GUIDES & RESOURCES

Home and Contents Insurance Victoria

Victoria is susceptible to intense weather threats such as flooding, storms and bushfires. Learn more about finding great value Home and Contents or Building Insurance in VIC.
home & contents victoria

*iSelect does not compare to all home and contents insurers in the market. The availability of policies may change from time to time. Not all policies made available from iSelect’s providers are compared by iSelect and due to commercial arrangements, area or availability, not all policies compared by iSelect will be available to all customers. See below for our range of home and contents insurers. Some policies are only available from iSelect’s call centre or online. Our advice on this website is of general nature and does not consider your situation or needs. Consider if any advice is appropriate for you before acting on it.  Learn more.

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Save time and effort by comparing a range of home and contents insurance policies with iSelect

What’s Victoria’s average Home and Contents Insurance premium?

Living in a State that homes one of the world’s most liveable cities can have its downsides. Regardless of whether you’re living in Melbourne, Geelong, Bendigo, or elsewhere in the State, as a homeowner you may want to consider how to protect your home from extreme weather events.

What are the benefits of Home and Contents Insurance?

Having four seasons in one day is just the beginning when it comes to wild weather in Victoria. When searching for a suitable policy, it may be important to consider where you live and its risks.

For example, in recent years, Victoria has been impacted by a devastating bushfire in 2019-2020 and a severe storm that battered the State in June 2021.1 Because of these kinds of extreme weather events, it makes sense that Victorian homeowners and renters might want to consider a level of Home and Contents Insurance that could help not only protect their home and dearest possessions but will also provide peace of mind.

What are the risks to your Home and Contents in Victoria?

With the possibility of bushfires, floods and storms, there are a variety of risks to consider when living in Victoria. That said, it is important to note that risks can change based on your location throughout the State.

Victoria and Melbourne Home and Contents Risks:

Natural hazard risks in Victoria and Melbourne can occur without notice and at any time.

For example, the Bushfires that occurred in 2019-2020 caused widespread damage, resulting in 300 destroyed homes and the loss of 1.5 million hectares of private and public land.2 In June 2021 Victoria was hit by disaster again, when a severe storm caused flooding and an estimated 20,000 insurance claims to be made.3 As a result, Victorian homeowners and renters may consider this when comparing Home and Contents Insurance.

What does Home & Contents cover in Victoria?

Now, we know what you’re thinking, Home and Contents Insurance sounds very beneficial… but I don’t really get exactly what it is? And what the difference is between Home and Contents Insurance, Home Insurance, and Contents Insurance?

Home and Contents Insurance combines the features of both Home Insurance and Contents Insurance into a single policy.

This type of coverage may help homeowners to:
• Rebuild or repair their home and/or
• Replace the contents inside that property as a result of an insured event such as storms, lightning, fire and vandalism.*

What does Home Insurance in Victoria cover?

Home Insurance (sometimes referred to as house insurance or building insurance) generally helps cover the cost of repairing or rebuilding the physical structure of your property.

This can include:
• Brick and mortar rebuild or repairs.
• Structural repairs such as roofs, sheds, and garages on the insured property.

Insurance for your house protects your home from damage that is out of your control and may protect your home in the event of natural disasters such as storms, lightning, bushfires, and floods.*

What does Contents Insurance cover?

The Contents Insurance portion of the combined covers possessions within the home (building), as opposed to the actual building itself.

Possessions could include but are not limited to:

Jewellery
• Clothes
• Whitegoods, electronics, and appliances
• Furniture

These possessions are often covered from a range of natural disasters, but can also be covered from theft, accidental damage, and electrical surges (note: some policies may require you to elect these options and it may come at an added cost).

It’s important to review the insurers Product Disclosure Statement to understand exactly what’s covered and what’s excluded.
Check out the link here to find out more about contents insurance.

What factors can affect the cost of Home and Contents Insurance in Victoria

The cost of Home and Contents Insurance can depend on many factors, such as your chosen level of cover, your claims history, whether you're just covering home, contents, or both, and the area that you live in.

In Victoria, your Home and Contents Insurance can differ in cost depending on the market value of your home and the value of your possessions. There are many variables considered when calculating your premium, and this could also impact your cost. These variables can include your age, the materials used to build your home, how the home is used and of course, the location.

In short, if you live in an area that’s regularly exposed to extreme weather events, then you could pay a higher premium. But as we mentioned, a range of factors are taken into account, which is why it’s important to compare policies from a range of insurers.

VIC, have you considered Landlord Insurance?

Landlord insurance could potentially provide peace of mind when it comes to your possessions and its housing property. While we all want to assume the best out of our highly vetted tenants, sometimes it doesn’t always provide a great safety net. Landlord Insurance could help cover you from a range of events so it’s important to investigate your options. For more info on Landlord Insurance click here.

How to compare Home & Contents Insurance in Victoria

Research, research, research!
Comparing policies and providers is one of the best ways of ensuring you find a great deal on your Home and Contents Insurance. Comparing policy features, including optional extras, as well as limitations, exclusions, and price gives you the confidence that you’re making an informed decision.
Some factors you could consider when comparing are:
• How much it would cost to repair or re-build your home in the event of a fire or storm
• What the total value of your home contents adds up to

To find your homes Home and Contents Insurance match start by comparing from a range of policies and providers with iSelect.

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