Home and Contents Insurance Victoria

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Updated 28/03/2024
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Written by

Ellie Garran

Updated 28/03/2024

What changed?

Substantial rewrite for tone and differentiation from other state pages
Our aim is to help you make better informed decisions. That’s why iSelect’s content is produced in accordance with our fact-checking and editorial guidelines.

Find out more about how we make money.

View our Privacy Policy.

Our range of Home and Contents partners

What are the benefits of Home and Contents Insurance?

Everybody wants to feel that their home and belongings are safe and secure. Home and Contents Insurance could help you achieve some of that peace of mind.  

If you’ve spent nights awake catastrophising about how you’d recover from hypothetical disasters, you might find researching Home and Contents Insurance quite soothing. If there’s, say, a fire? A storm? Lightning damage? A tsunami? Okay, that last one is somewhat less likely in Victoria than in many parts of the world, but if any of these events did happen, you’d likely be covered. What about a burst pipe, gas explosion, or a tree falling on your house? Same deal.

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

In the 2022–23 financial year, iSelect customers in Victoria spent an average of $1,262 on Home and Contents Insurance premiums. Victorians who just had Home Insurance had average premiums of $980, and people with just Contents Insurance spent an average of $408.1Based on premiums paid by iSelect Home and Contents Insurance customers from 1 July 2022 to 30 June 2023 

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

Your level of cover

You can usually customise your cover, by adding additional cover options to insure against particular events. The more comprehensive your package, the more you’re likely to pay. Likewise, the higher the value of your home and contents, the more it’s likely to cost to insure them.

Your claims history

Unfortunately, if you’ve made claims on your Home and Contents Insurance in the past, especially the recent past, it could make a difference here. Your claim history can be one of the factors insurance companies take into consideration when they work out your premiums.

The area you live in

To help calculate your premiums, insurers estimate the likelihood that damage will occur to your house and things. If you live in an area that’s prone to crime or severe weather, for example, that could mean your premiums end up higher.

The construction and features of your home

If your house is older – so theoretically more expensive to repair – you might pay higher premiums. On the flip side, if you have high-end security features installed, you might pay lower premiums.

What are the risks to your home and contents in Victoria?

Aussies aren’t strangers to scary weather, and with the progress of climate change, that prospect is unfortunately becoming more likely. In Victoria, we have the dubious privilege of living in the most dangerous fire region in the world. Luckily, insurance policies can help you manage that risk. Home and Contents Insurance often covers you for bushfire damage up to your insured sum. If you live in the inner city, you likely have a lower risk of bushfires, but you might still want to consider whether you’re covered for smoke damage. 

Victoria also has a good number of flood-prone areas, with homes and businesses potentially at risk. You often have the option to take out Flood Cover as an optional extra with your Home and Contents Insurance Plan. That means if you’re in a flood-prone area – or even just a potentially flood-prone area – you get peace of mind. And if you’re not, you don’t have to pay for it as an optional extra.

What does Home and Contents Insurance cover in Victoria? 

Home and Contents Insurance combines the features of Home Insurance and Contents Insurance into a single policy. That means it can cover you for damage to both the physical structure of your house and the things you keep inside it.

What does Home Insurance cover in Victoria?

Also known as Building Insurance, Home Insurance can help cover you for repairs when your building is damaged. As well as the building you live in, it can also cover other physical structures on your property, like fences, sheds or in-ground swimming pools.

What does Contents Insurance cover in Victoria?

You guessed it, Contents Insurance covers the contents of your home. That means that if things like your furniture, clothing, whitegoods, or appliances are damaged or stolen, your insurance can help you replace them.

Quick tip

It’s worth checking any policy’s exclusions to make sure you’re clear on what the policy doesn’t cover. This could be anything from landslides to smoke damage to power failure. They’ll list this information in their Product Disclosure Statement (PDS).

Hey Victoria, have you considered Landlord Insurance?

Are you a landlord, or thinking about becoming one? If so, you might be wondering how Home and Contents Insurance might apply to your investment property. Luckily for you, there’s a type of Home and Contents Insurance specifically designed for landlording. It’s called Landlord Insurance, and it can cover your property, plus any of your belongings that stay in the property. You can also opt to be protected for lost income if you don’t receive an expected rent payment. 

What kind of optional cover can I get in Victoria?

Flood

If you’re in a flood-prone area, you might consider adding Flood Cover to your policy. Keep in mind that, in insurance language, ‘flood’ doesn’t include every water-related event that could occur. For example, damage caused by rainwater or a burst pipe might well be covered by standard cover.

Motor burnout

You know how you’re meant to unplug your electronics during a storm? Do you forget to do it every single time, or is that just us? If an appliance gets damaged by a power surge, Motor Burnout Cover helps you replace it.

Personal effects

Personal effects can include things like jewellery, and you can also opt to have them insured outside of the house. You can also potentially get insured for unspecified personal effects – belongings that aren’t listed on your cover but that you take out of the house with you (usually up to a certain limit).

Accidental damage

That friend you adore but who you just know is going to spill wine on your couch? There’s insurance for that. This type of accidental damage isn’t usually covered in standard Home and Contents Policies, but you can add it as an extra.

How to compare Home and Contents Insurance in Victoria

As you can see, what you want from Home and Contents Insurance can vary a lot depending on your location and circumstances. That’s why it makes sense to do some research. If that sounds like a lot of work, we can help! Our trained consultants can talk through your particular needs and help you compare policies.* Try it out now – it’s easy and quick.

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 does not compare all home and contents insurers or policies in the market. The availability of policies may change from time to time. Not all policies 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. Some policies are only available from iSelect’s call centre or website. 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.

iSelect General Pty Ltd ABN 90 131 798 126, AFS Licence Number 334115. Any advice provided by iSelect on this website 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.

  • 1.
    Based on premiums paid by iSelect Home and Contents Insurance customers from 1 July 2022 to 30 June 2023