QBE vs Allianz home insurance

QBE and Allianz are probably two of the most established names in Australian home insurance. But how do their comprehensive home and contents insurance policies stack up side by side? This comparison takes a closer look at what each insurer offers, looking at features, limits, pricing and quality - to help you figure out which one might suit your needs best.

QBE vs Allianz home insurance: events covered 

Allianz and QBE both cover common insured events like fire, storm, theft, flood and lightning across both buildings and contents. However, there are some differences in how certain events are treated.

Let’s have a look.

As you can see, there are some slight differences. For example, QBE covers storm surge while Allianz doesn’t. Allianz also applies an extra $250 excess for earthquake claims, an added cost you won’t find with QBE. But at the end of the day, there aren’t any major differences here that would impact the average Aussie.

Just remember that limits, sub-limits, exclusions and conditions apply to these and all of the following items, so please refer to the relevant product disclosure statement (PDS) for more information.

QBE vs Allianz home insurance: building cover

Like most home insurance policies, QBE and Allianz cover the main structure of your home and permanent fixtures up to your sum insured. But there are some differences in how each insurer handles related elements like temporary accommodation, landscaping and emergency repairs.

Here’s how the two compare:

As you can see, there are some significant differences here. In fact, it looks like QBE may edge ahead of Allianz, especially with its underinsurance protection, which could be an important safeguard during times of high inflation when building costs could rise faster than you can update your policy. 

QBE also offers more generous limits in a few key areas: for example, up to 24 months of temporary accommodation compared to Allianz’s 12, and no specific caps on demolition costs or debris removal.

That said, Allianz does come out ahead on landscaping, offering limited protection for plants, retaining walls and pathways where QBE does not offer landscaping protection at all.

QBE vs Allianz home insurance: contents cover

Both QBE and Allianz cover everyday contents like TVs, furniture and electronics, up to the total amount you've insured them for on your policy. They also let you add extra cover for high-value items like jewellery or artwork if their standard limits aren’t enough.

But there are a few edge cases where the policy limits differ or where something isn’t mentioned clearly in the product disclosure statement (PDS). If you’re a drone enthusiast, have refrigerated medicines, or keep valuables in strata storage, these small details might matter.

Here’s a quick overview of how each insurer treats some of these edge cases:

If any of these apply to your household, it’s worth checking with the insurer directly to confirm how they’d treat it. Otherwise, the core protection from both providers is broadly similar for everyday items.

QBE vs Allianz: price

QBE came out ahead in the 2024 Mozo Experts Choice Awards for Home Insurance, winning an award for Exceptional Value Home & Contents Insurance. Our experts compared more than 5,000 quotes across 41 policies and found QBE’s prices for its combined building and contents policy were more often among the lowest for similar cover.

Allianz didn’t pick up a win in this category, suggesting it may not be the cheapest home insurance option for many people. That said, premiums do vary depending on where you live, your property type, and the level of cover you choose. So it’s still worth comparing both before locking anything in.

QBE vs Allianz home insurance: quality

QBE’s combined building and contents policy wasn’t just competitive on cost. It also received a Mozo Expert’s Choice Award for Exceptional Quality in 2024, based on how its policy handles a wide range of real-world scenarios like flood, accidental damage, protection against underinsurance, how damaged items are replaced, and costs associated with a big clean-up like debris removal and temporary accommodation.

Allianz didn’t receive a Mozo Experts Choice Award for quality in 2024, although it's important to note that they have updated their policy since the awards were judged. So only time will tell if those changes will be recognised when we announce the 2025 winners later this year.

But if you can't wait until then and specifically want a policy that has already been recognised for its quality by Mozo's experts, QBE is one that has earned that distinction.

Bottom line

Both QBE and Allianz offer solid home and contents insurance with many of the same fundamentals: cover for your building and belongings, protection against major events, and flexible options to adjust your cover. But QBE edges ahead in a few areas. It offers broader cover for things like storm surge and underinsurance protection, and based on our analysis of thousands of quotes, it more often delivered lower prices compared to similar policies.

Of course, that won’t hold true for everyone; your premium will depend on your property, location and what you’re insuring. It’s always worth comparing quotes and reading the PDS to make sure the policy suits your situation.