the gold from the junk faster.
You can trust us. We say it like it is. We aren't owned by an insurer and our opinions are our own.
Who insures homes in over 55 villages?
Hi Dave,
APIA and MHIA are insurers that can provide insurance for over 55 markets.
Hope this helps!
If you have an existing home and contents policy and you want to cancel the home policy and just keep the contents side of the policy, if you’re moving house, can this be done? Isn’t it breaking a policy contract?
Hi Paul,
Thank you for getting in touch with finder.
I suggest that you contact your insurer on this matter as they may provide you a more accurate info on changing your cover or level of cover.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
Can you tell me of insurance companies that handle Strata building insurance. Thanks
Hi Ken,
Thanks for reaching out.
If you live in strata such as an apartment block, your body corporate will have their own strata insurance that generally provides cover for your building, parking, and other shared areas. In most cases, you will be required to pay strata fees. Strata do not cover you for interior fixings, so most homeowners with a strata-titled property will also take out a contents-only policy. Alternatively, you may speak with a mortgage broker for you to get specialised advise.
Cheers,
Joanne
how much would 250000 cost for dwelling insurance and contents 100000 cost or 130000 cost cover should cover any structural damage caused by floods and fire home is protected by alarm system and bolts to all windows and doors smoke alarm fitted sincerely Annette
Hi Annette,
Thanks for getting in touch.
If you need to know about the cost of your premiums, please check with your insurer. They are in the best position to provide you a quote.
In case you don’t have an insurer yet, please feel free to use our table with a list of home and contents insurance to compare your options. Once you are ready, you can then click on the “Go to site” green button to learn more or initiate your online application.
I hope this helps. Should you have further questions, please don’t hesitate to reach out again.
Have a wonderful day!
Cheers,
Joshua Infantado
Do you insure transportable Park Homes, home and contents also our private car. Thank You
Hi Eric,
Thanks for your question.
Currently, we have two insurers in our panel:
Westpac Home Insurance and Woolworths Home Insurance.
If you are interested in either of these products, please review the pages above. Please make sure to read the eligibility criteria, features, and details of the policy, as well as the relevant Product Disclosure Statement of the policy before making a decision and consider whether the product is right for you. If necessary, speak to the insurance brand to verify any details.
I hope this was helpful,
Richard