Spiralling home and contents premiums have slowed amid a drop-off in natural catastrophes, according to research group Canstar.

Nationwide average policy increases this year range from 1.2-7.4%, well down on last year’s eye-watering figures of 17-24%.

“Although there were some natural disasters in the past 12 months, the magnitude was not as bad as in previous years, so we haven’t seen those big increases,” Research Manager Mitchell Watson told insuranceNEWS.com.au.

Canstar says work on more extensive flood mapping and permanent mitigation such as levees “should ultimately be reflected in premium quotes”.

Sydney and regional NSW remain the most expensive places to insure a property, with an average increase of 9.5% on a home worth $300,000 and 6.2% on a $500,000 house. Contents insurance fell 0.6% for $75,000 and 4.5% for $150,000.

Tasmania experienced the biggest increases: a home worth $150,000 is now 23.9% more expensive to insure, while a $500,000 house costs 27% more. For contents, consumers pay 46.3% extra for $150,000 and 31.7% for $75,000.

Victoria became the cheapest place to insure a typical home. The average premium reduction on a $300,000 property was 26.6%, with a 26.2% drop on $75,000 contents.

Average premiums for a $500,000 home and $150,000 contents were down 7.7% and 10.4% respectively.

Mr Watson says the reduction in Victoria was due to the removal of the fire services levy.

“That’s why we are seeing a decrease in Victoria but an increase in most other states.”

Meanwhile, Canstar has presented “outstanding value” awards to insurers in three categories.

CommInsure and ANZ shared the title for building-only insurance, while CommInsure and ANZ-owned OnePath came top for contents. CommInsure and OnePath also dominated in the home and contents package category.

Canstar researched 42 insurers and 96 policies, obtaining more than 11,000 quotes across Australia.