A financial services group and two banks join three of Australia’s leading general insurers to receive five-star ratings for their home and contents insurance from financial services researcher Cannex.

AAMI and ANZ Bank were recognised for their leading home insurance cover while Australian Unity and QBE won credit for “outstanding value” in contents insurance.

Comminsure and CGU policies were rated as the best combined home and contents insurance.

Individual state awards were shared among NRMA Insurance, Budget Direct, Suncorp, GIO, Allianz, CGU and RACV.

Cannex has used the ratings to drive home the critical importance of adequate cover, citing the Victorian bushfires as a “stark reminder of just how vulnerable we are to catastrophes”.

“Underinsurance is rife in Australia and it’s not choosey,” the financial data provider said. “It has pretty much infiltrated every area of insurance, but it’s the home and contents horror stories that really attract attention.

“Many of those whose homes were destroyed in the Victorian bushfires can’t afford to rebuild because they didn’t have enough insurance.”

There were some brickbats among the bouquets, with Cannex accusing insurers of putting the burden of estimating rebuilding costs on the consumer.