Australia’s best home insurance of 2021

Parent showing children something in kitchen after taking out a top home insurance policy.

Your home is probably the largest and most meaningful purchase you’ll make in your lifetime, so it’s only natural to be picky when it comes to your home insurance provider. But navigating all the policies out there can be tricky.

To make things a little bit easier, our team of experts scour the market each year in search of policies that offer great value and market-leading features. This year, our panel of experts pored over 62 policies, assessing them on the basis of price, level of cover and more.

“We compare a huge range of policies and details to help customers narrow down their search. Whether you’re looking for a policy that offers value or one that boasts generous coverage, there’s sure to be one that suits you in our list of winners,” Mozo expert judge, Peter Marshall said.

The Mozo Experts Choice Home Insurance Awards are split into two categories – Exceptional Value and Exceptional Quality – and the winners in each are listed below. We’ve also included an overview of three standout home insurance options from the 2020 awards that are still offering great coverage into 2021.

Standout home insurance options for 2021

Budget Direct Home & Contents Insurance*
  • 30% online discount
  • New for old replacement
  • Legal liability up to $20 million
  • Temporary accommodation for you and your pets

If you’re after a policy that combines wide-ranging cover with plenty of value, Budget Direct Home and Contents Insurance could be right for you. When you sign up, your house and valuables will be covered for a range of events, including theft, storms and accidental breakage of glass. Flood cover is also available as an optional extra. 

As for your valuables, jewellery is insured up to $1,000 an item and artwork up to $5,000 an item. And if you work remotely, you’ll appreciate knowing the contents of your home office are insured up to $12,000. You can also expect Budget Direct to replace any lost or damaged items with brand new ones, no matter how old the original items were.

On top of that there's also optional personal effects cover for frequent travellers. And with temporary accommodation cover, you can rest easy knowing you’ll have a roof over your head for up to 12 months (up to 10% of the sum insured) if your home is damaged or destroyed.

Woolworths Comprehensive Cover Home Insurance*
  • 20% online discount
  • New for old replacement
  • Temporary accommodation for you and your pets

Woolies isn’t just the go-to supermarket for millions of Australians, it’s also a provider of quality home insurance. Its building and contents insurance policy protects against fire, theft, storm and flood, with cover also extending to any fences and gates up to the sum insured. 

Landscaping is insured up to $750 and replacement locks up to $500. And if you find yourself unable to stay in your property because of substantial damages, the policy will cover up to 12 months of temporary accommodation (up to 10% of sum insured). $500 is also earmarked for temporary accommodation for your pets if needed.

When it comes to your contents cover, things like CDs and DVDs, handwoven carpets, jewellery and antiques are insured up to $1,000 per item and up to $2,500 per item category. The contents of your home office will be also covered up to $5,000, while outdoor contents are insured up to $4,000.

Virgin Money Home & Contents Insurance*
  • 30% discount on your first year's premium when you buy the combined policy online
  • Optional underinsurance protection
  • New-for-old contents replacement

There’s a lot to like about this extensive home insurance policy. Your home and belongings will be covered in a wide range of circumstances, including fire, storm, earthquake and theft, and you can expect new-for-old contents replacement. Most items or events will have coverage limits, so be sure to check the product disclosure statement (PDS) for all the details. For example, cash is covered up to $800, while computer software is insured for up to $3,000 and jeweller is insured for $1,000 per-item (up to $5,000 in total). 

And remember there are also some specific exclusions. While the policy covers building materials (up to $1,000), landscaping items like lawns and trees aren’t insured under this policy.

There are a few useful optional extras with this policy (for an additional fee) which you may want to consider. Flood damage and any accidental damage or loss beyond glass breakage can be included on top of standard cover, as can underinsurance of up to 25%. This means that if you haven’t accurately valued your property, you’ll have an additional safety of up to 25% of the amount you’ve insured your property for to cover repair or replacement bills beyond the standard coverage amount.

*Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement and the Target Market Determination on the provider's website for further information before making any decisions about an insurance product.

^See information about the Mozo Experts Choice Home Insurance Awards

Different people will have different priorities when it comes to their home insurance provider. Of course, price will feature pretty highly, but you’ll also want a policy that provides a mix of coverage that’s right for you. Below is a rundown of the winners from the Exceptional Value and Exceptional Quality categories.

Exceptional value home insurance winners

Protecting your home against the unexpected doesn’t have to cost a fortune. To help you save, our panel of experts assessed 56 home and contents insurance policies using more than 15,000 customer quotes to determine which ones offer prices that are consistently amongst the lowest. The eight policies that took out awards are listed below.

  • AAMI Home Building & Contents Insurance
  • Budget Direct Home & Contents Insurance
  • ING Home & Contents Insurance
  • RACT Home & Contents Insurance
  • Westpac Essential Care Residential
  • Westpac Premium Care Residential
  • Woolworths Comprehensive Cover

Exceptional quality home insurance winners

When assessing the quality of a home and contents insurance policy, our panel of judges looked at the level of cover on a wide range of events and items, including accidental loss and damage, protection against underinsurance, and how damaged items are replaced. They judged 62 policies and awarded the six below.

  • Bankwest Home & Contents Insurance
  • CommInsure Residential Home Package
  • NRMA Home Plus Buildings & Contents Insurance
  • SGIC Home Plus Buildings & Contents Insurance
  • SGIO Home Plus Buildings & Contents Insurance
  • Westpac Premier Care Residential

Learn more about the judging process by reading of the Mozo Experts Choice Home Insurance Awards methodology report.