The Commonwealth Bank’s CommInsure business provides the best value in home and contents insurance, according to Canstar Cannex in a performance measurement that places Australia’s banks at the top of the charts.

The rating company’s third annual survey of home and contents products – which compares the products of 32 insurers and 58 policies – found CommInsure provides “outstanding value”.

For home insurance, CommInsure and ANZ Bank’s OnePath (formerly ING Insurance) came out on top, while for contents insurance Australian Unity and Westpac came out on top.

Using 12,000 individual quotes across six states, Canstar Cannex says Australian Unity and CommInsure were “outstanding”.

In the state standings, CommInsure also proved popular, taking out the home insurance honours in Queensland, Tasmania and WA, alongside NRMA Insurance for NSW, SGIC for SA and RACV in Victoria.

The bank also scored three gold stars in the home and contents category for NSW, SA and Victoria, while NRMA Insurance and SGIC also proved popular.

Australian Unity also scored big in the state selections, being named the “best value” for contents insurance in NSW, SA, Tasmania and Victoria, while GIO was the best for WA and Westpac for Queensland.

Canstar Cannex Head of Research Steve Mickenbecker says the survey not only highlighted the best value policies but also revealed a disturbing lack of insurance and underinsurance.

“Now is the time to reassess this, with severe weather conditions expected over the next few months,” he said.