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Home Insurance in the ACT
Written by
Tina Sendin
Edited by
Ellie Garran
Reviewed by
Adrian BennettOur 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.
What is home insurance?
Living in the ACT means surrounding yourself with lush and picturesque views. It also means preparing for nature’s mood swings. If a storm rolls in and floods part of your living room – or maybe a burglar decides to help themselves to your MacBook and jewellery – home insurance has your back. While many consider home insurance as a single product, it can be a separate policy that provides coverage for your property, its contents, or both – whether you’re an owner-occupier, landlord, or renter.
What are the benefits of home insurance in the ACT?
Canberra’s frosty winters, rare but intense hailstorms, and moderate bushfire risks might make home insurance feel less like a nice-to-have and more like a necessity. It keeps your property protected, covering damages from events like fires, storms, or burglaries. It also looks after the stuff you own – furniture, electronics, clothes, and yes, Grandma’s eternity ring. If peace of mind for your property were to come as a package, home insurance would be it.
What’s ACT’s average home and contents insurance premium?
Home and contents insurance combines building insurance (for the structure of your home) with contents insurance (for the stuff inside). The average annual home and contents insurance premium in the ACT is $1,059, lower than any other state in the country.1Average home and contents insurance premiums of iSelect customers from 1 July 2023 to 30 June 2024
What could affect my home insurance premiums in the ACT?
Location
Living in the heart of the city might make your insurance cost less than opting for a leafy suburb, especially one that bumps right up against bushland – like O’Connor, Duffy, and several areas near Mount Majura. And those open plains that make Canberra so picturesque? They funnel fierce winds straight to your doorstep, which can cause unexpected damage. These areas are usually flagged as higher risk zones. In insurance speak, that means paying extra to protect the property.
Property size and structure
Your property’s size and the construction materials used play a huge role in premiums because larger properties cost more to repair or rebuild. Older Canberra homes, while boasting charm and heritage value, often come with higher risks due to outdated infrastructure. Recently built properties, like apartments with safety codes and fire-resistant elements, often have lower premiums. Got a backyard studio or granny flat? These extra structures (or outbuildings) are covered but add extra costs.
Crime statistics
While Canberra prides itself on relatively low crime levels when compared to other cities like Sydney, no area is completely immune. The ACT had 14,627 offences against property in 2023 –24, although this was a decrease from 15,766 in 2022–23.2ACT Policing – Annual Report 2023-24 That said, high crime stats in an area can nudge premiums up, since they make a property likelier to experience an incident. Installing security systems, deadlocks, or even something as simple as sensor lights might bring your premium costs down. Essentially, the safer your home looks to an insurer, the better your costs might be.
Natural hazards
Canberra’s famous oak trees may be eye-catching, but they can also pose a risk to your home during stormy weather. While hailstorms aren’t frequent, they can pack a punch when they roll in. The state’s frosty mornings can also take a toll on homes over time – pipes are particularly vulnerable, and repairs can quickly add up. Plus, some suburbs, particularly those closer to reserves or national parks, run the risk of bushfires during summer. All these natural hazards can drive premiums higher.
What types of home insurance might I need in Canberra?
Building insurance
If you’re just looking to cover the bricks-and-mortar, this could be for you. Think about covering your home’s structure from damage caused by storm storms, fires, or vandalism, without worrying about insuring your stuff inside.
Contents insurance
Perfect for renters! You don’t own the place, but your TV, clothes, and tech gear? Definitely worth protecting with contents insurance.
Home and contents insurance combined
If you want the best of both worlds, then you can combine building and contents insurance. This type covers all the bases – from the building structure to internal fixtures and furnishings (yes, including the blinds), and your personal possessions.
Landlord insurance
Thinking about renting out a property? Landlord insurance can protect you against things like tenant-related damage, unpaid rent, or even potential legal drama.
Renters insurance
Renters insurance is another form of contents insurance, but it covers items that renters own. It may include things like furniture, appliances, electronics, jewelry, and even clothing.
What optional extras can I add to my policy?
We all like a bit of flexibility and customisation, right? The good news is that lots of insurers offer optional add-ons to suit different lifestyles.
Flood cover
Flooding is rare in Canberra but not impossible. If the anxiety of flooding gives you sleepless nights, flood protection is a solid add-on.
Accidental damage insurance
Spilt coffee on your brand new couch? Dropped your laptop? Covering yourself for accidents like these can make life easier.
Portable contents insurance
If you take your valuables outside regularly, this add-on protects your items anywhere you go – whether it’s your phone, laptop, or engagement ring.
Motor burnout cover
When your fridge or washing machine suddenly gives out, little extras like this can make a big difference when handling life’s curveballs.
Helpful tip:
Customising your coverage ensures you’re not left exposed if the unexpected strikes. And you can do this with optional extras.
Do you live in a flood-prone area? You might benefit from flood cover. Are you gun-shy about tenants pulling a disappearing act? You might want to look into landlord options. And if you tend to spill wine all over your pristine off-white couch (not once, not twice, but thrice!), accidental damage cover can cure your headache better than Panadol does.
Make home insurance work hard for you – not the other way around.
Adrian Bennett
General Manager for General Insurance
How can I protect my home today?
You’ve worked hard for your home, and it’s more than just a building. It’s memories, comfort, and a sense of security. ACT residents can face challenges, from harsh weather to bushfire threats. Home insurance lets you sleep easy knowing you’re covered if the unexpected happens.
Whether you’re a first-time homeowner, a landlord, or someone just looking for better peace of mind, getting covered doesn’t have to be a hassle. Start a comparison today and stay prepared for whatever life throws your way.
Get started on comparing home and contents today!
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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.