The average cost of a new home and contents policy has risen 14% over the past year, according to researcher Canstar.  

A study of about 25,000 new customer quotes found the average price was $2795, up from $2452 previously.  

The most significant rise was in NSW, up 18% to $2613 from $2210. The largest dollar increase was in the NT, up $700 to $4814 – a 17% increase.

Policies in Victoria, SA and Tasmania all gained 17%, while Queensland – excluding its northern regions – was up 16%. Only WA and north Queensland had single-digit rises.  

Canstar data insights director Sally Tindall says homeowners faced “rising home insurance costs in a year marked by wild weather events in many regions”.  

She says the average rise is “a steep climb for many households, and the concern is some may look to downgrade their cover or ditch it altogether”.  

Canstar has also announced winners in its home and contents insurance awards, including AAMI, Allianz, QBE and Westpac.  

See the full list here. 

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