How Many Quotes Should You Get for Homeowners Insurance?

When you’re buying homeowners insurance, getting just one quote is like buying a car after only test-driving it once. You might end up paying way more than you need to - or worse, missing out on coverage that actually protects you. The truth? Getting at least three quotes is the bare minimum. But here’s what most people don’t tell you: the best deals often come from the fourth or fifth quote.

Why one quote isn’t enough

Home insurance isn’t a one-size-fits-all product. Two houses right next to each other can have completely different premiums. Why? One might be near a fire station, the other near a flood zone. One has a new roof, the other has old wiring. One uses a security system, the other doesn’t. Insurance companies weigh these details differently. Some focus on construction materials. Others care more about claims history in your neighborhood. A few even look at your credit score.

In Sydney, for example, a 2025 study by the Australian Financial Complaints Authority found that homeowners who got only one quote paid, on average, 37% more than those who compared at least three. That’s not a typo. That’s $1,200 a year on a $3,200 policy. And that’s just the start.

How many quotes should you really get?

Three is the rule. Four is better. Five? That’s where you start finding hidden savings.

Here’s how it breaks down:

• 1 quote: You’re guessing. You might get lucky, but you’re also likely overpaying.
• 2 quotes: You’re narrowing it down. Still risky - you could be comparing two similar companies that charge the same inflated price.
• 3 quotes: This is the sweet spot. You’ll see clear differences in pricing and coverage. If two are close and the third is way lower, you know something’s off - or you’ve found a bargain.
• 4-5 quotes: This is where the real savings happen. Smaller insurers, regional providers, or even your current insurer’s loyalty discount might surprise you. One Sydney homeowner we spoke to saved $890 a year by switching from a big national brand to a local mutual insurer after getting her fifth quote.

There’s no magic number, but after five, the returns drop off. You’re not finding new options - you’re just rehashing the same ones. So aim for 4-5, then stop.

Who should you get quotes from?

Don’t just check the big names. You’re missing half the market if you only look at Allianz, NRMA, or QBE.

• Big national insurers - These are the household names. They’re reliable, but often expensive. They rely on brand trust, not competitive pricing.
• Regional insurers - Companies like GIO (in NSW) or SGIO (in WA) often undercut national brands because they know their local risks better. They don’t need to spend millions on ads.
• Online-only providers - Insurtechs like Cover-More or Youi offer streamlined apps and lower overhead. They’re great if you’re tech-savvy and don’t need face-to-face help.
• Through a broker - A good insurance broker can get you quotes from 10+ companies in one go. They’re paid by the insurers, so it doesn’t cost you extra. And they’ll explain what’s actually covered - not just what sounds good.

In 2025, a survey of 1,200 Australian homeowners found that those who used a broker got 22% better coverage for the same price compared to those who shopped alone.

What to compare - beyond price

Price matters, but not as much as you think. A cheap policy can leave you exposed.

Here’s what you need to check on every quote:

• Sum insured - Is it based on rebuild cost or market value? Rebuild cost is what you want. Market value includes land - which you don’t need to rebuild.
• Excess - How much will you pay out-of-pocket if you claim? A $1,000 excess might lower your premium, but it could crush you after a storm.
• Weather coverage - Does it cover hail, flooding, or bushfire? In Australia, these are the top three claims. Not all policies include them.
• Contents coverage - Are your electronics, jewelry, and artwork covered? Some policies cap these at $1,000. That’s not enough for a 4K TV, let alone a diamond ring.
• Alternative accommodation - If your home is unlivable after a fire, will they pay for a hotel? Some only cover 12 months. Others cap it at $5,000. That’s not enough for a Sydney rental.

One Sydney family found out the hard way. Their policy didn’t cover storm damage to their roof. They paid $3,500 out of pocket because they only checked the price. They didn’t read the fine print.

How to get quotes fast

You don’t need to spend weeks on this. Here’s a real-world timeline:

1. Day 1: Use a comparison site like Canstar or Compare the Market. They pull quotes from 8-10 insurers in minutes.
2. Day 2: Call 2-3 regional or online insurers directly. Ask: “What’s your cheapest policy for a 1980s brick home with a new roof and alarm system?” Be specific.
3. Day 3: Talk to a broker. Give them your list. They’ll find gaps you missed.
4. Day 4: Recheck your current insurer. Tell them you’re considering switching. They’ll often match or beat the best quote.

That’s four days. And you’ll know exactly where you stand.

Red flags to watch for

Not all quotes are created equal. Watch out for:

• Too-good-to-be-true prices - If a quote is 40% cheaper than the rest, ask why. It might exclude flood cover or have a $5,000 excess.
• Vague policy wording - If the insurer can’t clearly explain what’s covered, walk away.
• No online claims portal - In 2026, if you can’t file a claim in 10 minutes via an app, the service is outdated.
• Hidden fees - Some insurers charge for policy changes, cancellations, or even document requests.

One woman in Newcastle got a quote for $1,100 a year - $500 cheaper than anyone else. She signed up. Three months later, her home was damaged in a hailstorm. The insurer denied the claim because her policy excluded “wind-driven rain.” She’d never been told that. That’s not a deal. That’s a trap.

What happens if you don’t shop around?

Insurance companies count on you staying put. They know most people renew without comparing. That’s why renewal rates often jump 10-15% a year - even if nothing changes about your home.

In 2025, the ACCC found that 68% of Australians didn’t switch insurers in the past three years. Of those, 82% were paying more than the market average. That’s not loyalty. That’s a tax.

And here’s the kicker: switching doesn’t hurt your credit score. It doesn’t trigger a new risk assessment. It’s just shopping. Like buying groceries.

Final advice

Don’t wait for your renewal. Start comparing now. Even if you’re happy with your current insurer, get one quote. Just one. You might be shocked.

And if you’re buying a new home? Get at least five quotes before you sign the contract. Insurance isn’t an afterthought. It’s part of the cost of ownership.

Think of it this way: you wouldn’t buy a house without an inspection. Why would you buy insurance without one?