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Bank of Melbourne home insurance

Get comprehensive coverage with generous limits when you buy Bank of Melbourne home insurance.

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Our verdict

  • Bank of Melbourne's policies come with a competitive rate of up to $20 million in legal liability.
  • Flood cover comes standard on all policies which can end up saving you in the long run as providers like Budget Direct and Qantas have these as pricey optional extras.
  • While Bank of Melbourne does offer some attractive sign-up deals, its 10% policy saving for new customers doesn't match Budget Direct's saving of 30%.
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What does Bank of Melbourne home insurance cover?

Bank of Melbourne home insurance offers cover for both homeowners, landlords and renters. You can choose from 3 policy types: building insurance, contents insurance, and combined home and contents insurance.

Some main events covered by Bank of Melbourne home insurance include:

Bank of Melbourne home insurance is issued by Allianz Australia Insurance Limited, which is one of the largest insurance companies in Australia. It offers customers the choice of excess amount, and has a below-average cooling off period of 14 days – the industry standard is 21 days.

Here's the rundown of a Bank of Melbourne home insurance policy

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Standard features

These are some of the standard features that you can claim on if an insured event causes damage or loss.
  • Alternative accommodation for you and your pets
  • Building modifications
  • Debris removal
  • Emergency contents storage
  • Food or medicine spoilage
  • Guest, visitor, domestic helper and domestic workers property
  • Moving house
  • Rebuilding and professional fees

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Optional add-ons

Bank of Melbourne home insurance also offers optional cover that you can add to your policy for an additional premium.
  • Accidental damage cover
  • Motor burnout cover
  • Domestic workers compensation cover
  • Portable contents cover

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Exclusions

To be clear about what is and isn't covered, home insurance policies have a list of general exclusions. Here are a few exclusions to be aware of with Bank of Melbourne.

  • Actions of the sea including storm surge
  • Coal seam gas
  • Deliberate, intentional, malicious or criminal acts
  • Inherent defects including faulty design or poor workmanship
  • Illegal contents or personal effects
  • Soil movement including erosion, landslide and mudslide
  • War, rebellion or warlike operations
  • Wear and tear

Make sure you read Bank of Melbourne's PDS for a more detailed breakdown of exclusions. You can also head to general exclusions for more information.

Here's some information on Bank of Melbourne home insurance complaints

We looked at home insurance complaint data from the Australian Financial Complaints Authority (AFCA) between July 2022 and June 2023. The data breaks down different underwriters and compares their business size to the number of complaints processed.

When comparing insurers, keep in mind that insurers with a larger market share serve more customers, so can potentially get more complaints.

Here's an overview of how Bank of Melbourne (Allianz Australia Insurance Limited) did:

  • Allianz is considered a very large general insurer which means it's normal to see a relatively large volume of complaints.
    • This is the same case with Hollard and Insurance Australia Limited, however, you can see that Allianz has a lower percentage of complaints that were resolved at the first stage of the complaints process.

    This is the bottom line about Bank of Melbourne

    Bank of Melbourne home insurance is a well-rounded policy with some essentials like flood cover included as standard. If you do need additional cover, there's a variety of optional add-ons you can choose from. While not as impressive as some providers, its new policy discount and combined cover discount can help you save on your premium.

    Still not sure? You can compare and review home insurance brands side-by-side to make sure you end up with a policy you're happy with.

    Why you can trust Finder's home insurance experts

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    We're free

    You pay the same as buying directly from the home insurer. Better still, we regularly run exclusive deals that you won't find on any other site – plus, our tables make it easy to compare policies.
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    We're experts

    We've researched and rated dozens of policies as part of our Finder Awards. We provide unique insights and our in-house experts regularly appear on Sunrise, 7News and SBS News.
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    We're independent

    Unlike other comparison sites, we're not owned by an insurer. That means our opinions are our own and we work with lots of home insurance brands, making it easier for you to find a good deal.
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    We're here to help

    Since 2014, we've helped 150,000+ people find home insurance by explaining your cover options simply and clearly. We'll never ask for your number or email. We're here to help you make a decision.

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    Leave a Bank of Melbourne home insurance review

    If you've held, or currently hold, a Bank of Melbourne home insurance policy, we'd love to hear from you. Your reviews help other Australians decide if Bank of Melbourne is right for them. Some reviews are from a survey commissioned by Finder.

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