Canstar has named CommInsure, AAMI, OnePath and ANZ as its annual award winners in home and contents insurance categories.

The five-star ratings for outstanding value come amid a general decline in premiums, as prices retreat from levels that were prompted by claims losses and high reinsurance costs.

“In almost every state and territory, premiums for home insurance and contents insurance have been on the decline,” Canstar says. “To a certain extent, these falls mitigate some of the sharp increases in cost experienced over the past two years.”

CommInsure and AAMI shared the national award for combined home and contents packages. Canstar says policy features secured a five-star rating for CommInsure, while multi-policy discount availability is a welcome addition.

AAMI, which Canstar said has reduced premiums in the past year, also won the combined category in SA, Tasmania and WA.

In the buildings-only category, OnePath took out the national award along with parent company ANZ, which secured the top rating for a second year. At a regional level, ANZ won the category in northern and southern Queensland.

CommInsure and OnePath shared the national award in contents-only cover for a second year, based on combinations of price and features.

Other state winners include GIO, for home and combined-package insurance in Victoria and for contents and a combined package in NSW. CGU won the home category in NSW, while Suncorp took the top honour for contents in WA.

Canstar compared 120 insurance products from 49 providers and obtained more than 14,900 quotes across seven regions.