Have you been finding it difficult to locate a building insurance company in Australia? Well, I’ve just made it easy for you. In this article, I mentioned and reviewed the Top 10 building insurance companies in Australia.
Without further ado, let’s get right into it. First of all, let’s start by defining what building insurance is and what it covers.
What is Building Insurance?
Building insurance is a form of property insurance that covers the building and its contents. Building insurance can be broken down into two categories:
1. Building Insurance
2. Contents Insurance
Building insurance typically covers the building and its structural components, such as the foundation, roof, exterior walls, windows, and doors. It also covers the plumbing system and heating system as well as any other systems that are vital to maintaining a building’s structural integrity.
Contents insurance typically covers furniture, appliances, clothing, and other items inside of your home. It also covers the amount of money you can collect from your insurance company if someone damages or destroys your personal belongings.
If you own a home, you will need to purchase building insurance. It is a type of insurance that covers your building and the items inside it.
What is covered by Australian building insurance policies?
Building insurance policies are designed to cover the building and its contents against fire, natural disasters, theft, and other unforeseen events. All insurance will provide coverage if your property is lost or damaged as a result of one of many tragic circumstances. Most building insurance policies will protect you against:
- Burning and exploding
- Flood (sometimes optional) (sometimes optional).
- Thunderstorms, rain, and lightning
- The unintentional destruction of ceramics, glass, etc.
- Theft, attempted theft, and earthquakes
- Vandalism and intentional harm
- Impact injury (e.g. falling trees)
- Unexpected liquid escape (e.g. burst pipes).
- Unintended damage: In addition to the predetermined occurrences, some policies also include coverage for accidental damage to your home or its contents. This cover is typically offered as an additional or as part of premium products.
What is the price of building insurance in Australia?
The price of building insurance in Australia depends on a variety of things, including your location in Australia, how secure your home is, how much you’ve insured it for, and the extra amount you decide on.
To get the right information, we gather quotations from different addresses across the nation using a variety of situations, from a costly “McMansion” to an ancient weatherboard home.
Building insurance estimates in 2020 ranged from about $1300 in suburban Perth to more than $25,000 in cyclone-prone North Queensland, according to the information we gathered.
Because rates vary significantly from insurer to insurer, it pays to compare pricing. The price range for one property was close to $18,000. The most expensive quote in the best scenario was twice as expensive as the least expensive.
It’s important to note that the price for building insurance varies depending on what you’re looking for in terms of coverage. For example: if you have extensive coverage then your monthly premium will be higher than someone who doesn’t have as much coverage. A homeowner who has just moved into a new home with extensive coverage will typically pay 30% of the cost of the house to insure it (or any other building on their property), while someone without much coverage might only need to pay 5%.
Qualities to look out for when choosing building insurance companies.
The process of choosing the best building insurance companies is not an easy task. There are many factors to consider, and it is difficult to know which one will be the best for you.
To make this process a little easier, here are five qualities that you should look out for when choosing building insurance companies:
1. Price: The price of a building insurance policy varies depending on the size and location of the property, as well as the type of coverage you choose. A large commercial property will be more expensive than a small residential property, and buildings in high-risk areas like floodplains or earthquake zones will be more expensive than buildings in low-risk areas. You can save money by choosing a policy with a deductible that matches your budget and risk tolerance.
2. Coverage options: Different types of insurance policies provide different levels of coverage for different types of risks or losses. For example, if you want protection against damage from water, fire, or flooding (called “all-risk” coverage), you’ll need to purchase an all-risk policy that includes these protections in addition to other hazards not included in an all-risk policy such as theft or vandalism (called “named perils ” coverage).
3. Deductibles: Deductibles are the amount of money you must pay out-of-pocket before your policy starts to cover damage or loss. A deductible is also the amount of money you can save by selecting a lower-cost building insurance policy.
4. Claims history: A company’s claims history is important because it will tell you how they deal with claims in general and what kind of service they provide their customers.
5. Locations: You want to find a company that is convenient for you, as it will save you time and effort in the long run. The company that has the best customer service, quick claims processing, and value for money will be the best choice for you if these are your top three qualities.
Top 10 Building Insurance Companies in Australia.
Building insurance is a type of property insurance that covers the building and its contents from any damage. This type of insurance is required by law in Australia, and it can be obtained from various insurance providers.
There are many different types of building insurers, but only ten have made it to the top 10 list. These companies are ranked based on their customer service, affordability, and coverage offered.
1. Allianz Australia Insurance Company Limited
In 1914, the Allianz Australia branch started with the name The Manufacturers’ Mutual Insurance Association Limited. The Australian business was rebranded to Allianz Australia in July 2000.
Since then, The Allianz Group has been making a lot of effort to protect lives all across the world. Their goal is to inspire you with courage for the future.
They are aware of how crucial it is to have a trustworthy partner at your side who offers reliable and long-lasting solutions. That is why they work hard every day to ensure your future.
What to know about Allianz Australia Insurance Company Limited.
Allianz Home Building and Contents Insurance covers;
• Legal liability cover.
• Alternative accommodation.
• Rebuilding costs.
• Moving House cover.
• Debris removal.
• Replacement of locks or cylinders.
• Emergency contents storage.
• Making your home building environmentally friendly.
What Allianz Australia Insurance does not cover;
• Your unoccupied home.
• Your contents
• Loss, damage, injury, or legal liability due to the following:
If you fail to keep your home or contents in good condition, including wear and tear and lack of maintenance.
Pre-existing damage to your home or contents.
Flooding – unless you’ve added the optional flood cover to your policy.
You carry out alterations, additions, demolition, repairs, or decorations to your building with a commercial value of more than $75,000 unless otherwise agreed in writing with us.
Damage deliberately caused by you, a family member, or someone acting with your consent.
Holiday letting.
Anything not directly related to one of the insured events listed in the relevant PDS.
Optional cover includes;
• Portable Contents.
• Flood.
• Accidental Damage.
• Motor Burnout.
• Domestic Workers Compensation.
Why choose Allianz Australia Insurance Company Limited?
– Up to 30% No Claim Bonus2,3.
Depending on your history of claims, you can receive a No Claim Bonus2,3 of up to 30% with our home insurance.
– Immediate Certificate of Currency
As soon as you purchase your policy, a Certificate of Currency (COC) with your proof of insurance will be sent to you through email.
– Option for monthly payment.
You can choose to pay monthly or all at once each year. The service charge for monthly payments is 11%.
– Simple and quick claims procedure.
Make a claim online at any time or by calling 13 10 13 weekdays from 8 am to 6. 30 pm AEDT or on Saturdays from 8 am to 5 pm AEDT.
2. Suncorp Group Limited
Suncorp insurance packages include; Home & contents insurance, building insurance, content insurance, landlord insurance, strata insurance, and renters insurance.
What to know about Suncorp building insurance.
Suncorp Home Building Insurance gives you three different levels of coverage.
– Classic (Regular cover): With Classic, you have the choice to add additional covers and coverage for loss or damage brought on by a variety of occurrences (including flood, storm, fire, theft, and more).
– Classic Extra (Mid-range Cover): You will receive all of the benefits of Classic Home Building Insurance with Extras cover. Plus your choice of optional covers.
– Classic Advantage (Top cover): You will receive all the benefits of Classic Home Building Insurance with Advantages cover. Plus your choice of optional covers.
What does Suncorp Home Building Insurance cover?
- Flood
- Fire (including bushfires)
- Malicious acts and vandalism
- Impact
- Storm
- Theft and burglary
- Damage by an animal
- Riot, civil commotion, or public
- Disturbance
- Explosion
- Escape of liquid e.g, burst
- Pipe
- Lightning
- Earthquake and tsunami.
What Suncorp Home Building Insurance does not covers?
• Bushfire
• Storm
• Storm surge
• Flood or tsunami in the first 72 hours of your policy.
Why Choose Suncorp Home Building Insurance?
Over a century of providing insurance to Australians: Suncorp Insurance has been honored to defend Australian homes for almost a century. Their goal as a business is to improve today for our clients, shareholders, employees, and neighbors.
They cherish the communities in which we work and reside: Suncorp insurance are committed to empowering local communities and genuinely improving people’s lives, whether it is through sponsorship of events or volunteer work for nonprofits.
Five successive years as Bank of the Year:
Suncorp Bank is honored to have received the titles of Bank of the Year and Business Bank of the Year from Money magazine for five consecutive years, from 2018 to 2022. Suncorp Bank received praise for its extremely low-interest rates, advanced technological capabilities, and innovative products and services.
Increasing retirement security: For more than 20 years, they have been providing superannuation and retirement programs. Their personnel works hard to give our consumers the assurance that they are safe and have better futures.
3. QBE Insurance (Australia) Limited
QBE Insurance is a general insurance and reinsurance organization with its corporate headquarters in Sydney. It was founded in 1886 by James Burns and Robert Philp.
Over the years, QBE has developed and changed to become a worldwide insurer and reinsurer with a local presence in 27 countries.
Today, QBE offers commercial, personal, and specialty products as well as risk management solutions to assist individuals and organizations in managing risks, fortifying themselves, and embracing change to their advantage. They can do this by leveraging their in-depth expertise and insights.
What to know about QBE Insurance.
QBE Insurance covers;
• Protection from storm, fire, theft, vandalism, flooding, and other types of damage or loss
$30 million in maximum legal liability
• The expense of temporary housing for up to two years if the damage brought on by an insured incident makes your home unlivable.
• Cover for an electrical motor burnout
urgent short-term repairs
• Buildings Sum Up to 30% Protective Insurance advantage (eligibility criteria applies)
• Lifetime warranty on all house repairs performed by our contractors
• Environmental improvements
QBE Insurance doesn’t cover;
• Contents including furniture, white goods, carpets, and internal blinds as well as your personal belongings.
• Option for portable contents.
Upgrade to include;
• Accidental damage insurance available at an added fee.
• Insured Events include fire, storm damage, theft, and more.
Why choose QBE Insurance (Australia)?
1. Over $30 million in legal liability insurance.
2. 24/7 amiable and supportive claim service.
3. For more than 130 years, we have insured Australians.
4. You get a 10% discount when you buy online.
5. They were given the CANSTAR 2021 Innovation Excellence Award for their straightforward home insurance solution and also the Green Insurer of the Year at the Finder Green Awards in 2022.
4. AAMI Group Limited
AMMI is one of the biggest and most renowned insurers in Australia for home, business, auto, and many other types of insurance. It was founded in 1970 by Steve Johnston and its headquarter is located at Level 28, 266 George St, Brisbane QLD 4000, Australia.
With over 45 years of experience, AAMI has been providing coverage for the people and Australia and more with 4.5 Client review ratings.
Their home insurance coverage ranges from Home and contents, building only, contents only, fire & theft only, landlord building & contents, landlord building, landlord contents, strata, and business@home.
What to know about AAMI building insurance?
AAMI building insurance covers;
• Repair or rebuild your home
• Temporary Accommodation
• Motor burnout cover
• Lifetime guarantee on authorized repairs
AAMI building insurance Optional includes;
• Accidental Damage at Home
• Excess-Free Glass
• AAMI Home Assist
• Complete Replacement Cover.
Insured Events are;
• Fire
• Storm, flood, or lightning
• Theft
• Malicious damage
Why choose AAMI Group Limited?
1. Chat 24/7: AAMI is available 24/7 to help customers with any issues they might be having with their insurance packages.
2. Well-Experienced: Founded in 1969 and with over 45 years of experience, AAMI is a good choice.
3. Claim anytime: AAMI is always available anytime you make a claim.
5. Youi insurance.
Youi insurance is an Australian-registered firm. A fully owned subsidiary of Youi Holdings Pty Ltd, a subsidiary of OUTsurance International Holdings Pty Limited, a member of the Rand Merchant Insurance Holdings (RMIH) Group.
Youi insurance is a registered general insurance firm that writes all of its insurance contracts. Their current offerings include insurance for small businesses, homes (buildings and contents), watercraft, and vehicles (car, NSW CTP Green Slip, SA CTP, motorcycle, caravan, and trailer).
Based on 1,276 reviews, customers give Youi insurance a rating of four stars.
Also, Youi received excellent ratings for value for the money (3.7), transparency, and customer service (3.9). (3.6).
What to know about Youi insurance?
Youi insurance building insurance covers;
- Theft
- Fire
- Earthquake
- Explosion
- Riot
- Storm
- Flood
- Escaping Water
- Impact
- Intentional Damage
- Animal Damage
- Legal Liability
- Temporary Accommodation
- Burnout of Electric Motors
- Broken Glass and Ceramics
- Locks and Keys
- Clean-Up and Professional Fees
- Emergency Repairs
- Building Modifications
- Funeral Expenses
- Damage from Injury or Incident
- Uninstalled Building Fixtures, Fittings, and Materials
- Counseling Services.
What does Youi building insurance doesn’t cover?
• Buildings Accidental Damage.
24/7 Emergency Claims Support: This is because you can never predict what will happen or when.
Cover for counseling services: Counseling sessions after a claim might cost up to $1,500 per household member.
Flexible Excess: Searching for further insurance savings options? With Youi insurance, you can select an excess that will be more beneficial to your wallet.
Why choose Youi insurance?
6. NRMA Insurance
NRMA insurance is supported by IAG, the largest general insurer in Australia and New Zealand. The largest insurance companies in Australia are operated by IAG, including CGU, SGIO, SGIC, WFI, and Swann Insurance.
The Group’s operations sell insurance under numerous renowned names and insure about $12.6 billion in premiums annually.
What to know about NRMA building insurance?
NRMA insurance building insurance covers;
- Fire
- Theft & vandalism
- Water & oil leaks
- Flood, rainwater run-off & storm surge
- Rebuilding your home
- Emergency repairs
- Temporary accommodation
- Building materials
- Broken glass
- Lightning
- Impact damage
- Moving? Your new home’s covered too
- Liability for injury or damage
- Demolishing & removing debris.
- Cover if you rent out your home.
NRMA Insurance building insurance Optional Extras include;
• Accidental damage.
• Motor burnout.
• Pet lover’s pack.
What NRMA Insurance building insurance doesn’t cover;
• Carpets.
• Animal damage.
• Plants, trees & shrubs.
• Safety net.
Why choose NRMA Insurance?
– If you unintentionally leave a window or door unlocked in your house, you are still protected by Home Buildings, Home Contents, and Home Buildings & Contents insurance.
– Lifetime warranty on the quality of authorized home repairs.
– They know how to safeguard the things you value thanks to our more than 90 years of experience.
7. Woolworths Insurance
Woolworths Insurance provides Woolworths Team Bank members with Car, Landlord, Home, and Contents Insurance. Additionally, nib offers health insurance, giving you many advantages to make use of.
What to know about Woolworths Insurance?
Woolworths Insurance building insurance covers;
• Storm damage.
• Water damage.
• Fire damage.
• Emergency accommodation
• Removal of debris
• Accidental glass breakage.
Woolworths building insurance Optional Extras include;
• Electrical motor burnout.
Why choose Woolworths building insurance?
– Save up to 20% at Woolworths
When you purchase a combined Woolworths Home and Contents policy online, you can save up to 20%.
– 24/7 assistance with claims
In addition to helping you file home insurance claims, their helpful claims team is available around-the-clock. They can assist with emergency make-safe measures to stop further damage to your home.
– A flexible cover that fits your needs
Choose between Standard or Comprehensive protection, set your excess to modify the premium you pay, and take advantage of the various flexible payment options.
– Award-winning Home Insurance
Woolworths Insurance was selected as the 2022 recipient of the Mozo People’s Choice Award for Most Recommendation and Outstanding Customer Service.
8. Budget Direct Insurance.
Budget Direct is an insurance company that provides coverage for car, home, travel, pet, motorcycle, roadside, and life insurance. Founded in 1999 by Adam Crane and its headquarter is in Brisbane, Australia. Auto & General Insurance Company Limited underwrites its home and auto insurance products. The Insurance Council of Australia is actively represented by the Australian insurance business Auto & General Insurance Company, which is governed by APRA.
What to know about Budget Direct building insurance?
Budget Direct building insurance covers;
• Debris removal and extra rebuilding costs.
• Replacement of locks
• Contents temporarily removed
• Loss of rent
• Mortgage discharge and more.
Optional cover includes;
• Flood cover
• Personal effects cover
• Accidental damage
• Motor Landlord
• Landlord cover
• Sum insured Safeguard
• Commercial storage.
Budget Direct Home Insured Events;
• Storm and rainwater (flood cover is optional)
• Fire
• Lightning
• Theft (or attempted theft)
• Escape of liquid (e.g. burst pipe)
• Impact at home (e.g. fallen tree)
• Breakage of glass, ceramic and sanitary fixtures
• Malicious damage, vandalism, riot, or civil commotion
• Explosion
• Earthquake or tsunami
Why choose Budget Direct building insurance?
– Safeguarding Australians for more than 20 years: More than 3 million Australians have had their insurance solved since 2000 thanks to Budget Direct.
– They are in it for the long term: They have partnerships with hundreds of vehicle mechanics and building builders across the country and employ more than 1,300 individuals.
– An award-winning insurance company: They have won Money magazine’s Best of the Best awards for Best-Value Car Insurance (2019-22) and Best-Value Home & Contents Insurance (2019-22). They have also won Money magazine’s Insurer of the Year title a total of eight times, including the last six years in a row (2017–22). (2017–20 & 2022).
Additionally, Budget Direct became the first company in any category to get the Canstar National Outstanding Value Award for 16 consecutive years (2007-22).
– Their work is enjoyed by 90% of their clients: Based on almost 30,000 reviews of their experiences either purchasing or claiming on their Budget Direct auto or house insurance, our consumers give us 4.5 out of 5 stars.
Furthermore, 92% of our clients said they would refer us to a friend.
9. RAC Home and Contents Insurance.
Over 115 years after its founding in 1905, RAC has proudly served Western Australians. With more than 1.2 million members, RAC has grown to become one of the state’s most reputable and well-known organizations. It invests its income as a purpose-driven member organization to benefit its customers and the larger WA community.
What to know about RAC Home and Contents Insurance.
RAC building insurance covers;
• Cover for your building, garage, shed, fence
• Accidental glass breakage
• Temporary accommodation
• Demolition and removal of debris.
• Legal liability cover
Extra cover when you become a RAC member;
• Burnout of domestic electric motors
• Building compliance fees and costs
• The local claims team is ready to help.
Why choose RAC Insurance?
Friendly local staff: When you need us most, we will be there to assist.
Switch and make online savings: Online savings of $35 are possible after switching.
Satisfied clients: RAC insurance received the four-year straight Canstar’s Most Satisfied Customers – WA Home Insurer Award.
10. RAA insurance.
RAA, which was founded in 1903, is still fulfilling its long and illustrious tradition of helping South Australians and those living in Broken Hill with their insurance needs.
A variety of general insurance policies from RAA Insurance are available to safeguard your house and its contents. These policies include coverage for fire, burglary, flood, lodging, and many other potential dangers.
What to know about RAA insurance.
RAA building insurance covers;
- Fire cover
- Flood and storm cover
- Burglary, theft, or attempted theft
- Replacement of locks
- Loss of rent
- Breakage of glass and sanitary fixtures.
RAA insurance Optional cover includes;
- Accidental damage
- Specified items outside the home
- Specified items inside the home
- Premium Choice Home Benefit
- Pet cover.
Why choose RAA Home and Contents insurance?
10% off of multiple policies:
If you have three or more insurance policies (except travel insurance) with RAA under the same name, they will give you a 10% discount on each one.
10% off for holders of senior cards:
Holders of senior cards are eligible for a 10% discount on their homeowner’s insurance plan.
They are South Australian locals:
You’ll always deal with a local because they are situated right here in South Australia. They take great pride in our dedication to providing more for South Australians.
Calculator for Sum Insured:
Uncertain of the cost to rebuild your house? You may estimate the current cost with their simple calculator.
They have earned Canstar’s Most Satisfied Customers – SA Home Insurer Award for the fourth consecutive year.
Their members once again reported better levels of product and service satisfaction in 2022 than those of other qualified insurers, continuing a three-year winning streak. In comparison to 34 other home insurers, they came in higher.
Conclusion
If you’re looking to get insured by the best building insurance in Australia, you should go through these top 10 building insurance companies to choose the one that bests fit your needs.
