Online home and contents insurance service launches yesterday launched an online home and contents insurance service.

The online financial services arm of software company Intuit, recently commissioned research into the home insurance market and found that more than 70 per cent of Australian home owners rate home and contents insurance as "the most important purchase" they need to make for their homes and families. Insurance, however, was named as "the least enjoyable purchase", according to the survey.

Under its Home & Contents Insurance facility, allows users to source three quotes from three different "reputable" insurers within a few minutes of logging on.

At the time of its launch, participating insurers in the scheme included CGU, Royal Sun Alliance and Western QBE, with new entrants expected to be named in the next few weeks, according to company officials.

Applications, payments and confirmations are carried out online, therefore allowing users to have an insurance policy in their hands within 24 hours of logging onto the site.

"Unlike the online services offered by major insurance companies, customers are able to compare policies and prices and make a choice," according to marketing manager, Wendy Kerr. "Add to that the speed and simplicity of the process and makes one of the least enjoyable household purchases quicker and easier than ever before."

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