Australia’s cheapest home insurance of 2020

By Mozo ·

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.

Standout home insurance options for 2020

Promoted
  • 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).

Promoted
  • 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).

Promoted
  • 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).

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.

*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.