Aussie home insurance premiums skyrocketed by up to $700 over the last 12 months

Australians are paying more than ever for home and contents insurance as average premiums skyrocket by up to $700.

New research from Canstar revealed the average Australian annual home and contents premium jumped from $2452 to $2795 in the past 12 months.

That's an increase of 14 per cent, or about $343.

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But the stats were even more dire when broken down by state and territory, with several unlucky regions facing increases well above the national average.

Average annual home and contents insurance premiums in NSW rose from $2210 in 2024 to $2613 in 2025, an increase of $403 or 18 per cent.

NSW copped the most significant percentage increase but not the biggest dollar increase.

That went to the Northern Territory, where average premiums skyrocketed by $700 or 17 per cent, going from $4114 to $4814.

In Victoria, premiums jumped from $1958 to $2299, rising by $341 or 17 per cent.

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North Queensland saw the lowest increase of just two per cent, rising $112 from $4512 to $4624.

The rest of Queensland didn't fare so well, with premiums rising from $2735 to $3166, an increase of $431 or 16 per cent.

Premiums rose from $1646 to $1933 in SA, a spike of $287 or 17 per cent.

WA premiums increased by $192 or nine per cent, jumping from $2032 to $2224.

Finally, Tasmanian premiums went from $1838 to $2155, an increase of $317 or 17 per cent.

Frequent extreme weather events and high rebuilding costs have been blamed for the sharp spike in premiums across the country, especially in states like Queensland and NSW.

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"Claims from ex-tropical cyclone Alfred alone have exceeded 125,000 at a cost of $1.36 billion, according to the Insurance Council," Canstar data insights director Sally Tindall said.

But she warned Aussies facing high home insurance premiums not to risk going without.

"Even if you're not in a high-risk weather region, other emergencies, such as a burst water pipe or an overflowing sink, could potentially be covered in your insurance if the emergency wasn't preventable," Tindall said.

"If you're hamstrung between affording cover or going without, try shopping around as a first port of call."

Canstar data showed that switching policies can save some Australians up to $766 per year.

It listed AAMI, Allianz Australia, QBE, and Westpac among the providers offering "outstanding value" for home and contents insurance.

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