When comparing home insurance in Melbourne, check whether the policy covers the building, contents, or both, and review limits for storm, flood, fire, theft and accidental damage. Premiums can vary based on your suburb, property construction, security features, claims history, excess and the level of cover selected. Read the product disclosure statement carefully, including exclusions, waiting periods and how the insurer calculates rebuilding costs. Comparing several providers can help, but the most suitable policy and final premium depend on your circumstances and are determined by the insurer.