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Explore home insurance in NSW
Written by
Tina Sendin
Edited by
Ellie GarranOur Home and Contents partners
iSelect does not compare all providers in the market or all policies offered by our partners in your area. Not all policies or special offers are available to all customers. Learn more.
How can home insurance in NSW help me?
Living in beautiful New South Wales comes with its fair share of perks. From stunning beaches to lush mountain escapes, it’s a cracker of a state to call home. But as we all know, life in NSW can also throw the occasional curveball – gnarly floods, wild bushfires, and everything in between.
Home insurance could help you weather even the roughest of storms, chipping in for your repair and rebuild costs after Mother Nature has wreaked havoc. Whether you’re an owner-occupier, landlord, or renter, it has your back for repairing or replacing parts of your property – from the four walls of your home to the contents inside it (and sometimes, even the essentials that go everywhere with you).
Is home insurance mandatory in NSW?
Home insurance isn’t mandatory in NSW, but it’s worth considering. The right policy can save you a heap of stress and money in the long run, whether it’s fixing your place or replacing stuff inside. It means having a safety net for life’s unexpected dramas.
If you’re a homeowner, your house is probably your biggest investment, so protecting it just makes sense. After all, you’ve worked hard to own it! Also, most lenders will ask you to have building insurance as part of your home loan agreement, so they know their investment is protected. If you’re a landlord, some real estate agencies might suggest it to cover your property and any potential damage caused by tenants.
What do different types of home insurance cover?
Combined home and contents insurance
If you’re looking to keep things simple and stress-free, combined home and contents insurance could be the way to go. Rather than juggling two separate policies, this option wraps building and contents insurance into one handy plan. Whether you’ve got a charming terrace in Sydney or a cosy home in the Southern Highlands, this type of insurance can protect things like:
your home’s structure, fittings, and features
belongings like furniture, carpets, and curtains
valuables including jewellery and electronics.
Building
insurance
Building insurance, often called house or home building insurance, is about safeguarding the backbone of your property. Your cover could help replace broken windows after a robbery and even rebuild your home from the ground up after a natural disaster. If your home cops unexpected events, this could cover:
repair of brickwork and roofs
repair of structural parts like your verandah or fences
rebuild of outbuildings and garages.
Contents
insurance
Whether you’re quite happy with a few possessions or prefer to have some luxuries, contents insurance could help repair or replace your valuables if they’re damaged, broken, or stolen. You can even specify the price of particular pieces that carry more than just a high sentimental value. It’s a favourite among renters who like to get coverage for things that make their home theirs, including:
valuables like jewellery and watches
clothes, appliances, and electronics
furniture and other essentials.
Landlord
insurance
If you own an investment property, you know tenants don’t always treat your place the way you would (especially after a big night out or a long party). Landlord insurance could help you out of a tight spot and provide an extra layer of security, covering incidents such as:
damage caused by tenants (or their pets)
lost rental income if tenants fail to pay or leave early
theft or burglaries.
What events do the different types of home insurance cover in NSW?
As much as we’d all like it to be, home insurance probably isn’t entirely comprehensive of absolutely everything that could happen to your home and belongings. (How likely is it that your BBQ gets flattened by a meteorite?) Your policy will probably focus on more common events (see the table below for examples of insured events).
Your coverage and premium could change with your insurer or even policy, so it might be worthwhile having a look around first before signing on the dotted line.
More importantly, every policy could differ, so it makes sense to check your product disclosure statement (PDS) to understand the inclusions and exclusions.
| Insured events | Combined home and contents insurance | Building insurance | Contents insurance |
| Fire (including bushfires) | | | |
| Theft or attempted theft | | | |
| Malicious damage | | | |
| Storm and lightning | | | |
| Explosions | | | |
| Earthquakes or tsunamis | | | |
| Falling trees | | | |
| Leaking or burst pipes | | | |
| Landlord insurance | Optional | Optional | N/A |
| Motor burnout | Optional | Optional | Optional |
| Accidental damage | Optional | Optional | Optional |
| Floods | Optional | Optional | Optional |
| Portable contents / unspecified personal effects | Optional | N/A | Optional |
How to compare your home insurance
Get started
Tell us about your home and what you’re after, and we’ll get the ball rolling.
Compare your options
We’ll show you policies side by side, including their premiums, inclusions, exclusions, and extras you can add on, so you can easily compare.
Take your pick
Tell us which policy you fancy and we’ll lock it in for you. That means you can not only compare, but also get the new policy through us. And the best bit? There’s no extra cost from us – zilch!
Start fresh
The final step? Let your old insurer know you’re saying goodbye. It’s time to enjoy your new cover!
Why buy home insurance with iSelect
Our service doesn’t cost you a cent
Instead of charging you anything, we get a commission from our partners.
Same price, no mark-up
We don’t mark up the price of our products, so you’ll pay the same as buying direct.*
*Excluding corporate discounts and exclusive retail offers
Quick and easy online comparisons
The right coverage is only a few clicks away. You can compare home insurance policies in just a few minutes.
We’ve been around the block
We know our stuff, with over 25 years’ experience helping Aussies compare, switch, and save.
What are the average costs of different home insurance types in NSW?
iSelect data shows that from July 2023 to June 2024, the average combined home and contents premium paid by our NSW customers was $1,946 – the most expensive throughout the country.
For context, here are the average premiums (at least those with viable iSelect customer data) from each state.
It’s interesting to note that NSW doesn’t have the most expensive average premium for building insurance. Queensland takes the top podium for this one, but only just.
(There aren’t enough iSelect customer data on building insurance for the rest of Straya – and for contents insurance across the country.)
Helpful tip
Several things can affect the cost of your premium. For instance, the premium that you’ll likely pay for your suburban home in Parramatta might be different from the one your mate is paying for a Bondi apartment. Prices and coverage can vary significantly, so taking the time to research and get multiple quotes could land you a policy that balances affordability and comprehensive protection. Online comparison tools could help you, even more than asking your parents group on WhatsApp.
And when comparing home insurance policies, make sure to carefully review the inclusions and exclusions in each policy. It pays to dive deep into what is covered, such as accidental damage, theft, or natural disasters, and assess whether the coverage aligns with your specific needs. Taking the time to read the product disclosure statement or PDS (usually available in the insurer’s website) can save you from unexpected surprises in the future.
Adrian Bennett
General Manager for General Insurance
What factors can affect the cost of home insurance in NSW?
The extent of your coverage
The level of cover you choose plays a big part, whether you’re insuring just the building or adding contents insurance (and a few optional extras) as well. A more comprehensive policy might mean a higher premium.
Your claims history
If you’ve claimed on insurance before, this could bump up your costs. Insurers may see frequent claims as a red flag, so keeping a clean claims history can help keep your premium lower.
Where you live
If you live near bushland (putting you at risk for bushfires) or in flood-prone areas, insurers might see your property as higher risk, which could mean a pricier premium.
How secure your home is
Insurers love a secure home! Features like alarm systems, deadlocks, and sturdy fencing can reduce your risk of theft or damage, which could mean savings on your premium.
How can I reduce my home insurance premium in NSW?
Looking to shave some dollars off your home insurance premium in NSW? Here are a few things savvy homeowners (and renters) do:
Adjust the excess
Increasing your excess – the amount you agree to pay up-front if you make a claim – can lower your premium. A higher excess often means a cheaper premium, but make sure it’s an amount you can afford if something unfortunate happens.
Estimate the replacement costs accurately
Over-insuring means shelling out more than you need, while underinsuring could leave you footing a massive bill if things go south. So it’s worth nailing down the real cost to rebuild or replace your home (and its contents) now – it could save you from financial headaches later.
Pay annually
Paying your home insurance premium upfront for the year can often be a smarter choice. For starters, it’s usually cheaper than paying month-to-month, letting you save cash over the long run. Plus, it’s less hassle – no need to keep track of monthly payments. One and done!
Compare policies
It’s worth shopping around to see if another insurer offers similar coverage for less (without skimping on protection, of course). It’s also a smart move to do this regularly, as your needs might change, say with home upgrades.
What risks are there to my home in NSW?
NSW has copped more than its fair share of rough patches lately, so knowing the risks and having ample protection in place can really help in the long run.
Take, for example, the 2019–2020 bushfire season that destroyed almost 2,500 homes in NSW alone.1Parliament of Australia – 2019-20 Australian bushfires—frequently asked questions: a quick guide
Or the flooding that happened the following year, damaging more than 4,000 homes and leaving over 1,000 uninhabitable.2Australian Institute for Disaster Resilience – 18 March – 1 June 2021 New South Wales Floods More recently, in the summer of 2023–24, the state saw 15% more rain than average, meaning flood risks are still very much on the radar.3Bureau of Meteorology – New South Wales in summer 2023-24
But it’s not just nature we have to think about. Unfortunately, people can be a risk too. From January to December 2024, there were over 16,000 thefts across NSW, with the local government of Sydney leading at 1,205 cases. This is followed by Parramatta and Newcastle at 734 and 661, respectively. 4NSW Bureau of Crime Statistics and Research – NSW Crime Tool Altogether, almost 50,000 incidents of property damage have given many NSW homeowners grief (not to mention big repair bills).5As above
While home insurance isn’t a magic wand that stops these events from happening, it could make them hurt your hip pocket a little less.
Frequently asked questions
What are the home insurance providers in NSW?
NSW has got plenty of home insurance options to choose from. If you want to compare a stack of policies and find the one that suits you, the iSelect comparison tool can make it easy as. You won’t have to deal with hundreds of tabs that might accomplish nothing except making your laptop crash.
Here are some insurers that iSelect can help you compare:
- ahm
- Budget Direct
- Coles
- Everyday Insurance
- Huddle
iSelect does not compare all providers in the market or all policies offered by our partners in your area. Not all policies or special offers are available to all customers and some may only be available over the phone or on the website. Learn more.
Here are some other insurers available in the market today:
- 1300 Insurance
- 1Cover
- AAMI
- Allianz
- Ansvar
- ANZ
- APIA
- Assetinsure
- Aussie (AHL Investments Pty Ltd)
- Australian Seniors Insurance Agency
- Bank of Melbourne
- BankSA
- BOQ
- Bupa
- CBA Insurance
- CCI Personal Insurance
- CGU
- CHU
- COTA Insurance
- Defence Service Home Insurance Scheme
- Dodo
- Elders Insurance
- Flex Insurance
- FM Global
- GIO
- Guild Insurance
- Hollard Australia
- Honey
- ING
- Insurelite
- MHIA
- National Seniors Insurance
- Over Fifty Insurance
- Ozicare
- QBE
- RAC
- RACQ
- RACT
- RACV
- Real Insurance
- RentCover Landlord Insurance
- Retirease Insurance
- SGIO
- SGUA
- ShareCover
- St. George
- Strata Community Insurance
- Suncorp Insurance
- Terri Scheer Landlord Insurance
- Territory Insurance Office
- Virgin Money
- Westpac
- WFI
- Youi
Do I need landlord insurance in NSW?
It’s not compulsory to get landlord insurance in NSW, but it could still be a good idea.
An investment property has the same risks as the home you live in, like fire, storms, and theft. But there are some new risks to watch out for, too. From tenants defaulting on their rent or the property becoming uninhabitable, your passive income stream could dry up quicker than a full load of wet laundry under the summer sun.
But never fear – landlord insurance could ease the damage to your financials.
What are the most costly claims for home insurance in NSW?
Water leaks, fires, and storms are the top reasons people are making claims. Also, flooding was the most significant contributor to insurance claims in 2023–24 (and considered the most costly natural peril). Now that’s a lot of damage caused by busted pipes, rogue flames, or wild weather!
How do I compare home insurance in NSW?
Even if it’s a close race between different home insurance policies, you might still find the photo finish gives you a clear winner. For you, it might come down to the optional extras or what limits and exclusions apply.
Similarly, getting your head around what you could be trying to replace might change the spread of the field for you. For instance, how much would it cost to fix or rebuild your home if it were to become uninhabitable? What about replacing all your valuables? Having some rough figures at hand could make the search a little simpler.
You can even get started right now with iSelect’s help to explore policies for home insurance in NSW.
Get started on comparing home and contents today!
Save time and effort by comparing a range of home and contents insurance policies with iSelect
iSelect General Pty Ltd (ABN 90 131 798 126. AFSL 334115) has partnered with Compare the Market (ABN 83 117 323 378. AFSL 422926) to compare a range of home insurers and policies. Not all providers in the market or all policies offered by the partners are compared and not all policies or special offers are available to all customers.
A number of our participating general insurance brands are arranged by Auto & General Services Pty Ltd ACN 003 617 909 on behalf of Auto & General Insurance Company Limited 111 586 353, both of which are related entities of iSelect Limited. Our relationship with those companies does not impact the integrity of our comparison service. Click here to view iSelect’s range of providers.
Any advice provided by iSelect is of a general nature and does not take into account your objectives, financial situation or needs. You need to consider the appropriateness of any information or general advice iSelect gives you, having regard to your personal situation, before acting on iSelect’s advice or purchasing any policy. You should consider iSelect’s Financial Services Guide which provides information about our services and your rights as a client of iSelect. iSelect receives commission for each policy sold that is a percentage of the premium or a flat fee. Ask us for more details before we provide you with any services.