Need building insurance cover? Mozo helps you to compare building insurance options. We’ve rounded up the latest building insurance deals from Australia’s online home insurance providers. Compare key policy information and special offers before you get a personalised building insurance quote for your property.
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Reviews, news, tips and guides to help find the best home insurance for you.
If you are looking to insure your property, whether you are living in it yourself or renting it out as an investment, you’ll want to consider getting building insurance cover. Building insurance includes cover for your home, garage, fences, shed, landscaping and fixed outdoor structures like pergolas against loss and damage caused by fire, break-in or weather events like storm, flood and bushfires.
When choosing between building insurance deals, it is important to carefully review the events covered and any limits that apply to the cover to ensure you will be protected if and when the time comes you need to make a claim. Here are some important questions to know answers to:
Depending on the building insurance provider and insurance policy options they have you might have the option to choose between a sum insured and total replacement cover. But what exactly does that mean?
If you opt for sum insured you'll choose the amount of money that you insure your home for, and your policy premium will be based on this amount. This is the maximum amount your insurer will pay to repair or rebuild your home. If you choose this option, it's vital to get an accurate idea of how much it will cost to repair or replace your home.
Total replacement cover, means just that. You don’t set a limit to the cover and the insurer will pay no matter what the cost it is to repair or rebuild your home. Keep in mind, this kind of policy will likely come with a higher price tag.
Underinsurance is a major issue in Australia. It is important to have an accurate estimate of the replacement value of your home should you need to rebuild it. To get an accurate estimate, talk to an architect, builder or property expert.
One really important thing to remember is that the cost to insure your home is not the same as the price you paid for your home or property. The land value should be excluded from your calculations - you only need to insure for the value of your home's structure.
If you will be living in your property it is also a good idea to protect your belongings as well as the building itself. That way, if you're hit by a flood, fire or other disaster and your home and everything in it needs to be replaced, your insurance will cover both.
Many home insurance providers have discounted policies when you take out a combined home and contents insurance policy, so you might even be able to snag a great deal by combining them. Head to our home and contents page to review current deals available by major online insurance providers.
The cost for your building insurance policy will depend on a number of factors including where the property is located, the property size and whether you want to opt for a sum insured policy or total replacement cover. For example, insuring a house in a flood prone area will likely be more expensive than insuring somewhere else, and a larger house will come with a steeper price tag than a small one.
To get a personalised quote, first review the insurance policy information here on Mozo. We outline the key events and limits that are included in each policy to help you find one that looks right for you. Once you’ve compared your options you can get a quote directly from the insurer for your property. They will also be able to answer any specific questions related to your property.
Yes, many building insurance policies come with the option of paying insurance costs on a monthly basis. This can help you budget for the cost of insurance by spreading it out, rather than leaving you scrambling to come up with a lump sum payment.
Keep in mind though, you might have to pay extra for the convenience of monthly payments, instead of paying annually upfront, so factor that extra cost into your budget.
There are several ways to get cheaper building insurance, without needing to reduce the level of cover you get.
Many people opt to reduce lower their sum insured but then find out at the worst possible time that they can no longer afford to rebuild or repair their home to the standard they would like. Rather than reducing the insured amount, there are several things you can do to reduce your insurance costs, these include:
I first joined Allianz in 1999. I was at first quite happy and relieved to have insurance, it gave me peace of mind. It was the first time I considered putting in a claim that I realised the product had issues. Suddenly I required all kinds of proof of the exact value of household items and evidence of the damage done. I tried to fulfill the requirements for over a week and ended up unable to when an electrician charged me for a callout and then refused to do a letter for the insurance company. No claim, no reimbursement due to the rules but they kept taking my money. That is what my loathing of this company boils down to, they kept taking my money and taking it and taking it. All the while they did things to my policy without telling me or asking for any kind of permission. These included but were not limited to : - Increasing my excess by 300% - Removing burn out coverage from my policy - Removing coverage for spoiled food from my policy - Removing coverage of items owned by someone else but damaged, destroyed or stolen while in my property from my policy - Making coverage for items such as the above extras, with specified costs in addition to the overall cost of the policy In over 20 years I was never able to make a successful claim. A review of the policy as it was after 20 years of Allianz adjusting it showed me that I would never be able to claim unless a drastic event like a bushfire happened to my home. The excess on my policy was hugely high, the amount of coverage hadn't gone up nearly enough to pay to replace my belongings and Allianz's rules for proof of ownership, cost and the damage done by electrical events such as lightning had been made even more difficult to deal with. I gave up, cancelling the policy completely. I am quite happy not being covered by this greedy, unhelpful and dismissive company.
Read full reviewI first joined Allianz in 1999. I was at first quite happy and relieved to have insurance, it gave me peace of mind. It was the first time I considered putting in a claim that I realised the product had issues. Suddenly I required all kinds of proof of the exact value of household items and evidence of the damage done. I tried to fulfill the requirements for over a week and ended up unable to when an electrician charged me for a callout and then refused to do a letter for the insurance company. No claim, no reimbursement due to the rules but they kept taking my money. That is what my loathing of this company boils down to, they kept taking my money and taking it and taking it. All the while they did things to my policy without telling me or asking for any kind of permission. These included but were not limited to : - Increasing my excess by 300% - Removing burn out coverage from my policy - Removing coverage for spoiled food from my policy - Removing coverage of items owned by someone else but damaged, destroyed or stolen while in my property from my policy - Making coverage for items such as the above extras, with specified costs in addition to the overall cost of the policy In over 20 years I was never able to make a successful claim. A review of the policy as it was after 20 years of Allianz adjusting it showed me that I would never be able to claim unless a drastic event like a bushfire happened to my home. The excess on my policy was hugely high, the amount of coverage hadn't gone up nearly enough to pay to replace my belongings and Allianz's rules for proof of ownership, cost and the damage done by electrical events such as lightning had been made even more difficult to deal with. I gave up, cancelling the policy completely. I am quite happy not being covered by this greedy, unhelpful and dismissive company.
I like SGIC very much. Good premiums and coverage on house and contents worth looking at. Fast claims too.
Read full reviewI like SGIC very much. Good premiums and coverage on house and contents worth looking at. Fast claims too.
I found it easy to apply and the costs were reasonable.
Read full reviewI found it easy to apply and the costs were reasonable.
