Cheap Home Insurance

Each year, our Mozo Experts Choice Home Insurance Awards spotlight the best value home insurance policies—meaning the cheapest options relative to similar options.

Let’s get straight to it. Here are a few of our standout winners for best value home and contents insurance.

Those weren’t the only exceptional value winners at this year's awards. If you’re looking for affordable car insurance policies in 2024, here are a few more worth investigating: 

If price isn’t a concern and you want to know the best overall policies, check out our lowdown on the best home insurance policies in Australia. And if you want to learn exactly how we chose the cheapest and best policies, you can check out our full methodology report.

For a full list of winners in all categories, head over to the Mozo Experts Choice Home Insurance Awards.

When choosing home insurance, you'll generally have three options: building insurance, contents insurance, and combined home and contents insurance. Typically, building insurance is the cheapest, followed by contents insurance, with the combined option being the most expensive. Here’s how each option stacks up:

Keep in mind that costs vary based on things like where you live and how much coverage you need. Always check the product disclosure statement (PDS) to understand exactly what’s covered before you decide.

To get a better handle on how to lower your home insurance premiums, it helps to understand what influences the price. Some factors are beyond your immediate control, while others offer opportunities to reduce costs.

Let’s start with the factors that are pretty much set in stone, and then move on to those you can tweak to lower your premium more easily.

Inherent factors affecting your premium:

These are the things you can’t really change, but they play a major role in your home insurance costs.

• Age of your home. Older homes usually cost more to insure because they come with higher risks—like ageing materials and outdated construction techniques.
• Location. Where you live matters a lot. Homes in areas with a history of natural disasters (like bushfires or floods) or higher crime rates often come with pricier premiums.
• Property value. Homes with a higher value cost more to insure, since they’d be more expensive to repair or rebuild if damaged.
• Flood risk and elevation. If your home is in a flood-prone area or has specific elevation risks, your premium might be higher due to the increased chance of water damage.
• General condition. Homes that are well-maintained usually score lower premiums, as insurers see them as less likely to lead to claims. Homes that need a lot of upkeep might be seen as a bigger risk.

Adjustable factors to lower your premium:

Here are the factors you have more control over—adjusting these can help lower your home insurance costs.

• Excess amount. Increasing your excess (the amount you pay out of pocket when you make a claim) can reduce your premium. Just make sure you’re comfortable covering that amount if something happens.
• Customised coverage. Tailoring your policy to only cover what you really need—like specific valuables or fewer add-ons—can save you money.
• Bundling policies. Some insurers offer discounts if you bundle your home and contents insurance, or combine home insurance with another type like car insurance.
• Home security. Adding extra security, like alarms or deadlocks, can lead to lower premiums by reducing the risk of theft or damage.
• Payment frequency. If you can afford to pay your premium annually instead of monthly, you could save, as many insurers charge more for spreading payments out.

Knowing what influences your premium—and what you can change—gives you more control over your home insurance costs. Ready to take action? Check out the next section for tips on finding affordable home insurance that suits your needs.

If you want to know how to find cheap home insurance, you’re in the right place. Home insurance premiums will vary depending on the insurance company and a variety of other factors. In general, though, there are a few ways to get cheaper home insurance and keep costs down.

• Opt for a higher excess. An excess is an amount of money you agree to pay whenever filing an insurance claim. Generally, a higher excess means a cheaper home insurance premium. Opting for a higher excess can be a cost-effective strategy if you’re living in a relatively low-risk home, since you probably won’t have to file a claim anytime soon. (However, keep in mind you’ll have to pay that high excess when the worst happens).
• Bundle discounts. Insurance companies often offer discounts for bundling policies with them, whether it’s purchasing a combined home & contents insurance policy or even taking out other kinds of insurance with them, such as life, pet or car insurance. Check what discounts are available and see if you can maximise savings that way.
• Maintain your home. Home insurance doesn’t cover pre-existing damage or damage caused by poor maintenance (such as leaky pipes, black mould or shifting foundations). Stay on top of your landscaping and household care to give your claims the best chance of success, as well as keep your premiums low.
• Invest in safety precautions. Enhancing the security of your home can lower your risk profile, which can sometimes make for cheaper home insurance premiums. Spring for some extra padlocks, smart sensors or weatherproofing. Your home (and wallet) may thank you.
• Keep claims to a minimum. While it seems counterproductive, insurance providers often reward low-risk policy-holders with a ‘no claims discount’. So if you can pay for minor accidents out of pocket, it may be cheaper in the long-run than racking up an extensive claims history.
• Compare policies on the market. Don’t just settle for the first good looking policy or auto-renew your current one! Use tools to compare cheap home insurance, ensuring that the quote you're getting is competitive. If you find something better, don’t be afraid to make the switch.

By following these strategies, you can find and maintain cheap insurance for your home, ensuring you’re always getting the best deal.