A survey of Australia’s best home and contents insurance deals shows that Sydney residents on average pay 26% more than Melbournians and 48% more than Hobart residents to insure a home worth $250,000.

The research by financial services firm Cannex reveals that when it comes to home and contents packages, Sydney suburbs are home to the highest premiums – regardless of the value of the assets being insured.

Sydney is followed (in order of cost) by Melbourne, Brisbane, Perth, Adelaide and Hobart.

“Considering all these comparisons are made against the same value insured, it can only be assumed that Sydney residents are more likely to make claims or face significantly higher risks than their counterparts across the rest of the country,” Cannex Head of Research Steve Mickenbecker said.

The national analysis of 26 insurers’ policies found CommInsure was the best overall insurer across the three categories – home, contents, and home and contents insurance.

A number of insurers shared regional honours across the individual categories, including Suncorp, GIO, AAMI, Western QBE and Real Insurance.