Best Home Insurance – Monzi’s How-To Guide To Finding The Right Policy

Find the best home insurance policy for your home and contents. Learn more today with Monzi’s guide to finding a policy that suits your needs. We’ll cover premiums, insurance excess, policies and everything in between. Quick, easy and stress-free. With Monzi, that’s how it will be. Let’s go.

Please note, certain ideas and products presented in this article may not be offered by Monzi nor the lenders we work with. This article presents only general information. Consider seeking professional financial, taxation, legal or other advice to check how the information and ideas presented on this website relate to your unique circumstances.

Best home insurance: Monzi’s guide

Insurance for your house exists because, unfortunately, we cannot predict the future. As a result, if your home is damaged or your belongings are stolen, then you want to know that you are covered for the costs of repairs or replacements.

However, picking a home insurance policy isn’t always straightforward. While we’d all like to find the best one, if you’re not sure what to look for, then you might find yourself lost in a sea of information. Luckily, that’s why Monzi’s here to help.

In short, we’ve assembled this guide to finding the best home insurance for you. We’ll touch on all the key details that you must know. From there, you may be able to begin your journey to finding the best home insurance with confidence.

So, are you ready to learn more with Monzi? Let’s go!

Best home insurance Australia: the types of home insurance

So, you’re looking to select the best home insurance. However, before you do anything, you must decide which type of insurance you need. Following that, you can then dig into the nitty-gritty of the policies that match your needs.

As a guide, there are three types of home insurance. See below as we explain each option so that you can decide which one is best for you. Let’s go.

Building insurance

Often referred to as homeowner’s insurance, building insurance covers your home and other structures on your property. In other words, it may cover damage to your garden shed or swimming pool too. However, it does not insure you for any damage to the contents of your home. As a result, it’s usually the most appropriate option for homeowners who do not live in their home, but instead, rent it out.

Contents insurance

This type of insurance covers only your belongings. As a result, it’s usually recommended for renters. This is because the responsibility to insure the building falls to the homeowner, whereas you simply need to protect your possessions. Typically, a contents insurance policy will assist you in replacing or repairing damaged or stolen items.

Best home and contents insurance

Finally, home and contents insurance combines both of the above options into a single policy. That way, if you own the home that you live in and it contains your belongings, you can be covered for both. Best of all, insurers may offer discounts if you bundle your insurance rather than taking out building insurance and contents insurance separately.

Given this, consider your current living situation to determine which type of home insurance is best for you.

Who are the best home insurance companies?

After deciding on the type of policy you need, you can then move onto comparing insurers. Unfortunately, with this, Monzi is unable to say which company may be the best. After all, the answer is often subjective. In other words, the best insurance company for you may not be the best insurance company for another individual from a different situation.

As a guide, the best way to find a great insurer is to shop around. While there are plenty of well-established names who have been around for years, make sure you cast your net far and wide. Read user reviews online and compare the terms associated with the policies they offer. From there, you can begin to narrow down your list to a few potential insurers who may offer policies that suit you.

How do I compare policies to find the best one for me?

The final step in the process is to compare home insurance policies. Generally, this will involve analysing the key terms, conditions, features and costs to determine which policy offers the best value for money as well as adequate coverage for your home and contents.

As a guide, key factors you must compare between policies include:

  • Premiums: how much will you have to pay annually for your policy?
  • Excess: if you make a claim, how much do you pay out-of-pocket? Check whether the insurer is flexible and will allow you to select an excess that suits you.
  • Exclusions: while you may be covered for theft, accidental damage and certain natural disaster, you must also see what you aren’t covered for. You don’t want a nasty surprise down the line when you attempt to claim something that’s not covered.
  • Liability cover: are you covered if someone is injured on your property or their property is damaged?
  • Bonuses and extras: are there any sign-up offers or multi-policy discounts that you can take advantage of?

For a more detailed breakdown, ensure you read Moneysmart’s guide to choosing home insurance today. It may answer any further questions that you have.

How do I get the right cover for my home and contents?

Getting the right cover isn’t as simple as applying. Instead, there is work that you must do beforehand to ensure that you can take out a policy with an appropriate level of cover.

Firstly, you have to select the right home insurance. Basic home insurance comes as either sum-insured cover or total replacement cover. On the one hand, total replacement covers the full cost to rebuild and restore your home to its previous standard. On the other hand, sum-insured cover only provides an estimate of how much it would cost to rebuild your home if it was destroyed. As a guide, total replacement cover is usually much more expensive.

In addition to this, you have to accurately determine the cost of rebuilding your house. To do this, you may use an online calculator offered by most insurers through their websites. Once that’s completed, ensure you do the same with your contents using similar tools. As a result, you may know exactly the level of cover required.

Finally, take note of any exclusions to determine if they may apply to you. While there is a standard list of events that are covered, exclusions may apply depending on your location or other such factors.

How can I get a better premium?

With all home insurance policies, you must pay a premium. In short, it’s simply the price you must pay to be covered. As a guide, insurers will typically charge it on an annual basis. However, some may offer the option for you to pay it in instalments (e.g. monthly). Depending on your home as well as your policy-type (e.g. home and contents insurance), your premiums may range from a few hundred dollars annually up to a few thousand.

As it determines your cost, it’s typically one of the most important factors to help you choose the best policy. If you are looking to minimise your annual costs by reducing your premium, there are a few things you can potentially do:

  • Increase your excess: the easiest option. A higher excess reduces your premiums but means you pay more if you make a claim.
  • Assess your cover: a general policy may provide cover for things you don’t need. Read over your PDS to determine what you may be able to remove. Reduced cover may lower your premiums.
  • Make an annual payment: paying a lump sum upfront may be cheaper than monthly instalments.
  • Prepare: accurately catalogue the value of your home and contents. Avoid rounding-up or over-estimating.
  • Secure your home: if you live in a safe area and your home is secure, you may pay less on your premiums.

Will I have to pay an excess?

Yes.

All policies come with an insurance excess. Put simply, your excess is the amount that you must pay out-of-pocket, on an insurance claim. For example, let’s say your house sustains $3,000 worth of damage and your excess is $1,000. Then you must pay $1,000 while your insurer pays the remaining $2,000.

When it comes to finding the best home insurance, you must consider the excess. On the one hand, a higher excess means you pay lower premiums but you must pay more if something goes wrong. On the other hand, a lower excess means your premiums are higher, but the trade-off is that you pay less when you make a claim.

Given this, aim to find the balance that works best for you. Where possible, aim to find an insurer who offers flexibility and the option for you to select an excess that suits you. This is one crucial piece of the puzzle when it comes to finding the best insurance.

What home insurance deals and discounts can I get?

When it comes down to it, insurers want you to take out a policy with them. As a result, they’re often willing to offer a range of deals, benefits and perks to get you on board. As a consumer, this is great news and is always something that you should try to take advantage of.

While not an extensive list, some commons deals that insurers offer may include:

  • Online discounts: some insurers may offer discounts on your premiums if you sign-up or apply online. As a guide, these discounts may range from 10-30%.
  • Loyalty rewards: if you remain with an insurer for a long time, then you may qualify for a loyalty discount.
  • No claims bonuses: if you do not make a claim for an extended period (i.e. a few years), then you may be rewarded with a discount on your premiums. This is a common discount offered by most insurers.
  • Multi-policy discounts: some insurers offer incentives for you to take out multiple, different policies. For instance, you may get a discount if you apply for your pet insurance, business insurance, health insurance and home insurance with them.

Given this, shop around. Find out if you’re eligible for sign-up offers or if you can take advantage of multi-policy discounts. If you’re lucky, that may help you decide which is the best home insurance for you.

Why is it important to find the best home insurance?

You may be wondering why it’s so important to traverse through the world of home insurance? Well, it’s so we can outline the key points to finding the best option for you. After all, aren’t policies vaguely the same? You are covered for a bunch of stuff and have to pay an annual premium. That’s all there is to it, right?

The short answer to that is no. If something goes wrong, then you must be sure that your home and contents are covered. All too often, though, Aussies fall into the trap of setting and forgetting or selecting the wrong level of cover altogether. As a result, when the time comes to make a claim, they discover they aren’t covered or will have to pay more for the repairs than they initially thought.

Given this, it’s always better to put in the time now. Use the points we’ve outlined or approach a professional to help you find the best home insurance. While in a perfect world, you may never need to make a claim, it’s always better to be prepared. Moreover, you’ll sleep well knowing that you’ve done it the right way.

What’s the problem with being underinsured?

Generally speaking, two of the most significant factors in selecting the best home insurance are the price (i.e. premiums) and the level of cover. With this, finding the right balance is crucial. If you fail to do this, then you run the risk of being underinsured.

Being underinsured typically refers to situations in which you are not covered for the full value of your home and contents. As a result, if something goes wrong, you are then left to pay more out-of-pocket than you otherwise would have with an appropriate level of insurance cover.

While an unwillingness to pay more on your premiums may be one explanation for inadequate insurance cover, it’s not the only one. Often, individuals just pick a policy and never bother to update it. As a result, as the value of your home increases or your contents change, your policy becomes outdated and fails to provide the cover you need.

Given this, ensure you assess your policy regularly. Moreover, keep an updated log of your home and contents. That way, you can determine what an appropriate level of cover may be.

Where can I find the best value home insurance?

At Monzi, we are unable to provide any advice related to who the best insurer may be and who can offer the best value. Instead, we can only provide general advice that you can then apply to your search.

With this, if you need the best value policy, then the most important thing to do is compare. Just as you compare the costs of two different t-shirts or the terms on a pair of variable-rate home loans, it should be no different with insurance policies. Simply accepting the first policy you find means that you are completely blind to the other options on offer. As a result, it’s a sure-fire way to avoid finding the best value or the cheapest home and contents insurance.

Finally, remember that value may be subjective. In other words, a policy that provides value for you may not suit the needs and objectives of another individual. As a result, you must always compare policies through the lens of your unique financial and personal situation.

Which insurer has the best home and contents reviews?

Unfortunately, Monzi cannot say. However, if you are willing to do a little bit of research, then you may be able to uncover a litany of reviews online for each and every insurer out there. While reviews do vary in their usefulness, if the majority of individuals speak positively about an organisation, then it’s usually a fairly strong indication that you may be able to trust them.

That said, ensure you critically evaluate the nature of the reviews. In some cases, reviews may be incentivised. In others, one bad review may not truly reflect the quality of the organisation.

Ultimately, reading reviews may be one additional element for you to consider to confirm which policy is the best for you. As a guide, Google Reviews and websites such as Trustpilot may be a great place to start.

What’s the best home insurance for QLD?

Living in the Sunshine State isn’t without its pitfalls. Whether it’s the ferocious summer storms in the state’s south or the frightening cyclones that tear through the north, your home is often under threat. Throw in the constant possibility of accidental damage, theft and fire and it’s understandable why you must take the time to find the best insurance policy.

Given this, you must always read the Product Disclosure Statement (PDS) before agreeing to a policy. Take note of any exclusions so that you know exactly what you are covered for. Moreover, compare this between insurers to find out which one may offer a suitable policy for you, particularly if you live in an area prone to natural disasters. From there, you may be able to find the best home insurance as a Queenslander.

Finally, keep in mind that if you live in an area known to experience cyclones or other severe weather, then insurers may factor this into your premiums. As a result, you may pay more than another individual in a similar position that lives in a different location.

It’s time to renew my insurance: how do I find the best policy?

Finding the best home insurance doesn’t end once you agree to a policy. Instead, it’s an on-going process that you should come back to every year. In other words, if your policy is due for renewal, take the time to compare your options.

While it often pays to stick with the same insurer for a long period to take advantage of certain features and rewards (e.g. No Claims Bonus), if you’re able to find a better deal elsewhere, then don’t be afraid to make the switch. With this, consider your level of coverage, your excess and your annual premium as well as the other factors that we’ve discussed throughout.

Ultimately, the best home insurance for your situation today may not be the best insurance for you one year later. So, take the time and do your due diligence. Even if you do not switch insurers, it never hurts to look around. After all, nothing ventured, nothing gained.

Best home insurance for you home

Will making a claim increase my insurance premiums?

Yes, it may.

Lenders calculate your premiums based on a number of factors. As a guide, this may include your excess, level of cover, exclusions as well as certain statistics and forecasts. In addition to this, your claims history may play a role too.

As a result, if you have made several recent claims, then your insurer may increase your premiums, given that it is a risk for them. After all, if you make a claim, then it is the insurer who has to pay out. Raising your premiums is one way that they can account for this risk.

Even if your premiums don’t increase, making a claim may eliminate your eligibility for a no claims bonus. As a result, you may miss out on potential discounts offered on your premiums.

Should I use a calculator to find the best home insurance?

Yes.

Realistically, if you’re looking to find the best insurance, then you should investigate every avenue, tool and option possible. With this, one common tool you may use is a home insurance calculator.

In short, these calculators are essentially identical to personal loan calculators. However, rather than calculating your repayments, they’ll instead calculate the replacement value of your home and contents based on the information you provide. From there, you can determine what an appropriate level of cover may be.

If you decide that you don’t want to use a calculator, then you can always approach a lender for a quote. In most cases, they’ll ask you questions regarding your property and belongings. From there, they then use this information to determine what your premiums may be. With this, don’t be afraid to seek out multiple quotes from different insurers.

Should I take out home insurance at all?

If you’re tired of searching for the best home insurance or you’re out to save a few bucks, then you may begin to consider the option of not insuring your home at all. With this, if you own your home outright, then insurance is not a legal requirement like insurance on your car is.

That said, insurance is usually a good idea. After all, you cannot predict the future. So, while life may be smooth-sailing now, at the blink of an eye, things can go wrong. If you are insured, then you may be covered for the costs of any repairs or replacements. If you are not, then the costs may be higher than you can afford. You also have the option of securing the loan itself with loan protection insurance, if you feel you may require it.

Finally, note that if you own your home but have taken out a mortgage loan to pay for it, then your lender may require you to take out home insurance.

Can Monzi help me find the best home insurance?

Unfortunately, we cannot.

Throughout this extensive guide, we’ve done all we can to set you on the path to finding the best home insurance. However, now it’s up to you to go out and apply this information. In other words, you must compare and contrast policies and premiums to find a balance that works for you. Beyond this, Monzi is unable to provide any further guidance or personalised advice.

That said, at Monzi, we may be able to help you with something else. In short, we’re a leading Australian lender-finder service. As a result, if you’ve dealt with your home insurance but need a loan today from $300 to $10,000, you can apply using our loan slider. From there, we’ll do what we can to match you with a lender from our extensive network ASAP.

Apply today.

Why might I need to apply for a personal loan?

As you’ve now discovered, Monzi’s in the lender-finder game. With this, if you’re new to the world of online credit, then you’re probably keen to learn more. Luckily, we’re here to provide the information you need.

When it comes to personal loans, the key benefits are apparent. Firstly, you can borrow the cash you need now and then your costs are divided into even repayments over a fixed period ranging from 12 to 24 months. As a result, these loans may be a manageable option, particularly if you’ve got a bill to pay today.

Secondly, you may use online personal loans to cover almost any personal expense. As a guide, this may include:

  • Car repairs
  • Travel costs
  • Relocation costs
  • Household maintenance and renovations
  • Replacement appliances, white goods and technology
  • Debt consolidation

So, if you’re in a bind, then you can apply with Monzi. However, ensure you’ve considered all options and any costs involved before you begin.

I have to pay my insurance excess: can I get a loan?

Yes, potentially.

In many cases, online cash loans are flexible. In other words, they may be used to cover almost any legitimate, personal expense that you encounter. With this, if you must pay an excess on your home insurance for repairs (e.g. to fix hail damage following a storm) but don’t have the necessary cash-on-hand, then you’re welcome to apply. From there, we’ll do our best to match you with an available lender from our network.

That said, remember that you must repay all loans with interest. Moreover, lenders may apply fees too. As a result, while you may borrow the money you need, it will come at a cost. So, ensure you have considered this before applying.

If you would like an estimate of what your costs, use Monzi’s loan slider at the top of the page. Alternatively, seek out a loan repayment calculator online.

Apply fast with Monzi

Need fast cash loans to address a short-term cash headache? Monzi’s lender-finder service could be an option for you. We could potentially pair you with lenders offering cash loans from $300 to $10,000 before you know it. Best of all, it’s as easy as can be.

When you’re ready to apply, just follow these simple steps:

  1. Select your loan amount and repayment term. However, remember that loans under $2,000 will come with fixed, 12-month repayments.
  2. Complete Monzi’s application form by providing the necessary personal and financial details.
  3. Kick back and relax while Monzi takes over. We’ll do our best to match you with an available lender from our network that may be willing to assess your application.
  4. We’ll contact you with an outcome. If we successfully find a lender for you, then we’ll pass your application onto them. They will then be in touch to begin the next stage of the process.

That’s all there is to it. With one easy application, you may be matched with a lender in just 60 minutes. However, keep in mind that approval is never guaranteed.

Contact us

While it’s best to direct your home insurance questions to an insurer, if you’d like to know more about Monzi and what our lender-finder service can do for you, then you’re welcome to contact us now.

Send you queries or concerns through to hello@monzi.com.au and we’ll do our best to respond in a prompt and concise manner. After all, we want you to be totally comfortable before you apply. So, reach out today. Just remember we can only answer questions regarding our organisation and service.

Best home insurance: the conclusion

At the end of the day, it’s up to you to find the right level of cover for your home. At Monzi, we’ve done our best to provide you with a detailed outline of the steps you may take and the factors worth considering. Now, you can go and do your research to find a policy that might suit your current situation. If in doubt, don’t be afraid to use a comparison website or contact a qualified advisor.

In any case, if you’ve got your home insurance situation under control but need a quick cash loan today to cover a pressing expense, then you can apply with Monzi. In short, we may pair you with a lender today offering cash loans from $300 to $10,000. It may be the fast, easy and hassle-free service for you. Let’s go.

For all the latest updates and news from Monzi, you can follow us on Facebook, Instagram, Twitter and Pinterest. We’d love to stay in touch!

Finally, if you’re after more Monzi, why not read our guides to life insurance, income protection insurance or farm loans today.

Factor In

Costs

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You won't use a penny to apply for our lender-finding service, but here's some costs you could expect from a lender

Loan amount

$300 - $2,000

Terms

12 months (minimum)

12 months (maximum)

Costs

20% upfront establishment fee

+ 4% monthly fee

Example

Loan Amount of $1,000 over 6 months repayable weekly (25 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $240 (fees based on 4% per month over 25 weeks) = $1,440 total repayable in 25 weekly installments of $57.60.

Under the current legislation, most small personal loan providers don’t charge an annual interest rate (you’ll know this as an APR) %. The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The maximum comparison rate on loans between $300 and $2000 is 199.43%. The minimum and maximum loan term is 12 months. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Loan amount

$2,001 - $4,600

Terms

13 months (minimum)

24 months (maximum)

Costs

48% Annual Percentage Rate (APR)

67.41% Comparison Rate p.a.

Example

Loan Amount of $3,000 over 18 months repayable weekly (78 weekly repayments). $3,000 (Principal Amount) + $400 (Establishment Fee) + $1,379.06 (reducing interest) = $4,779.06 total repayable over 18 months with weekly installments of $61.27.

The Annual Percentage Rate (APR) for Secured Medium Loans is 48%. The Typical Comparison Rate is 67.41% p.a. The minimum loan term is 13 months and the maximum loan term is 24 months. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Click here to see a worked example.

Loan amount

$5,000 - $10,000

Terms

13 months (minimum)

24 months (maximum)

Costs

21.24% Annual Percentage Rate (APR)

48% Comparison Rate p.a.

Example

Loan Amount of $10,000 over 24 months repayable weekly (104 weekly repayments). $10,000 (Principal Amount) + $5,577.12 (Interest) = $15,577.12 total repayable over 24 months with weekly installments of $149.78.

The Annual Percentage Rate (APR) for Secured Large Amount Loans is 48%. Maximum Comparison Rate is 48% p.a. The minimum loan term is 13 months and the maximum loan term is 24 months. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Click here to see a worked example.