Cheap home insurance, cause you already spend enough on your mortgage

We got hundreds of quotes and weeded out the pricey policies. These ones came out on top for price.

Key takeaways

  • Home insurance premiums are on the rise but there are ways to save
  • Our team of experts have done the work to help you find cheaper options
  • Deals and discounts are frequently available for home and contents policies

Finder's pick of the bunch - Youi home and contents insurance

youi home insurance
national customer satisfaction

Pros:

  • Youi's home and contents policy includes everything you'd expect; accidental damage, storm, fire, theft and floods. Other policies don't include flood as standard.
  • You can split your excesses. For example, you could make your building excess $2,000 and your contents excess $850. This is great if you're insuring contents that are taken out of the home, like a wedding ring.
  • Youi has exceptional customer service. The team is friendly, informative and always happy to help.
  • We've found that Youi is happy to negotiate on price. The first quote given isn't final and the team is often happy to work with you on finding a price that is more within your price range.

Cons:

  • You often have to complete your quote over the phone which is frustrating for those who prefer a fully online process.
  • If you don't like negotiating, you will be given a higher premium than you may be willing to pay if budget is your main concern.

Favourite all-rounder: Budget Direct home and contents insurance

Budget Direct home insurance
Finder Awards 2024 Home Insurance Value Runner Up

Pros:

  • Budget Direct won the Most Loved award in Finder's 2024 Home Insurance Customer Satisfaction Awards. That's because customers highly rated its products in areas of; features, benefits, ease of application, value for money and customer service. That ticks just about every box in our view.
  • Budget Direct's home and contents policy includes a thorough level of coverage, yet remains comparatively affordable. It was actually the 3rd cheapest provider in our research of 43 providers across Australia. Due to this mix of thorough coverage and affordability, it was highly commended in Finder's 2024 product awards, in the Value category.
  • It's a great all-rounder; there's plenty of features available so you can tailor your policy. Its own customers have stated they find there's value for money in this policy. And the customer service is highly rated by hundreds of real Australian customers.

Cons:

  • You'll have to pay extra if you want cover for floods.
  • There is no full building replacement option, which can be important to some people.

Comprehensive and cost-efficient: Australia Post home and contents insurance

Australia Post
Finder Awards 2024 Home Insurance Comprehensive Winner

Pros:

  • Australia Post's home and contents insurance policy won this year's Finder Award for Comprehensiveness. This is because it has generous coverage limits yet remains comparatively affordable. Of all the quotes we ran across 42 providers, it was in the cheaper half.
  • Customers get underinsurance protection. This is a feature that protects you if you've accidentally underinsured your home and helps you avoid out of pocket expenses. Not all policies have this, let alone include it as standard.
  • New customers who sign up online can get a 10% discount on their home and content insurance policy. T&Cs apply.

Cons:

  • While it's a good value policy, there are cheaper options available.
  • It includes higher benefit limits but if you're after a basic policy, then it's not worth paying extra — there are simpler policies available.
  • It doesn't include full building replacement which may be important to some people.

Cheap and effective: AAMI home and contents insurance

AAMI Home insurance
Finder Awards 2024 Home Insurance Value Winner

Pros:

  • According to Finder research, AAMI is one of the cheapest insurers available.
  • It includes flood cover which is typically only found with higher priced policies.
  • It won the 2024 Finder Award for Legendary Service. This is because AAMI's customers rated it highly in areas of; features, benefits, value for money and customer service.

Cons:

  • Its online discount of $50 is pretty low in comparison to other offers.
  • Like the majority of insurers, you aren't automatically covered for accidental damage.

Cheap home insurance quotes

Our home insurance experts sourced a heap of quotes to help you find the cheapest home insurance. It's important to keep in mind though, what's cheapest will vary from person to person. The cost of home insurance depends on many factors including your location, the value of your home and the value of its contents. The below should be used as a guide only.

BrandAnnual price
AAMI$1,125.97 More info
Budget Direct Logo$1,241.44 Get a quote
Virginmoney logo$1,253.85 More info
Ozicare logo$1,276.52 More info
Picture not describedING Home Insurance Logo$1,303.50 More info
Qantas Life Insurance Logo$1,409.47 Get a quote
Bank SA Logo$1,733.25 More info
Westpac Logo$1,733.25 More info
St. George Logo$1,733.25 More info
youi$1,741 Get a quote
Picture not described$1,858 Get a quote
Bendigo bank$2,516 More info
Honey home insurance$1,953 Get a quote
Australian seniors$1,705 Get a quoteMore info
australia post$1,892 More info
kogan$1,614 Get a quote
ahm$1,863 More info
Picture not described$2,185 More info
Bank of Queensland logo$1,899 More info
Picture not described$2,158 More info
commbank logo no letters$2,138 More info
Picture not described$2,550 More info
Picture not described$1,635 More info

How we got this price

Home insurance deals and discounts

Store Discount

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.

Last verified

30% online discount on new home and contents insurance

Receive 30% off your first year's premium when you purchase a new combined home and contents insurance policy online. T&Cs apply.

Last verified

Get a home insurance quote for $5 Kogan.com credit

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.

Last verified

Deal ends

Save up to 10% on a new combined home and contents insurance policy

Get 10% off your first year's premium when you purchase a new combined home and contents insurance policy online. T&Cs apply.

Last verified

Earn up to 40,000 Qantas Points with Qantas Home Insurance

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.

Last verified

Deal ends

Get up to 20% off your first year's premium with QBE Building and Contents Insurance

Discount is made up of a 10% online discount, and a further 10% for buying a combined policy. T&Cs apply.

Last verified

Tips to get cheaper home insurance

Number 1

Calculate how much cover you actually need

Decide what kind of policy you want: building, contents or both. In most cases, you'll also be asked to calculate your sum insured. This is how much it would cost to rebuild your home from scratch if it was destroyed. Home insurance calculators can help you work this out.

Number 2

Compare quotes from multiple insurers

Don't simply accept the first home and contents insurance quote you get. Compare quotes from at least 3 or 4 different insurers – this is quick and easy to do online.

Number 3

Pay your premium annually

If you can afford to pay your home insurance for the entire year in one go, it's often cheaper.

Number 4

Search for discounts

Plenty of insurers have discounts available. Our tip is to go for insurers who offer a percentage discount over a dollar figure. This is because 15% off your $2,000 bill ($300 discount) is going to be better than just $50 off.

Number 5

Review your policy at least once a year

It's very common for insurers to significantly increase prices once you've been with them for a year. Shop around every year and you could save a lot.

FAQs

Peta Taylor's headshot
Written by

Publisher of Insurance

Peta Taylor is a publisher at Finder, working across all of insurance. She's been analysing product disclosure statements and publishing articles for over 2 years. Peta is passionate about demystifying complex insurance products to help users make well educated decisions with confidence. Peta is part of Finder's insurance awards team and works alongside editorial and insights experts to bring users the best insurance products every year. See full bio

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