Who has the cheapest house insurance in Australia?

Who has the cheapest house insurance in Australia in 2025-2026 according to Canstar and Finder best value awards is typically Budget Direct, Youi, Bingle and Virgin Money for low premiums. Budget Direct is consistently cheapest for combined building and contents, with average premium $1,200 to $1,600 for $500K building and $80K contents, about 20% to 30% cheaper than major insurers like NRMA and Allianz, winning Canstar best value 5 years. Youi offers competitive pricing with tailored premiums based on risk, often cheapest for low-risk areas with good security. Bingle, which is low-cost brand of Suncorp, offers cheap building and contents for simple homes. Virgin Money and ING also offer cheap home insurance with online discounts 15% to 20%. However, cheapest is not always best, because cheap policies may have higher excess $1,000, lower flood cover, no accidental damage, and limited sum insured. For example, Budget Direct cheapest may exclude flood or have $1,000 excess versus NRMA $500 excess with flood included. For flood-prone areas, cheapest may be with no flood cover, leaving you exposed. So cheapest insurers are Budget Direct, Youi and Bingle, but you should compare PDS for flood, fire, storm, accidental damage and sum insured. Use comparison sites like Compare the Market to get quotes for your address, as cheapest varies by location, with Budget Direct cheapest in metro low-risk, while NRMA may be cheaper in regional.