Compare Building Insurance Policies & Discounts

  • Compare dozens of building-only insurance policies based on key features and see which providers are offering discounts when you sign up.
A lady on her phone looking up building insurance in front of a laptop
A lady on her phone looking up building insurance in front of a laptop

Home building insurance comparison

The table below shows a selection of providers offering building insurance policies in Australia, with an overview of selected features and discounts. The table is sorted alphabetically based on the provider name. We are not making a recommendation about any particular product.

1st for Women

Key features (subject to limits and sub-limits)
  • Automatic sum-insured adjustment at renewal

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Optional Sum Insured Safeguard (added premium may apply)

Up to an additional 25% of the sum insured

Flood cover included as a standard benefit

No, only available as optional extra

Pay monthly at no extra cost

No

Discount available
  • Get up to 15% off your first year’s premium when you buy a new building insurance policy online
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AAMI

Key features (subject to limits and sub-limits)
  • Dedicated Claims Manager to organise your claim & repairs

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Optional Sum Insured Safeguard (added premium may apply)

Complete Replacement Cover to repair or rebuild your home on a 'new for old' basis

Flood cover included as a standard benefit

Yes

Pay monthly at no extra cost

No

Discount available
  • Get up to $50 off when you quote and buy a policy online
Visit provider

AHM

Key features (subject to limits and sub-limits)
  • Accidental damage automatically covered under comprehensive policy

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Optional Sum Insured Safeguard (added premium may apply)

No

Flood cover included as a standard benefit

Yes

Pay monthly at no extra cost

No

Discount available
  • AHM & Medibank health members can get 10% off their policy
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Allianz

Key features (subject to limits and sub-limits)
  • Instant Certificate of Currency

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Optional Sum Insured Safeguard (added premium may apply)

No

Flood cover included as a standard benefit

No, only available as optional extra

Pay monthly at no extra cost

Yes

Discount available
  • Up to 30% no claims bonus based on your claims history
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ANZ

Key features (subject to limits and sub-limits)
  • Automatic accidental damage cover for building & contents

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Optional Sum Insured Safeguard (added premium may apply)

Safety Net of up to 25% on top of your building sum insured if your home needs to be rebuilt or repaired (automatic cover, no added premium)

Flood cover included as a standard benefit

Yes

Pay monthly at no extra cost

Yes

Discount available

No

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Apia

Key features (subject to limits and sub-limits)
  • Apia Home Assist if you need a trade professional's help in a home emergency (optional & added premium applies)

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Optional Sum Insured Safeguard (added premium may apply)

No

Flood cover included as a standard benefit

Yes

Pay monthly at no extra cost

No

Discount available
  • Get up to 10% off when you quote & buy a new policy online
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Australian Seniors

Key features (subject to limits and sub-limits)
  • Up to 10% of your home’s sum insured for temporary accommodation for up to 12 months

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Optional Sum Insured Safeguard (added premium may apply)

No

Flood cover included as a standard benefit

Yes

Pay monthly at no extra cost

No

Discount available
  • Get up to 20% off combined home & contents
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Australia Post

Key features (subject to limits and sub-limits)
  • Temporary accommodation for up to 24 months

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $30 million

Optional Sum Insured Safeguard (added premium may apply)

Up to an additional 30% of the sum insured

Flood cover included as a standard benefit

Yes

Pay monthly at no extra cost

No

Discount available
  • Get up to 10% off new combined home and contents insurance online
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Bank of Melbourne

Key features (subject to limits and sub-limits)
  • Get up to $5,000 to make your home more environmentally friendly if it needs to be rebuilt

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Optional Sum Insured Safeguard (added premium may apply)

No

Flood cover included as a standard benefit

Yes

Pay monthly at no extra cost

Yes

Discount available
  • Get up to 10% off your first year’s premium when you quote & buy a new policy online
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BankSA

Key features (subject to limits and sub-limits)
  • Get up to $5,000 for reasonable costs of architects, engineers & surveyors if your home needs to be rebuilt

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Optional Sum Insured Safeguard (added premium may apply)

No

Flood cover included as a standard benefit

Yes

Pay monthly at no extra cost

Yes

Discount available
  • Get up to 10% off your first year’s premium when you quote & buy a new policy online
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Bankwest

Key features (subject to limits and sub-limits)
  • Choose between packaged or customised cover

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Optional Sum Insured Safeguard (added premium may apply)

Up to an additional 25% of the sum insured

Flood cover included as a standard benefit

Yes

Pay monthly at no extra cost

Yes

Discount available
  • Get up to 15% off when you combine building & contents cover
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Bendigo Bank

Key features (subject to limits and sub-limits)
  • Gold, silver & bronze cover options

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Optional Sum Insured Safeguard (added premium may apply)

No

Flood cover included as a standard benefit

Yes

Pay monthly at no extra cost

No

Discount available

No

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Beyond Bank

Key features (subject to limits and sub-limits)
  • Optional domestic workers’ compensation cover (added premium applies)

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Optional Sum Insured Safeguard (added premium may apply)

No

Flood cover included as a standard benefit

No

Pay monthly at no extra cost

Yes

Discount available
  • Get up to 10% off your first year’s premium when you quote & buy a new policy online
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BOQ

Key features (subject to limits and sub-limits)
  • $250 worth of complimentary smart sensors for eligible policies

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Optional Sum Insured Safeguard (added premium may apply)

No

Flood cover included as a standard benefit

Yes

Pay monthly at no extra cost

No

Discount available
  • Up to 8% discount on your premium when you use smart sensors
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Budget Direct

Key features (subject to limits and sub-limits)
  • Automatic sum-insured adjustment at renewal

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Optional Sum Insured Safeguard (added premium may apply)

Up to an additional 25% of the sum insured

Flood cover included as a standard benefit

No

Pay monthly at no extra cost

No

Discount available
  • Get up to 15% off your first year's premium for a new building-only policy purchased online
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Bupa

Key features (subject to limits and sub-limits)
  • Australian-based customer care team

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million ($30 million for Bupa Ultimate cover)

Optional Sum Insured Safeguard (added premium may apply)

No

Flood cover included as a standard benefit

Yes

Pay monthly at no extra cost

No

Discount available
  • 10% discount for Bupa Health Insurance members & 15% off for Bupa Ultimate Health Insurance members
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CGU

Key features (subject to limits and sub-limits)
  • Accidental damage automatically included in comprehensive cover

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Optional Sum Insured Safeguard (added premium may apply)

No

Flood cover included as a standard benefit

Yes

Pay monthly at no extra cost

Yes

Discount available

No

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Coles Insurance

Key features (subject to limits and sub-limits)
  • No exit fees for cancelling

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Optional Sum Insured Safeguard (added premium may apply)

No

Flood cover included as a standard benefit

Yes

Pay monthly at no extra cost

No

Discount available
  • Collect double Flybuys points at Coles supermarkets when you take out an eligible home insurance policy

  • Get up to 15% off your first year's premium for a new building-only policy purchased online

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Commonwealth Bank

Key features (subject to limits and sub-limits)
  • Motor burnout included in Residential Home Package insurance

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Optional Sum Insured Safeguard (added premium may apply)

Up to an additional 25% of the sum insured

Flood cover included as a standard benefit

Yes

Pay monthly at no extra cost

Yes

Discount available
  • Get up to 15% off combined building and contents cover
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Everyday Insurance

Key features (subject to limits and sub-limits)
  • Standard or comprehensive cover available

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Optional Sum Insured Safeguard (added premium may apply)

No

Flood cover included as a standard benefit

Yes

Pay monthly at no extra cost

No

Discount available
  • Eligible Everyday Insurance customers get 10% off an in-store Woolworths shop every month
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GIO

Key features (subject to limits and sub-limits)
  • Basic, mid-range and comprehensive cover options available

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Optional Sum Insured Safeguard (added premium may apply)

Up to an additional 25-30% of the sum insured (depending on cover)

Flood cover included as a standard benefit

Yes

Pay monthly at no extra cost

No

Discount available
  • Save 10% in the first year when you buy a building insurance policy online

  • 10% multi-policy discount when you hold three or more eligible policies

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Great Southern Bank

Key features (subject to limits and sub-limits)
  • Alternative accommodation following an insured event for you and your pets

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Optional Sum Insured Safeguard (added premium may apply)

No

Flood cover included as a standard benefit

No

Pay monthly at no extra cost

Yes

Discount available
  • Save up to 10% on your first year’s premium when you quote & buy a new policy online
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Honey

Key features (subject to limits and sub-limits)
  • $250 worth of complimentary smart sensors for eligible policies

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Optional Sum Insured Safeguard (added premium may apply)

No

Flood cover included as a standard benefit

Yes

Pay monthly at no extra cost

No

Discount available
  • Up to 8% discount on your premium when you use smart sensors
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HSBC

Key features (subject to limits and sub-limits)
  • Alternative accommodation following an insured event for you and your pets

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Optional Sum Insured Safeguard (added premium may apply)

No

Flood cover included as a standard benefit

No

Pay monthly at no extra cost

Yes

Discount available
  • Get up to 10% on your first year's premium when you quote & buy a new policy online
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Hume Bank

Key features (subject to limits and sub-limits)
  • Optional domestic workers’ compensation cover

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Optional Sum Insured Safeguard (added premium may apply)

No

Flood cover included as a standard benefit

No

Pay monthly at no extra cost

Yes

Discount available
  • Get up to 10% on your first year's premium when you quote & buy a new policy online
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ING

Key features (subject to limits and sub-limits)
  • Landlord cover options available

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Optional Sum Insured Safeguard (added premium may apply)

Up to an additional 25% of the sum insured

Flood cover included as a standard benefit

No

Pay monthly at no extra cost

No

Discount available
  • Get up to 15% off your first year's premium when you buy a new building insurance policy online
Visit provider

Kogan Insurance

Key features (subject to limits and sub-limits)
  • Up to $500 of security upgrades after burglary

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $30 million

Optional Sum Insured Safeguard (added premium may apply)

Up to an additional 30% of the sum insured

Flood cover included as a standard benefit

Yes

Pay monthly at no extra cost

No

Discount available
  • Get up to $10 off a purchase of $100 or more at Kogan.com.au once a month
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NAB

Key features (subject to limits and sub-limits)
  • Optional domestic workers’ compensation cover

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Optional Sum Insured Safeguard (added premium may apply)

No

Flood cover included as a standard benefit

No

Pay monthly at no extra cost

No

Discount available
  • 30% no claims bonus based on your claims history
Visit provider

National Seniors

Key features (subject to limits and sub-limits)
  • Alternative accommodation following an insured event for you and your pets

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Optional Sum Insured Safeguard (added premium may apply)

No

Flood cover included as a standard benefit

No

Pay monthly at no extra cost

Yes

Discount available
  • Save up to 10% on your first year's premium when you quote and buy a new building insurance policy online

  • 30% no claims bonus based on your claims history

Visit provider

NRMA

Key features (subject to limits and sub-limits)
  • Optional cover for vet fees if your cat or dog is injured in an accident at your address

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Optional Sum Insured Safeguard (added premium may apply)

Up to an additional 30% of the sum insured with Home Plus

Flood cover included as a standard benefit

Yes

Pay monthly at no extra cost

No

Discount available

No

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Over Fifty Insurance

Key features (subject to limits and sub-limits)
  • Get up to $5,000 to make your home more environmentally friendly if it needs to be rebuilt

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Optional Sum Insured Safeguard (added premium may apply)

No

Flood cover included as a standard benefit

No

Pay monthly at no extra cost

Yes

Discount available
  • Get up to 10% off your first year’s premium when you quote & buy a new building insurance policy online
Visit provider

Ozicare

Key features (subject to limits and sub-limits)
  • New for old cover for home & contents

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Optional Sum Insured Safeguard (added premium may apply)

Up to an additional 25% of the sum insured

Flood cover included as a standard benefit

No

Pay monthly at no extra cost

No

Discount available
  • Get 15% off your first year’s premium when you buy a building insurance policy online
Visit provider

People's Choice

Key features (subject to limits and sub-limits)
  • Two levels of cover to suit your needs

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Optional Sum Insured Safeguard (added premium may apply)

No

Flood cover included as a standard benefit

Yes

Pay monthly at no extra cost

Yes

Discount available

No

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Qantas Insurance

Key features (subject to limits and sub-limits)
  • Authorised repairs have a guarantee on the quality of workmanship & materials

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Optional Sum Insured Safeguard (added premium may apply)

Up to an additional 25% of the sum insured

Flood cover included as a standard benefit

No

Pay monthly at no extra cost

No

Discount available
  • Get up to 15% off your first year’s premium when combining your building & contents cover
Visit provider

QBE

Key features (subject to limits and sub-limits)
  • Lifetime guarantee on building repairs

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $30 million

Optional Sum Insured Safeguard (added premium may apply)

Up to an additional 30% of the sum insured

Flood cover included as a standard benefit

Yes

Pay monthly at no extra cost

No

Discount available
  • Save 10% when you buy a new home insurance online
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RAA (South Australia only)

Key features (subject to limits and sub-limits)
  • Automatic cover for accidental breakage of glass & sanitary fixtures

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Optional Sum Insured Safeguard (added premium may apply)

Up to an additional 10% of the sum insured

Flood cover included as a standard benefit

Yes

Pay monthly at no extra cost

Yes

Discount available
  • 10% multi–policy discount on eligible policies

  • 15% Seniors Card holder discount on combined policies

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RACQ (Queensland only

Key features (subject to limits and sub-limits)
  • Lifetime guarantee on repairs completed by RACQ's network of suppliers

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Optional Sum Insured Safeguard (added premium may apply)

No

Flood cover included as a standard benefit

Yes

Pay monthly at no extra cost

No

Discount available
  • Save $25 when you buy a building insurance policy online
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RACT (Tasmania only)

Key features (subject to limits and sub-limits)
  • New for old replacement of your home

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Optional Sum Insured Safeguard (added premium may apply)

Up to an additional 25% of the sum insured

Flood cover included as a standard benefit

Yes

Pay monthly at no extra cost

Yes

Discount available

No

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RACV (Victoria only)

Key features (subject to limits and sub-limits)
  • Cover for costs of permits required to meet state and national codes

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Optional Sum Insured Safeguard (added premium may apply)

No

Flood cover included as a standard benefit

Yes

Pay monthly at no extra cost

No

Discount available
  • 10% multi–policy discount on eligible policies
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Real Insurance

Key features (subject to limits and sub-limits)
  • Three levels of cover available

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Optional Sum Insured Safeguard (added premium may apply)

No

Flood cover included as a standard benefit

Yes

Pay monthly at no extra cost

No

Discount available
  • Get up to 10% off your first year’s premium when combining your building & contents cover
Visit provider

St. George Bank

Key features (subject to limits and sub-limits)
  • Get up to $5,000 to make your home more environmentally friendly if it needs to be rebuilt

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Optional Sum Insured Safeguard (added premium may apply)

No

Flood cover included as a standard benefit

Yes

Pay monthly at no extra cost

Yes

Discount available
  • Get 10% off your first year’s premium when quote & buy a new building insurance policy online
Visit provider

Suncorp

Key features (subject to limits and sub-limits)
  • Three levels of cover available

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Optional Sum Insured Safeguard (added premium may apply)

Up to an additional 25-30% of the sum insured (depending on cover)

Flood cover included as a standard benefit

Yes

Pay monthly at no extra cost

No

Discount available
  • Get $50 off when you quote & buy a new building insurance policy online

  • 15% multi-policy discount on eligible policies

Visit provider

TIO (Northern Territory only)

Key features (subject to limits and sub-limits)
  • Alternative accommodation for you and your pets

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Optional Sum Insured Safeguard (added premium may apply)

Up to an additional 30% of the sum insured

Flood cover included as a standard benefit

Yes

Pay monthly at no extra cost

No

Discount available
  • Get up to 10% off when you combine building & contents cover
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Virgin Money

Key features (subject to limits and sub-limits)
  • Get up to 10% of sum insured for temporary accommodation for up to 12 months

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Optional Sum Insured Safeguard (added premium may apply)

Up to an additional 25% of the sum insured

Flood cover included as a standard benefit

No

Pay monthly at no extra cost

No

Discount available
  • Get up to 10,000 Velocity Points when you buy a new eligible combined home & contents policy before 26 March 2024

  • Get up to 15% off your first year’s premium when you buy a building insurance policy

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Westpac

Key features (subject to limits and sub-limits)
  • Get up to $5,000 for reasonable costs of architects, engineers & surveyors if your home needs to be rebuilt

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Optional Sum Insured Safeguard (added premium may apply)

No

Flood cover included as a standard benefit

Yes

Pay monthly at no extra cost

Yes

Discount available

No

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Youi

Key features (subject to limits and sub-limits)
  • Get up to 12% of sum insured for temporary accommodation for up to 12 months

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Optional Sum Insured Safeguard (added premium may apply)

No

Flood cover included as a standard benefit

Yes

Pay monthly at no extra cost

No

Discount available

No

Visit provider
Key features (subject to limits and sub-limits)Optional Sum Insured Safeguard (added premium may apply)Flood cover included as a standard benefitPay monthly at no extra costDiscount availableVisit provider

1st for Women

  • Automatic sum-insured adjustment at renewal

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Up to an additional 25% of the sum insured

No, only available as optional extra

No

  • Get up to 15% off your first year’s premium when you buy a new building insurance policy online

AAMI

  • Dedicated Claims Manager to organise your claim & repairs

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Complete Replacement Cover to repair or rebuild your home on a 'new for old' basis

Yes

No

  • Get up to $50 off when you quote and buy a policy online

AHM

  • Accidental damage automatically covered under comprehensive policy

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

No

Yes

No

  • AHM & Medibank health members can get 10% off their policy

Allianz

  • Instant Certificate of Currency

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

No

No, only available as optional extra

Yes

  • Up to 30% no claims bonus based on your claims history

ANZ

  • Automatic accidental damage cover for building & contents

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Safety Net of up to 25% on top of your building sum insured if your home needs to be rebuilt or repaired (automatic cover, no added premium)

Yes

Yes

No

Apia

  • Apia Home Assist if you need a trade professional's help in a home emergency (optional & added premium applies)

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

No

Yes

No

  • Get up to 10% off when you quote & buy a new policy online

Australian Seniors

  • Up to 10% of your home’s sum insured for temporary accommodation for up to 12 months

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

No

Yes

No

  • Get up to 20% off combined home & contents

Australia Post

  • Temporary accommodation for up to 24 months

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $30 million

Up to an additional 30% of the sum insured

Yes

No

  • Get up to 10% off new combined home and contents insurance online

Bank of Melbourne

  • Get up to $5,000 to make your home more environmentally friendly if it needs to be rebuilt

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

No

Yes

Yes

  • Get up to 10% off your first year’s premium when you quote & buy a new policy online

BankSA

  • Get up to $5,000 for reasonable costs of architects, engineers & surveyors if your home needs to be rebuilt

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

No

Yes

Yes

  • Get up to 10% off your first year’s premium when you quote & buy a new policy online

Bankwest

  • Choose between packaged or customised cover

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Up to an additional 25% of the sum insured

Yes

Yes

  • Get up to 15% off when you combine building & contents cover

Bendigo Bank

  • Gold, silver & bronze cover options

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

No

Yes

No

No

Beyond Bank

  • Optional domestic workers’ compensation cover (added premium applies)

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

No

No

Yes

  • Get up to 10% off your first year’s premium when you quote & buy a new policy online

BOQ

  • $250 worth of complimentary smart sensors for eligible policies

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

No

Yes

No

  • Up to 8% discount on your premium when you use smart sensors

Budget Direct

  • Automatic sum-insured adjustment at renewal

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Up to an additional 25% of the sum insured

No

No

  • Get up to 15% off your first year's premium for a new building-only policy purchased online

Bupa

  • Australian-based customer care team

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million ($30 million for Bupa Ultimate cover)

No

Yes

No

  • 10% discount for Bupa Health Insurance members & 15% off for Bupa Ultimate Health Insurance members

CGU

  • Accidental damage automatically included in comprehensive cover

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

No

Yes

Yes

No

Coles Insurance

  • No exit fees for cancelling

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

No

Yes

No

  • Collect double Flybuys points at Coles supermarkets when you take out an eligible home insurance policy

  • Get up to 15% off your first year's premium for a new building-only policy purchased online

Commonwealth Bank

  • Motor burnout included in Residential Home Package insurance

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Up to an additional 25% of the sum insured

Yes

Yes

  • Get up to 15% off combined building and contents cover

Everyday Insurance

  • Standard or comprehensive cover available

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

No

Yes

No

  • Eligible Everyday Insurance customers get 10% off an in-store Woolworths shop every month

GIO

  • Basic, mid-range and comprehensive cover options available

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Up to an additional 25-30% of the sum insured (depending on cover)

Yes

No

  • Save 10% in the first year when you buy a building insurance policy online

  • 10% multi-policy discount when you hold three or more eligible policies

Great Southern Bank

  • Alternative accommodation following an insured event for you and your pets

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

No

No

Yes

  • Save up to 10% on your first year’s premium when you quote & buy a new policy online

Honey

  • $250 worth of complimentary smart sensors for eligible policies

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

No

Yes

No

  • Up to 8% discount on your premium when you use smart sensors

HSBC

  • Alternative accommodation following an insured event for you and your pets

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

No

No

Yes

  • Get up to 10% on your first year's premium when you quote & buy a new policy online

Hume Bank

  • Optional domestic workers’ compensation cover

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

No

No

Yes

  • Get up to 10% on your first year's premium when you quote & buy a new policy online

ING

  • Landlord cover options available

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Up to an additional 25% of the sum insured

No

No

  • Get up to 15% off your first year's premium when you buy a new building insurance policy online

Kogan Insurance

  • Up to $500 of security upgrades after burglary

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $30 million

Up to an additional 30% of the sum insured

Yes

No

  • Get up to $10 off a purchase of $100 or more at Kogan.com.au once a month

NAB

  • Optional domestic workers’ compensation cover

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

No

No

No

  • 30% no claims bonus based on your claims history

National Seniors

  • Alternative accommodation following an insured event for you and your pets

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

No

No

Yes

  • Save up to 10% on your first year's premium when you quote and buy a new building insurance policy online

  • 30% no claims bonus based on your claims history

NRMA

  • Optional cover for vet fees if your cat or dog is injured in an accident at your address

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Up to an additional 30% of the sum insured with Home Plus

Yes

No

No

Over Fifty Insurance

  • Get up to $5,000 to make your home more environmentally friendly if it needs to be rebuilt

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

No

No

Yes

  • Get up to 10% off your first year’s premium when you quote & buy a new building insurance policy online

Ozicare

  • New for old cover for home & contents

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Up to an additional 25% of the sum insured

No

No

  • Get 15% off your first year’s premium when you buy a building insurance policy online

People's Choice

  • Two levels of cover to suit your needs

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

No

Yes

Yes

No

Qantas Insurance

  • Authorised repairs have a guarantee on the quality of workmanship & materials

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Up to an additional 25% of the sum insured

No

No

  • Get up to 15% off your first year’s premium when combining your building & contents cover

QBE

  • Lifetime guarantee on building repairs

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $30 million

Up to an additional 30% of the sum insured

Yes

No

  • Save 10% when you buy a new home insurance online

RAA (South Australia only)

  • Automatic cover for accidental breakage of glass & sanitary fixtures

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Up to an additional 10% of the sum insured

Yes

Yes

  • 10% multi–policy discount on eligible policies

  • 15% Seniors Card holder discount on combined policies

RACQ (Queensland only

  • Lifetime guarantee on repairs completed by RACQ's network of suppliers

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

No

Yes

No

  • Save $25 when you buy a building insurance policy online

RACT (Tasmania only)

  • New for old replacement of your home

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Up to an additional 25% of the sum insured

Yes

Yes

No

RACV (Victoria only)

  • Cover for costs of permits required to meet state and national codes

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

No

Yes

No

  • 10% multi–policy discount on eligible policies

Real Insurance

  • Three levels of cover available

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

No

Yes

No

  • Get up to 10% off your first year’s premium when combining your building & contents cover

St. George Bank

  • Get up to $5,000 to make your home more environmentally friendly if it needs to be rebuilt

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

No

Yes

Yes

  • Get 10% off your first year’s premium when quote & buy a new building insurance policy online

Suncorp

  • Three levels of cover available

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Up to an additional 25-30% of the sum insured (depending on cover)

Yes

No

  • Get $50 off when you quote & buy a new building insurance policy online

  • 15% multi-policy discount on eligible policies

TIO (Northern Territory only)

  • Alternative accommodation for you and your pets

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Up to an additional 30% of the sum insured

Yes

No

  • Get up to 10% off when you combine building & contents cover

Virgin Money

  • Get up to 10% of sum insured for temporary accommodation for up to 12 months

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

Up to an additional 25% of the sum insured

No

No

  • Get up to 10,000 Velocity Points when you buy a new eligible combined home & contents policy before 26 March 2024

  • Get up to 15% off your first year’s premium when you buy a building insurance policy

Westpac

  • Get up to $5,000 for reasonable costs of architects, engineers & surveyors if your home needs to be rebuilt

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

No

Yes

Yes

No

Youi

  • Get up to 12% of sum insured for temporary accommodation for up to 12 months

  • Cover for damage caused by fire, storms, weather events, theft & malicious acts

  • Legal liability up to $20 million

No

Yes

No

No

Please note: This is an overview of what each of these providers shown offers based on a selection of key features advertised. It’s not a full list of what the policies offer or exclude. We recommend getting a personalised quote and checking the Product Disclosure Statement (PDS) and Target Market Determination (TMD) for the policy to understand what is and isn’t covered, and what limits, sub-limits, exclusions, terms and conditions apply, before deciding if the product is suitable for you. While this is an extensive list of home and contents insurance providers in Australia, we cannot guarantee that all providers are shown.

More in our building insurance guide...

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What is a building insurance policy?

Building insurance covers the physical structure of your home against loss or damage caused by insured events, such as theft, fire, weather events and power surge burnout. Home building insurance is designed for residential homes only.

Your ‘building’ includes permanent fixtures inside your house, like the roof, walls, floors, doors, windows, and fixed cabinets or cupboards. Plus, permanent outdoor fixtures, like garages, carports, sheds, fences and solar panels.

Standalone building insurance does not cover your contents unless it’s in a combined home and contents insurance policy. On the other hand, contents-only insurance only covers your belongings inside the home but not the house itself.

What is considered part of the 'home' for building insurance?

As a general rule, if it's difficult to move or relocate, it's counted as part of your building. This includes:

  • Your home’s physical structure
  • Permanent fittings like gas appliances, ceiling fans, etc
  • Permanent fixtures like awnings, water tanks, fences, decks, pergolas, balconies, etc
  • Outbuildings like garages, carports, sheds & granny flats (if used for domestic and residential purposes only)
  • Fixed swimming pools & spas
  • Fixed outdoor items like satellite dishes, solar panels and clotheslines
  • Anything permanently built, permanently constructed or permanently installed on your property for domestic purposes that complies with all relevant building laws and rules

What does building insurance cover?

This table shows what’s generally included in home building insurance, but inclusions will vary depending on your individual policy and insurer. Check your insurer’s PDS for the full list of inclusions, limits, sub-limits and conditions of cover.

InclusionsHome building insurance

Building repair or replacement after an insured event

Yes

Building Sum Insured Safeguard (gap cover if your rebuild costs exceed your sum insured)

Yes (optional)

Mortgage discharge costs if your building is a total loss after an insured event

Yes

Temporary accommodation after an insured event or emergency evacuation

Yes

Damage caused by theft & malicious acts (e.g. vandalism)

Yes

Fire

Yes

Weather events (e.g. storms, cyclones, lightning)

Yes

Earthquakes & subsequent tsunamis

Yes

Flood

Yes, (sometimes available as optional cover)

Emergency temporary repairs to prevent further damage or make your building safe after an approved claim

Yes

Environmental upgrades to your building after an insured event

Yes

Clean-up (e.g. debris removal) & professional fees

Yes

Damage by impact (e.g. fallen trees, vehicles, power poles)

Yes

Damage by escaping water (e.g. leaks) or liquids

Yes

Breakage of glass, ceramic and sanitary fixtures

Yes

Burnout of electric motors (fitted appliances only)

Yes, (sometimes available as optional cover)

Food spoilage as a result of motor burnout

No

Replacement locks & keys

Yes

Damage by explosion

Yes

Animal damage

Yes

Legal liability for injuries to third parties or damage to their property

Yes

Home modifications if you’re impaired by permanent quadriplegia or paraplegia as a result of an insured event

Yes

Funeral expenses if you or a household member suffers a fatal injury after an insured event at your address

Yes

Accidental damage to the building

Yes (optional)

Damage to carpets, rugs, internal blinds, curtains

No

Contents inside or outside the home

No

Source: Budget Direct, Youi & Suncorp.

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It’s important to note that building insurance polices generally have a 72-hour exclusion period from when you take out cover for bushfires, storms, storm surges, cyclones and floods before you can make a claim. This will be shown in the PDS.

Other types of building insurance

Landlord building insurance

Landlord insurance covers the repair or rebuilding of your investment property if it is destroyed or damaged in an insured event like theft, fire or storm. It may also cover loss of rental income after an insured event and mortgage discharge costs if your rental property is completely lost due to a covered event.

There are also combined home and contents landlord insurance policies that cover contents you provide for your tenants’ use and theft by tenants.

Strata insurance

Strata insurance is designed to cover loss or damage to residential strata-title buildings like apartments, townhouses and duplexes. Strata insurance generally covers:

  • Strata-title building(s) containing an owner's lot
  • Building fixtures like pipes, hot water systems & intercoms
  • Common property like car parks, gardens, barbecue areas, pools & stairways
  • Legal liability for damages, injuries or death to third parties (including anyone working on-site on behalf of strata)
  • Common contents like outdoor furniture, barbecues and gym equipment (under contents insurance or combined policies)

Additionally, it may provide coverage for unit owners, including compensation for lost rent and temporary accommodation if an insured incident means the property can’t be occupied. Strata insurance is compulsory and generally included as part of strata fees paid by body corporate members (unit owners).

Building insurance optional extras

A Sum Insured Safeguard works like a gap cover if the cost to repair or rebuild your home after a total loss exceeds the amount you’re insured for (your sum insured) by a building insurance policy. This generally comes as an optional extra with an added premium. However, QBE automatically applies this benefit when you select a minimum sum insured, based on quotes obtained by Money.com.au.

Some insurers will pay up to 30% on top of what your home is insured for if rebuild costs exceed your building's insured sum.

With a 30% Sum Insured Safeguard, if your sum insured is $400,000, the insurer covers you for up to an additional $120,000 for a total of $520,000.

With this optional cover, you don’t have to set a specific sum insured. The insurer will repair or rebuild your home to the same standard as it was, or pay you the amount of the assessed quote to repair or rebuild it. For example, AAMI offers this optional cover for an additional premium.

This optional extra covers damage to your building caused unintentionally. For example, if a hot pan burns your benchtop, or if you accidentally put a hole in the wall or break a window.

It’s available as an optional extra with any level of building insurance cover. An extra premium may apply. You may also pay an excess for an accidental damage claim, which is not your standard excess.

Pay no excess for accidental breakage of glass under your policy if the breakage is the only damage you claim. ‘Glass’ generally refers to fixed glass in windows, doors, skylights, shower screens and mirrors. An additional premium may apply.

Under building insurance, this covers loss or damage to fitted appliances (e.g. air conditioners, built-in ovens) if the motor burns out due to an electric current or power surge. Under a contents cover, it includes motors inside common household appliances kept in the home like refrigerators, freezers, and washing machines. Burnout of electrical motors may be included as a standard benefit in some policies or as an optional extra for an added premium.

This covers your legal liability to pay workers' compensation if a domestic worker, such as a cleaner or gardener, is injured while working at your home address. This optional benefit is generally available with all levels of coverage for an additional premium.

What's not covered by building insurance?

Some general exclusions apply to all building insurance policies such as:

  • Contents and personal belongings inside or outside the home
  • Furniture, white goods & appliances
  • Carpets, rugs, internal blinds & curtains
  • Loss or damage due to the use or presence of asbestos
  • Loss or damage due to the presence of mould or mildew
  • Loss or damage arising from termites, insects, vermin or rodents
  • Loss or damage from building renovations or any construction works
  • Wear, tear or gradual deterioration of any part of the home structure
  • Defects, structural faults, or design faults in your building
  • Chemical damage when cleaning
  • Damaged caused by tree lopping
  • Loss or damage from biological, chemical, other pollutants or contaminants
  • Legal liability for communicable disease (e.g. if someone contracts an infectious disease at your property)
  • Movements of the sea, tides or tsunamis (unless recorded as arising from an earthquake)
  • Loss or damage from business activities undertaken (including legal liability)
  • Loss or damage caused by your deliberate or reckless actions or unlawful acts

The full list of exclusions, limits and conditions will be shown in your PDS under the ‘General Exclusions’ section.

How much does building insurance cost?

Home building insurance can cost between $100-$300 per month, based on an analysis of a selection of quotes for various types of homes obtained by Money.com.au. The amount you pay each month or year for your building insurance is called a premium.

Based on our findings from comparing quotes, premiums vary significantly depending on:

  • The type of home you have & its construction materials
  • How much you insure it for (your sum insured)
  • Optional extras you choose to add to your policy
  • Your location (e.g. your proximity to food-prone areas)
  • Your overall risk profile

Example building insurance cost comparison

This example compares the cost of building insurance from popular providers, based on both basic policies with no optional extras added and with the following extras added: flood cover; accidental damage cover; Sum Insured Safeguard.

Budget Direct

Building insurance - basic policy (monthly premium)

$160.87

Building insurance with optional extras (monthly premium)

$181.82

Virgin Money

Building insurance - basic policy (monthly premium)

$163.00

Building insurance with optional extras (monthly premium)

$183.48

ING

Building insurance - basic policy (monthly premium)

$168.75

Building insurance with optional extras (monthly premium)

$190.78

Allianz

Building insurance - basic policy (monthly premium)

$244.93

Building insurance with optional extras (monthly premium)

$249.86

Building insurance - basic policy (monthly premium)Building insurance with optional extras (monthly premium)

Budget Direct

$160.87

$181.82

Virgin Money

$163.00

$183.48

ING

$168.75

$190.78

Allianz

$244.93

$249.86

This is based on a single example scenario and does not necessarily indicate the cost of building insurance more broadly and how much you would pay. This example cost comparison is based on quotes obtained from specified providers for an owner-occupied freestanding home in southeast Queensland with four bedrooms and two bathrooms. The primary wall is made of brick veneers, with a tiled (terracotta) roof and tiled floors. The building's sum insured is $686,000 and a standard $1,000 excess was selected. Quotes obtained on 25 January 2024.

What impacts the cost of building insurance?

Your level of cover

Whether you choose a basic, mid-range or premium cover for your building. Some insurers offer different levels of cover for your home, including different benefit limits (the maximum you can claim per insured event). Building insurance policies with higher policy limits generally come with a higher premium.

Your sum insured

Your sum insured is the estimated cost to rebuild your home as it was at today's prices, including fences and other fixed structures at the address. The higher your sum insured, generally the higher your premium will be. Your sum insured is not necessarily the price you paid for the property, or its market value.

Optional extras you choose to include

Your premium will generally increase if you add an optional cover to your building insurance policy. It’s up to each policyholder to decide if the extra cover is worth the extra premium.

Your policy excess

Increasing your excess (the out-of-pocket sum you must contribute towards a claim) can lower your premium and vice versa. Most insurers allow you to adjust your excess to increase or decrease your premium. Based on various quotes obtained by Money.com.au, the most common default excess for building insurance is $1,000, although it could be more or less depending on your provider.

Your claims history

You may pay a higher premium if you or any household member has made an insurance claim on your home insurance in the last 3-5 years. Some types of claims impact your home insurance more than others. For instance, a break-in may relate to the overall safety of your home or its location, while damage caused by a burst pipe would be considered an unfortunate incident.

The building's characteristics

Whether you’re insuring a freestanding home, townhouse, unit or semi-detached duplex. It will also include the size of your house (i.e. how many bedrooms, bathrooms) its shape, internal layout, etc.

The materials the building is made of

Your insurer will ask what your building’s external walls are made of (e.g. brick, weatherboard), the composition of your foundations (e.g. concrete slab, stumps), the materials of your roof (e.g. tin, tiles) and the type of flooring you have (e.g. tiles, laminate/timber floors). Materials that cost more to source and replace may increase your premium.

The permanent fitting and fixtures of your home

This will include ducted cooling and healing, cabinets, decks, pools, spas, sheds, granny flats, and tennis courts. These elements generally increase the value of your home and, therefore, your sum insured and building insurance premium.

If your home is elevated or located near bushland

Some insurers will ask if your home is on a sloped block, elevated above ground (e.g. stilt home) or near a grassland or bushland. Buildings on sloped blocks or elevated blocks might face different risks than homes on flat ground, such as erosion and more susceptibility to weather damage. Properties near grassland or bushland may be more at risk of wildfires.

If you have solar power

Solar panels and batteries are considered a permanent fixture of the home and are generally covered by your building insurance. In some cases, you may need to increase your sum insured to reflect the possible increased value of your property. This may impact your premium.

Your home security system

You may pay a reduced premium if your home has a working security system, including any alarms, cameras or smart sensors. For example, Honey and BOQ offer $250 worth of complimentary smart sensors if you select this option on eligible policies, and you can receive an 8% premium discount on top. Security devices can deter intruders and potentially alert you of an incident at your property like a fire or vandalism.

If your home is used as a place of business

You may pay an additional premium if you use any part of your home for business. This is because it may be considered more risky. For example, there might be more foot traffic in the home, which could increase the chances of accidental damage. Insurers define a business activity as one that derives an income. This includes buying, selling or storing business products or offering services. According to Budget Direct, working remotely from home is not considered a business activity.

How to save money on building insurance

Here are some ways you can reduce your building insurance premium:

  • Increase your excess: Choosing a higher standard excess (the amount you must contribute per claim) can lower your premium. Insurers will generally give you an excess range to choose from. Keep in mind that a higher excess means you’ll pay a higher out-of-pocket sum if you make a claim.

  • Pay your premium annually: Paying your premium annually instead of monthly can reduce your premium and avoid instalment processing fees. Alternatively, some insurers allow you to pay your premium monthly at no extra cost.

  • Buy your building insurance policy online: Many insurers offer discounts when you buy a policy online directly via their website. For example, Suncorp offers $50 off your premium for a building insurance policy purchased online.

  • Secure your home: Home security equipment can help reduce the risk of theft (and any resulting damage to your home like broken windows or locks) and detect fires in some cases. This reduces your overall risk profile and, therefore, your premium. For example, Honey and BOQ offer $250 worth of complimentary smart sensors if you select this option on eligible policies, and you can receive an 8% premium discount on top. Security devices include cameras, intelligent sensors, sirens, and strobe lights.

  • Bundle your insurance policies: Some insurance providers offer a discount when you combine multiple eligible insurance policies. For example, GIO offers a 10% multi-policy discount when you buy three or more eligible personal insurance policies.

What's the cheapest building insurance?

The cheapest building insurance policy will likely be the one that covers all the essentials (e.g. weather events, fires, break-ins) with no optional extras. Policies with add-ons come with an added premium. In other words, the more cover options you add to your policy, the higher your premium will be.

That’s not to say you should skimp on optional extras. Some may just be more valuable to you than others. For example, you may see value in adding flood cover to your policy, but not accidental damage cover or vice versa.

Regardless of the policy you select, make sure to estimate your sum insured accurately to reflect what it would cost to rebuild your home today, exactly as it is. You may even want to consider adding a buffer to be safe. If you underestimate your sum insured to save on your premium, you could be left underinsured and exposed to serious financial loss if a claim occurs.

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Underinsurance means not having enough insurance to cover the total cost of repairing or rebuilding your home in case of a total or partial loss.

3 tips to help you avoid underinsuring your building

According to a study by the Insurance Council of Australia, up to 80% of homeowners (and renters) are underinsured. Here are some tips to ensure your home is adequately protected:

  1. Choose the right amount of cover: Some insurers offer basic, mid-range and premium building insurance policies with different coverage tiers and policy limits (the maximum amount you can claim per benefit). Check your home’s permanent fixtures and fittings (e.g. decks, water tanks, solar panels) against your policy’s coverage limits to ensure you have the right amount of cover for your home as it is today. This could involve a quick call to your insurer to discuss policy limits and exclusions.

  2. Keep your building insurance policy up to date: Be sure to let your insurer know of any changes to your building, such as renovations, modifications for impaired family members or additions like skylights or solar panels. Any changes to your home may require an adjustment to your sum insured.

  3. Ensure your sum insured is adjusted for inflation: Consider adjusting your sum insured each year to account for inflation. This helps make sure your policy reflects the current construction materials and labour costs. For example, rebuilding your home last year may have cost $600,000, but today's estimate could be closer to $650,000. Some insurers will automatically adjust your sum insured upon renewal of your policy. Alternatively, you could include a Sum Insured Safeguard on your policy for an added premium.

Building insurance FAQs

To calculate how much to insure your home for (your sum insured) you need to estimate the cost at today's prices of rebuilding your property to return it to its pre-claim condition.

One way to calculate your sum insured is to use a dedicated online calculator provided by your insurer. They will generally provide an insured sum range on a sliding scale based on information about your property. You'll be able to select an amount within that range. These online calculators generally estimate your home's rebuild costs by cross-referencing CoreLogic RP residential property data with construction industry data, according to QBE. CoreLogic is a property data and analytics provider for Australia and New Zealand.

Alternatively, you could get a professional valuation from an architect, builder or valuer. This would come at a cost to you.

Carpets are not covered under building insurance because they’re not considered a permanent fixture of your home. Although carpets are fitted, they can easily be rolled, removed and transported. That’s why they’re generally covered under contents insurance. However, wooden and laminate floors cannot be easily removed and are therefore covered under your building insurance.

Flood cover is automatically included in some building insurance policies, such as with QBE and Youi. However, some insurers only offer flood cover as an optional extra you must add to your policy (for an added premium), such as with ING and Budget Direct.

Yes, building insurance generally covers loss or damage to solar panels and batteries as they’re considered a permanent fixture of the home. If you plan to add a solar power system to your home, be sure to let your insurer know so that it can be reflected in your sum insured, as the cost of repairing or replacing your home could increase.

Yes, building insurance generally covers your home structure and outbuildings like a granny flat, if used for domestic purposes such as providing accommodation for relatives.

Appliances, furniture, carpets and contents inside the granny flat will only be covered if you have a combined home and contents insurance. Granny flats rented to tenants may be covered under landlord insurance.

Yes, building insurance generally covers loss or damage to fixed (in-ground) swimming pools, spas and saunas. It may also cover damage from the escape of water from swimming pools or spas, depending on the insurer.

However, for above-ground pools, and pumps and accessories, you might need a contents insurance or combined home and contents policy. Swimming pools, saunas and spas that are easily relocatable are considered contents, according to Suncorp.

Yes, building insurance can cover your renovated home and home extensions, provided all work carried out is above board. Be sure to notify your insurer before commencing any home renovations worth more than $20,000 - $75,000 (depending on the insurer).

Your insurer will inform you of policy limits that apply (if any) and may suggest changes to your policy. That’s because any upgrades to your home may increase the cost to rebuild it and your sum insured will need to reflect these changes.

It's important to note that building insurance doesn't cover loss or damage to your home caused by renovations or your legal liability for injuries or damages to third parties due to construction happening at your home.

Yes, building insurance generally covers a property if it's unoccupied (e.g. if you’re on holidays or away for work). However, an additional excess applies to any claim made during this time if your home was unoccupied for more than 60-90 consecutive days (depending on the insurer). You should notify your insurer if you plan to be away from your home for an extended period of time, as this may affect your cover, according to Youi.

No, building insurance doesn't cover damage caused by pets you own, like cats and dogs, or by animals kept on your property, like horses.

However, you may be covered for damage by animals that accidentally collide with your home (e.g. if a bird accidentally smashed your sliding door) or that become accidentally trapped inside your home. For example, if a bush turkey was to enter your home through a cat flap and wreak havoc, according to QBE.

Building insurance doesn't provide coverage if any part of your home is rented to a tenant, according to Allianz and QBE. If you’re an owner-occupier with a live-in tenant, you might need a specific type of landlord insurance. That’s because landlords typically don’t live in the property they rent out and usually lease their entire home to tenants.

In addition, your tenant may need to take out their own renters insurance to cover their contents.

If you’re buying an existing home, your lender may ask for a Certificate of Currency as a condition of your home loan before it’s fully approved. A Certificate of Currency or home insurance certificate is a document confirming that your building (generally secured against the mortgage) is insured.

Yes, you must pay excess (an out-of-pocket sum) when you claim your home insurance. This is known as a basic or standard excess. Additional excesses may also apply depending on the nature of your claim, including:

  • Unoccupied excess: If you spend more than 60-90 days away from your home and make a claim.
  • Earthquake or tsunami excess: If you make a claim for loss or damage as a result of an earthquake or tsunami.

Optional covers such as accidental damage and motor burnout may have their own excess.

If you have a combined policy, and make a claim for loss or damage to both your home and contents, you would generally pay a single excess, whichever is the highest of the two, according to Youi. Any applicable excess will be listed on your Insurance Certificate.

Written by

Megan Birot Money.com.au writer

Senior Finance Writer

Megan Birot

Reviewed by

Sean Callery Editor Money.com.au

Editor

Sean Callery

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