Best of the Best 2023: Best-Value Home and Contents Insurance

A steady stream of floods, bushfires, cyclones and other extreme weather events has underscored the importance of home and contents insurance in recent years.

According to a report from the Insurance Council of Australia, insurance providers paid out nearly $6.5 billion for 380,760 claims in 2021-22, which is a $3.9 billion increase on the previous 12 months.

Partly as a result of these more frequent weather events, the premiums for home insurance are ticking up - a cost that is only adding to the pressure on household budgets as prices increase across the board. As a result, now could be the time for households who are in a position to review the cost of their home and contents insurance to do so.

This category recognises the insurers providing some of the best-value home and contents insurance around, judged on the average ranking of the price of insurance for a 30-year-old home across three cities, taking into account two home replacement costs ($500,000 and $1 million) and contents valuations ($50,000 and $100,000).

For the second year in a row, Budget Direct has taken out top spot in the category, offering the most affordable home and contents cover in Sydney, Melbourne and Brisbane for the scenarios judged in the awards process.

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