Compare contents insurance estimates from Australia's leading providers side-by-side. Protect your belongings from theft, fire, storm and flood. 100% free.
Budget Direct has built a strong following among Australians looking for value-driven contents cover. Known for competitive online premiums and a straightforward claims process - click below to see what they can offer you.
A guide to how contents insurance works in Australia and why it matters for both homeowners and renters.
Contents insurance protects the personal belongings you keep inside your home. This includes furniture, electronics, appliances, clothing, kitchenware, bedding, tools, sporting equipment and similar moveable items. If your belongings are stolen, damaged by fire or storm, or destroyed in a covered event, contents insurance pays to repair or replace them.
Contents insurance is separate from home building insurance, which covers the physical structure of your property. Homeowners typically carry both policies, often as a combined home and contents package. Renters do not need building insurance - that is their landlord's responsibility - but protecting personal possessions with a contents-only policy is strongly worth considering.
Unlike some countries, Australia has no government-backed scheme covering household contents. There is no equivalent of the former New Zealand EQC contents cover. All contents protection comes through private insurers, whether the loss is caused by theft, storm, fire, or natural disaster. This means choosing the right private policy is essential.
Policies generally offer two settlement options. New-for-old (replacement) cover pays to replace damaged or stolen items with brand new equivalents. Indemnity cover pays the current depreciated value, factoring in age and wear. Replacement cover carries a higher premium but delivers far better outcomes when you need to claim.
Research from the Insurance Council of Australia indicates that many Australians significantly undervalue their household contents. Taking the time to calculate the true replacement cost of everything you own is a critical step before purchasing a policy.
Key point: A typical Australian household contains $50,000 - $100,000 or more in personal belongings when you tally up every room. Renters pay as little as $20 - $50 per month for meaningful protection. Use an online contents calculator from providers like Allianz or MoneySmart to estimate your total.
The main cover options available from Australian contents insurers.
The broadest level of protection. Covers a wide range of events including theft, fire, storm, accidental damage and sometimes flood. Items are replaced with brand new equivalents under new-for-old settlement.
Covers your belongings only for specific events named in the policy, such as fire, theft and storm. Events not listed are excluded. A lower-cost option but with narrower protection.
Pays the current market value of your belongings after accounting for age, wear and depreciation rather than the cost of buying new. The most affordable option but payouts are notably lower at claim time.
An in-depth look at Australia's most established contents insurers.
AAMI is one of Australia's most recognised insurance brands, owned by IAG. Offers building and contents or contents-only policies with new-for-old replacement as standard. Well-known for accessible customer service and a presence across most states.
Allianz is a global insurer with a strong Australian operation. Their contents insurance includes flood cover as standard on most policies, along with comprehensive options for specified high-value items and portable electronics.
Budget Direct is an online-focused insurer known for competitive pricing. Their contents insurance is available as a standalone policy or bundled with home cover, making them a popular choice for renters and cost-conscious homeowners alike.
NRMA Insurance has a strong presence in NSW and ACT. Their contents cover includes optional portable contents protection for items like phones and bikes away from home, along with flexible excess options.
Suncorp is a major Queensland-based financial services group. Their contents insurance provides comprehensive cover with options for accidental damage, portable items, and legal liability. Available as standalone or combined with building cover.
Youi takes a customisable approach to contents insurance - you select the cover features you actually need and only pay for those. This can result in lower premiums for people who want tailored protection rather than a one-size-fits-all policy.
RACV serves Victorian members with contents insurance for both owners and renters. Members benefit from competitive pricing and the option to bundle with other RACV insurance products for additional savings.
RACQ is Queensland's leading member organisation, offering competitive contents insurance alongside their roadside and other insurance products. Their contents cover includes storm and flood protection relevant to the Queensland climate.
Key factors to weigh when comparing contents insurance policies in Australia.
A side-by-side comparison of major contents insurance providers in Australia.
| Provider | Cover Type | Online Quotes | Best For |
|---|---|---|---|
| AAMI | Replacement & Indemnity | ✓ | All-rounder |
| Allianz | Replacement & Indemnity | ✓ | Comprehensive |
| Budget Direct | Replacement & Indemnity | ✓ | Value pricing |
| NRMA Insurance | Replacement & Indemnity | ✓ | NSW & ACT |
| Suncorp | Replacement & Indemnity | ✓ | QLD heritage |
| Youi | Customisable | ✓ | Tailored cover |
| RACV | Replacement & Indemnity | ✓ | VIC members |
| RACQ | Replacement & Indemnity | ✓ | QLD members |
| GIO | Replacement & Indemnity | ✓ | NSW focused |
| CGU | Replacement | Broker only | Via broker |
| QBE | Replacement & Indemnity | Broker / direct | Broker network |
| Woolworths Insurance | Replacement & Indemnity | ✓ | Everyday rewards |
Disclaimer: Features and cover options may change. Always verify details directly with your insurer before purchasing. If you've noticed something incorrect, please let us know.
A detailed breakdown of what is typically included in Australian contents insurance policies.
| Feature | Comprehensive | Listed Events | Indemnity |
|---|---|---|---|
| Theft & burglary | ✓ Covered | ✓ Covered | ✓ Covered |
| Fire, lightning, explosion | ✓ Covered | ✓ Covered | ✓ Covered |
| Storm & rainwater damage | ✓ Covered | ✓ If listed | ✓ Covered |
| Flood damage | Check PDS | Check PDS | Check PDS |
| Accidental damage | ✓ Covered | ✗ | Varies |
| Vandalism & malicious damage | ✓ Covered | Varies | Varies |
| Burst pipes / water damage | ✓ Covered | ✓ If listed | ✓ Covered |
| Portable contents away from home | Optional add-on | Optional add-on | Optional add-on |
| Legal liability | ✓ Often included | Varies | Varies |
| Items in your car | ✓ Sub-limit | Varies | Varies |
| Freezer contents (spoilage) | ✓ Covered | Varies | Varies |
| Keys & locks replacement | Some providers | ✗ | ✗ |
| New-for-old replacement | ✓ Yes | ✓ Yes | ✗ Depreciated |
New-for-old (replacement): your insurer pays the cost to replace your damaged or stolen items with brand new equivalents of comparable type and quality. A television purchased four years ago would be replaced with a current model of similar specifications. Indemnity (market value): your insurer pays the current depreciated value of the item, factoring in its age, condition and wear. That same four-year-old television might only be valued at a fraction of what a new one costs. Replacement cover carries a higher annual premium but the difference in claim payouts can be very significant.
Understanding what is not covered is just as important as knowing what is.
Items that deteriorate over time through normal use, rust, corrosion, or gradual processes are not covered. Contents insurance responds to sudden, unexpected events rather than the slow ageing of your belongings. Mould resulting from inadequate ventilation typically falls under this exclusion as well.
When an appliance stops working due to an internal fault rather than an external event, contents insurance will not respond. A washing machine motor burning out or a laptop screen failing on its own requires a manufacturer warranty or Australian Consumer Law guarantee claim instead.
Cars, motorcycles, trailers, boats and jet skis need separate specialist insurance. They are excluded from contents policies. Bicycles and e-bikes, however, are generally treated as contents items, though per-item limits apply.
Items stolen from a vehicle that was left unlocked, or valuables visible through car windows, may not be covered. Insurers generally require you to take reasonable steps to secure your belongings, including locking vehicles and keeping items out of plain sight.
Equipment, tools or stock used primarily for running a business may fall outside a standard residential contents policy. If you work from home or operate a side business, check whether your work equipment needs a separate business insurance endorsement.
Damage you cause deliberately to your own belongings is excluded. In shared living situations, deliberate damage caused by other household members may also be excluded unless the policy specifically extends to such scenarios.
Flood cover is not universal across Australian contents policies. Some insurers include it as standard, others offer it as an add-on, and certain high-risk addresses may be excluded altogether. Always read the flood definition in your PDS carefully.
Single items exceeding the per-item limit (commonly $1,500 - $5,000) must be listed as specified items on your policy with an agreed value. Jewellery, artwork, collectibles and premium electronics that are not individually specified may not receive full payout.
Understanding these pricing factors can help you find a better deal.
The total value of cover you select directly affects your premium. Insure for too much and you overpay; insure for too little and you risk a shortfall at claim time. Aim for an accurate figure based on a thorough contents inventory.
Your address determines exposure to risks such as flood, storm, bushfire and theft. Properties in North Queensland cyclone zones or flood-mapped suburbs typically attract higher premiums than those in lower-risk areas.
Deadlocks, monitored alarm systems, security cameras and window locks can qualify you for premium discounts. Some insurers set minimum security requirements for full cover to apply.
A history of previous claims can push your premium higher. Maintaining a claim-free record over multiple years may earn you discounts or no-claim bonuses with certain providers.
Opting for a higher voluntary excess reduces your annual premium. Standard contents excesses range from $200 to $500. Only raise your excess to an amount you can comfortably afford to pay in the event of a claim.
Whether you own or rent, the dwelling type (house, unit, apartment), floor level, and whether the property is your primary residence all feed into premium calculations. Ground-floor units may carry a higher burglary risk loading.
Comprehensive new-for-old cover costs more than listed events or indemnity cover. The premium gap is usually modest relative to the significantly better claim outcomes that replacement cover provides.
Each item you specify individually on your policy adds to the total insured value and therefore the premium. Only specify items that exceed the standard per-item limit.
Several Australian states apply an emergency services levy or fire services levy through insurance premiums. This government charge is added on top of the base premium and varies by state and territory.
Indicative annual premiums for a standard household with no recent claims.
Disclaimer: All prices shown are indicative estimates based on publicly available data as of early 2026. Actual premiums vary based on your sum insured, location, security, and claims history. These figures are not quotes. Always obtain a personalised quote from the insurer directly.
Practical steps that could lower your premium by hundreds of dollars.
Premiums can differ by 20 - 40% between insurers for the same level of cover. Obtain at least three estimates before accepting your renewal price.
Combining building and contents insurance into a single policy frequently earns multi-policy discounts of 5 - 15% with most Australian insurers.
Increasing your excess from $250 to $500 or $750 can reduce your annual premium noticeably. Only do this if you can afford the higher out-of-pocket cost at claim time.
Avoid over-insuring or under-insuring. Walk through every room and total up the replacement cost of your belongings. Set your sum insured to match that figure.
Deadlocks, alarm systems, sensor lights and window locks may qualify you for premium discounts. Let your insurer know about any security upgrades.
Monthly instalments typically include administrative or interest charges. Paying the full annual premium upfront avoids these additional costs.
You do not need to list every item. Only specify possessions that exceed the per-item unspecified limit. Adding unnecessary specified items inflates your premium.
If comprehensive cover is too expensive, a listed events (named perils) policy provides protection against the most common risks at a lower premium.
Photograph your belongings room by room and store receipts digitally. An accurate inventory helps set the right sum insured and accelerates the claims process.
Some insurers offer discounts for long-term customers or for maintaining a claim-free record. Ask each provider directly what incentives they offer.
Your renewal date is the best time to review your cover and compare prices.
Most contents insurance policies renew automatically each year. Your insurer will send a renewal notice 2 - 4 weeks before the renewal date. Check whether your sum insured has been adjusted, whether the premium has changed, and whether any policy terms have been updated.
Start comparing at least two weeks before your renewal date. You will need your address, sum insured, property type, and claims history. Most providers generate online estimates within a few minutes. Aim for at least three to four comparisons.
A cheaper policy with higher excesses, missing flood cover, or lower per-item limits could cost you more in the long run. Compare like-for-like: same sum insured, same cover type, same excess level.
Start your new policy from the day your old one expires. Do not leave any period without cover. If you cancel mid-term, check for cancellation fees and ensure there is no gap between the old policy ending and the new one starting.
Step-by-step guide to the claims process in Australia.
For theft, call 000 and file a police report. For storm or water damage, take steps to prevent further loss if it is safe to do so (e.g. turn off the water supply, cover broken windows).
Take photographs and video of any damage. List all stolen or damaged items. Keep damaged items for the assessor to inspect. Gather receipts, bank statements or any other proof of ownership.
Contact your insurer's claims team by phone or through their online portal. Provide all available details, photographs, and the police report number if applicable. Most Australian insurers offer 24/7 claims lodgement.
Your insurer reviews the claim. For larger claims, an assessor may visit your property. For straightforward claims, the process may be handled entirely over the phone or online.
Your insurer either replaces items, arranges repairs, or provides a cash settlement based on your policy terms (replacement value or indemnity value), minus your excess.
Key Australian-specific information about contents insurance.
Every Australian insurer must provide a PDS before you purchase. Here is what to look for.
A Product Disclosure Statement is the legal document that sets out the terms, conditions, exclusions and claims procedures for your contents insurance. Under the Corporations Act 2001, all Australian insurers are required to provide one. Read it before purchasing to understand exactly what you are covered for.
When applying for contents insurance, you have a legal duty to answer all questions honestly and accurately. Under the Insurance Contracts Act 1984, failing to disclose relevant information (such as previous claims, existing damage, or a lack of security) can allow the insurer to reduce or refuse a claim. Answer every question truthfully at application and renewal.
Keep your insurer informed about changes that occur during the policy period:
Answers to the most common questions about contents insurance in Australia.
Key terms explained in straightforward language.
Compare contents insurance estimates from Australia's leading providers in minutes. It's 100% free and could save you hundreds every year.