Choose from 3 levels of cover and find home insurance to meet your needs with Bank of Melbourne
Whether you are an owner-occupier or renting out your aparment to tenants, Bank of Melbourne offers a broad range of policies to meet the needs of a range of home-owners. Compare the range of cover options available and additional benefits to tailor your policy closer to your needs.
Bank of Melbourne home insurance cover options
Essential Care policies are designed to provide a basic level of cover for your home and contents against a wide range of common risks. Events that are insured include storm, fire, theft, flood, lightning and malicious damage. Cover also includes $20 million of legal liability if you cause injury to someone else or damage another person’s property. Other benefits include sum insured safety nets for your building and contents, emergency accommodation costs and cover for jewellery and watches.
- Earthquake, escape of liquid, explosion, fire, flood, impact, lightning, malicious acts, riot or civil commotion, storm, theft
- Sum insured safety net
- $20 million legal liability cover
- Emergency accommodation costs
- Jewellery, artworks, collections and collectibles
- Optional personal valuables cover
- Pay by the month at no extra cost
Quality Care offers all the same benefits as an Essential Care policy, but has higher limits for many of the benefits. It also adds cover for accidental glass breakage and electrical motor burnout, as well as for cash, cheques and money orders. Legal liability protection of $20 million is again included.
- All the same features as Essential Care but with added features and benefits
- Higher benefit limits
- Accidental glass breakage
- Electrical motor burnout
- Cash, cheques, money orders
- Sum insured safety net
Designed to offer comprehensive cover for your home and contents, Premier Care is the highest level of protection available from Bank of Melbourne insurance. It offers all the same benefits as Quality Care but has increased limits, such as up to $20,000 cover for artworks and collections, and increased sum insured safety nets for buildings (up to 30% of sum insured) and contents (up to 20% of sum insured). It also covers accidental loss or damage to your building and contents, as well as for your contents while they are temporarily removed from the insured address.
- All the same features as Quality Care but with added features and benefits
- Higher benefit limits
- Accidental loss or damage
- Landscaping and garden re-establishment costs
- Unsecured fixtures and materials during renovations
- Contents in transit
What isn't covered?
Your Bank of Melbourne home and contents insurance claim will not be paid if the damage was caused under any of the following conditions:
- It is for events or circumstances that are covered by a warranty, guarantee or service contract.
- It is caused by vermin, insects or pests.
- It is caused by defects in design, structure, materials, workmanship or construction.
- You fail to properly maintain your property or keep it safe and secure.
- It arises due to wear and tear, gradual deterioration or fading.
- It is caused by rust, corrosion, mould or mildew.
- It is caused by landslide, subsidence or erosion.
- It arises due to settling, expansion, shrinkage or vibration.
- It is caused by tree roots.
- It arises due to electrical, mechanical or computer breakdown.
- It arises due to malicious or unlawful acts or use by you, or by someone acting with your consent.
- It arises because your property is being used for any business, trade or profession.
- Your property is unoccupied for more than 60 continuous days.
- Your property or part of the property is leased to a third party.
- It arises due to war or terrorism.
- It is for loss or damage to common property where the home is part of a strata, group or community title plan.
Bank of Melbourne home insurance excess
If a claim on your Bank of Melbourne home insurance policy is accepted, you will need to pay an excess. This is the amount you must contribute to the cost of a claim, and any excesses payable are shown on your policy schedule.
A minimum basic excess of $100 applies, but you also have the option to increase this by adding a voluntary excess which will lower your premiums. The following total basic excess (minimum basic excess plus any voluntary excess) options are available:
However, you should also be aware that the insurer may choose to impose an additional excess due to risk-based underwriting criteria.
Who is eligible for Bank of Melbourne home insurance?
Bank of Melbourne’s home and contents policies only offer cover to residential properties located in Australia. Cover is subject to the insurer accepting your policy application and receiving the necessary premium payment on time.
Making a claim
If something happens to your home or contents, the claims process with Bank of Melbourne is designed to be as quick and easy as possible. All you have to do is follow a few simple steps:
- Submit your claim. You can submit a claim by phoning the insurer or filling out an online form with details of the incident leading to your claim. Alternatively, you can print out and complete a paper claim form, then submit it along with your supporting documentation.
- Advise the police. You should immediately advise the police if anything has been stolen, if your home has been broken into, or if there has been any malicious damage. You also must not allow anyone to repair the property until the insurer has had a chance to inspect it.
- Provide important information. You will be sent a letter to confirm your claim and case number, as well as details of any further information or documents you need to provide.
If no further information or documentation is required, your claim will be settled within 10 business days.
Some final questions
Who is the insurer?
Bank of Melbourne Home and Contents Insurance is issued and insured by Westpac General Insurance Limited.
When do I need to pay my premiums?
You can pay your premium as an annual lump sum or in monthly instalments.
Does it cost more to pay by the month?
No, there is no additional charge if you choose to pay by the month.
How long is the cooling-off period?
There is a 21-day cooling-off period. You will receive a full premium refund if you cancel cover in the first 21 days after purchasing a policy.
Am I covered for accidental loss or damage?
This type of cover is only available on Premier Care policies.
How can I apply for cover?
You can apply for a policy online or by phoning the Bank of Melbourne.