Australia's cheapest home insurance? That’s tough, but start with these award winners

Your home probably tops the list of your most prized possessions, so it’s only natural to want to protect it. That’s where the right home and contents insurance policy comes in handy.

With home and contents insurance in place, you can rest easy knowing damage or loss of property caused by natural disasters, theft, falling trees and many more unfortunate occurrences can be covered.

But with so many different policies on the market, finding one that suits can be difficult. To help you narrow down your search, we conduct a yearly review of the insurance space as part of the Mozo Experts Choice Home Insurance Awards^. 

This year, our panel of experts analysed 50 home and contents insurance policies using more than 15,000 customer quotes. The policies that ranked among the best value in terms of pricing for the cover offered were recognised in our Exceptional Value category.

While costs will vary depending on your personal circumstances and insurance customer profile, our research process set out to identify the policies that were most often cheapest for the kind of cover provided across a range of different needs.

We’ve included a brief overview of two standout policies below, but you can see the full list of winners at our Home Insurance Awards page. And for a look at how the winners were chosen, browse the Mozo Experts Choice Home Insurance methodology report.

Exceptional Value Home & Contents Insurance

Budget Direct Home & Contents Insurance*
  • New-for-old cover
  • 30% discount on first year's premium when you buy online
  • Temporary accommodation provided

Budget Direct makes regular appearances on our list of winners, and this year it took out the top honour of Value Insurance Provider of the Year. Our panel of judges were impressed by its pricing, which compared favourably against similar products on the market, along with its solid cover limits.

With Budget Direct’s Home and Contents Insurance, your home and valuables will be covered against loss or damage caused by a range of events, including storms, fires, lightning, theft, earthquakes and vandalism. Temporary accommodation cover is also offered for up to 12 months (for up to 10% of the sum insured) in case an insured event renders your home unliveable.

Your valuables will also be covered if they are damaged or destroyed by an insured event. Jewellery and watches are insured for up to $1,000 per item or set (up to $5,000 in total), home office equipment is insured up to $12,000, and paintings, pictures and other art objects are insured up to $5,000 per item or set (up to $12,000 in total).

Virgin Money Home & Contents Insurance*
  • 30% discount on first year's premium when you buy online
  • $100 e-Gift card available to new customers
  • Temporary accommodation provided

Virgin Money’s Home and Contents Insurance policy provides cover for damage caused by a number of situations, including fires, storms, earthquakes, theft and vandalism. What’s more, if your home is made uninhabitable by an insured event, Virgin Money will provide emergency temporary accommodation for up to 12 months (up to 10% of the sum insured).

The cost of repairing or replacing certain valuables is also covered. Under the policy, jewellery is insured up to $1,000 per item or set (up to $5,000 in total), home office equipment is insured up to $12,000, and tools of the trade are insured up to $2,000. The policy also covers funeral expenses up to $7,000 and legal liability up to $20 million.

*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