Australia’s cheapest home insurance of 2021

A home is the biggest purchase most Australians will ever make and making sure it’s insured against worst case scenarios is something everyone should take seriously. But doing so doesn’t have to break your budget.

To help determine which providers offer the best cover for the best price, the team at Mozo analysed 56 home and contents insurance policies using more than 15,000 customer quotes as part of this year’s Mozo Experts Choice Home Insurance Awards.

Those that stood out were recognised in our Exceptional Value category. We’ve included a rundown of just a few below, but be sure to check out the full list of winners at our Home Insurance Awards page, or read our methodology report for an in-depth look at how they were chosen.

These top-value home insurance options were chosen in 2020, and are still presenting great value for money in 2021.

Standout home insurance options for 2021

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  • Temporary accommodation provided
  • New for old replacement

This year’s Value Insurer of the Year, Budget Direct’s home insurance policies provide cover for a wide range of circumstances, including theft, fire, storms and accidental breakage of glass. Flood cover is also available as an add-on. And if your home has become uninhabitable due to an event covered in your policy, Budget Direct will also provide emergency temporary accommodation.

What’s more, cash is covered up to $800, while computer software and CDs / DVDs are insured for up to $3,000. As for your various valuables, handwoven carpets are insured for up to $2,500 per item, artworks are insured for up to $5,000 per item ($12,000 in total), and jewellery is insured for up to $1,000 per item ($5,000 in total).

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  • New for old replacement
  • Temporary accommodation provided
  • 15% online discount

Westpac took out two awards in the Exceptional Value category this year, one for its Essential Care Residential insurance and one for its Premier Care Residential insurance. Both provide cover for damages caused by storm, fire, flooding and theft, while the Premier option extends to electrical motor burnout, accidental breakage of glass, and accidental loss or damage.

Under both policies, new for old replacement assures customers that any belongings that are damaged by an insured event will be replaced with comparable new ones. And if you find you're underinsured, both policies offer a helpful safety net (up to 10% of the sum insured for Essential, and up to 30% for Premier).

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  • Flood cover included
  • New for old replacement
  • Temporary accommodation provided

The list of events Woolworths building and contents insurance covers runs quite long, and includes fire, theft, water damage and storms. If you live in a flood-prone area, you’ll be glad to know that flood cover comes included in the policy and doesn’t have to be purchased separately. 

CDs and DVDs, handwoven carpets, jewellery and antiques are insured up to $1,000 per item ($2,500 per item category) and home office content is covered up to $5,000. You’ll also receive legal liability cover up to $20,000,000.

There’s also the new for old replacement of lost or damaged belongings, meaning that even if a particular item was on its last legs, Woolworths will make sure you get a brand new one. And if your property is damaged and you require temporary accommodation, Woolworths will cover the cost for up to 12 months (up to 10% of sum insured).

St. George Premier Care Residential*
  • 15% online discount
  • 10% discount when you combine home & contents policies
  • Up to 30% underinsurance

The Premier Residential Care option in St. George’s home and contents insurance offerings present a great level of cover alongside a few discounts to make this comprehensive coverage more affordable. Stress less knowing your home is insured in case a natural disaster strikes including fires, storms, earthquakes and even floods as standard (this last one isn’t commonly a standard inclusion). Accidental damages, theft, vandalism and malicious damages are also covered. 

You will need to be aware of the various conditions and price caps across the coverage, so be sure to read your product disclosure statement carefully for all these details. Some limits include the 12-month (or 10% sum insured) accommodation cover if you can’t stay in your home after an insurable event, up to $5,000 per jewellery item (or $20,000 in total), $2,000 to replace important documents and $15,000 cover for home office equipment. 

And just in case you didn’t value your home and belongings accurately when you took out the policy, the Premier option comes with an underinsurance safety net which will cover an additional 30% of the cost of replacing everything on a new-for-old basis if it can’t be repaired.

Learn more about the Mozo Experts Choice Home Insurance Awards at our awards page, or have a read of our methodology report for a more in-depth look at how the winners were chosen.

*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 on the provider's website for further information before making any decisions about an insurance product.

Any information provided on this page should be considered a summary and general advice only. All information should be verified before purchase via the relevant Product Disclosure Statement (PDS).

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.