Suncorp home insurance review

The Suncorp home insurance "Build it back better" benefit could be ideal if you live in a disaster prone area.

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Our Verdict

  • It comes with a "Build it back better" benefit. If your house is damaged by an insured event, Suncorp will help you rebuild by using materials that are more resilient to natural hazards.
  • Flood cover comes standard on all policies. Many other home insurers will charge extra for this.
  • Although flood cover is included, it's worth noting that there are exclusions such as storm surge.
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Congratulations, Suncorp!

Suncorp received the following highly commended awards in the 2024 Product Awards and 2024 Customer Satisfaction Awards:

  • Home Insurance - Comprehensive
  • 'Home Insurance - QLD' - Loved Brand
  • 'Home Insurance - QLD' - Value Brand
  • 'Home Insurance - QLD' - Trusted Brand
  • 'Home Insurance - QLD' - Quality Service Brand

What does Suncorp home insurance cover?

You can get 3 different policy types. Suncorp offers contents insurance, building insurance, and a combined home and contents insurance policy. You can also get Suncorp landlord insurance, strata insurance and renters insurance.

Some main events covered by Suncorp home insurance include:

Suncorp home insurance is issued by AAI Limited. It offers customers a range of excesses and a 14-day cooling off period which is lower than most.

Here's the run-down of a Suncorp home insurance policy

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Standard features

These are some of the standard features that you can claim on with Suncorp if an insured event causes damage or loss.

  • Accidental damage at the home
  • Temporary accommodation costs
  • Storage of undamaged contents
  • Removal of debris
  • Contents in transit
  • Mortgage discharge costs

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Optional add-ons

Suncorp home insurance only offers a few optional add-ons compared to many other insurers such as ING, Budget Direct and Virgin. These include:

  • Accidental damage
  • Motor burnout
  • Portable contents cover
  • Domestic workers' compensation

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Exclusions

All home insurance policies will have general exclusions. These are some things you won't be covered for with Suncorp. For the full list, check out its Product Disclosure Statement (PDS).

  • Coal seam gas
  • Lawful seizure
  • Wear and tear
  • Inherent defects
  • Soil movement
  • Actions or movement of the sea
  • Extensions, renovations or alterations to your home
  • Bushfires, storms, floods or tsunamis in the first 72 hours of cover
  • Consequential loss of any kind

You can also head to general exclusions for more information about what home insurance won't cover.

Here's some information on Suncorp home insurance complaints

We looked at home insurance complaint data from the Australian Financial Complaints Authority (AFCA) between July 2020 and June 2021. The data breaks down different underwriters and compares their business size to the number of complaints processed.

When comparing insurers, keep in mind that insurers with a larger market share serve more customers, so can potentially get more complaints.

Here's an overview of how Suncorp (AAI Limited) did:

  • AAI Limited resolved 26.38% of its complaints directly with customers.
  • While it is considered a very large insurer, AAI Limited did receive the most complaints of all the insurers we reviewed.

Bottom line about Suncorp home insurance

Suncorp's home insurance could be good if you live in a disaster prone area of Australia, both because of its "Build it back better"' benefit and automatic flood cover. It also comes with a 6% seniors discount for Queenslanders.

If you're not yet ready to buy, you can compare other home insurance brands side-by-side here.

Suncorp home insurance frequently asked questions

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Leave a Suncorp home insurance review

If you've held, or currently hold, a Suncorp home insurance policy, we'd love to hear from you. Your reviews help other Australians decide if Suncorp is right for them. Some reviews are from a survey commissioned by Finder.

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Editor, Insurance

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 648 Finder guides across topics including:
  • Health, home, life, car, pet and travel insurance
  • Managing the cost of living

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2 Responses

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    annNovember 18, 2024

    which insurance co is best for comprehensive home and content if home is in a flash zone risk of fire.

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