One of Australia's biggest regional banks, Bank of Queensland also offers many insurance products. BOQ offers two home and contents insurance policies issued by Vero. Both policies have extensive features and benefits, such as cover for rebuilding costs and new for old contents cover. Both policies also offer flexible excess if you wish to lower your premiums.
Read on to learn about Bank of Queensland's cover options, exclusions and unique features.
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Bank of Queensland's home insurance policies
Bank of Queensland offers two home and contents insurance policies, both of which are issued by Vero.
Vero Secure Home Extra Insurance
Vero Secure Home Extra Insurance provides cover against loss or damage to your home or contents caused by a wide range of defined events, including flood, storm, lightning, fire and theft. This includes cover for reasonable rebuilding costs and removal of debris, as well as new for old contents cover, electrical motor burnout cover and cover for your home office equipment. $20 million of public liability cover is also included.
Vero Secure Home Elite Insurance
Secure Home Elite Insurance from Vero covers your home and contents against loss or damage as a result of flood, storm, theft, vandalism, fire, explosion and more. It also covers all your contents against accidental loss or damage and provides automatic cover for valuable items like jewellery and mobile phones. $20 million of public liability protection is included as well, along with cover for rebuilding costs and removal of debris.
Levels of cover with Bank of Queensland home insurance
Vero Secure Home Extra Insurance
- Defined events cover for your home and contents
- Covers loss or damage caused by flood, storm, lightning, fire, earthquake, tsunami, theft, burglary, accidental glass breakage, escape of liquid, impact, vandalism and more
- Cover for rebuilding costs
- New for old contents cover
- Flood cover included as standard
- Removal of debris
- Electrical motor burnout cover
- Home office equipment cover
- $20 million public liability cover
- Pay by the month at no extra cost
- 20% discount for retirees over the age of 55
Vero Secure Home Elite Insurance
- Covers loss or damage caused by flood, storm, lightning, fire, earthquake, tsunami, theft, burglary, accidental glass breakage, escape of liquid, impact, vandalism and more
- Cover for rebuilding costs
- New for old contents cover
- Automatic cover for valuable items such as mobile phones and jewellery
- Covers your contents against accidental loss or damage
- Electrical motor burnout cover
- $20 million public liability cover
- Pay by the month at no extra cost
- 20% discount for retirees over the age of 55
Home insurance excess
The excess is the amount you have to pay for each incident that results in a claim. Sometimes more than one type of excess may apply.
The types of excess are:
- Home Building and Home Contents Basic Excess. This excess applies to all claims unless otherwise stated in the PDS.
- Home Personal Valuables Excess. Personal valuable claims incur their own excess.
- Earthquake and Tsunami Excess. This excess is payable if you make a claim for loss or damage resulting from an earthquake or tsunami.
- Additional Excess. The insurer may impose an extra excess based on its assessment of the risk involved in insuring your home or contents.
- Unoccupied Excess. This excess applies if your claim for loss or damage occurs when your home has been left unoccupied for more than 60 consecutive days.
General exclusions
There are circumstances in which Bank of Queensland will refuse a claim. Your home insurance claim will not be paid if:
- It is caused by any action or movement of the sea
- It is caused by any animal owned by you or that you allow at your address
- It is caused by insects, vermin or rodents
- It is for damage caused by smoke when a fire damage claim has been paid
- It arises because you, or someone acting with your consent or permission, break the law
- It arises due to your possession, supply or consumption of any illegal substances or illegal drugs
- You fail to comply with any government laws, such as those surrounding the installation of pool fencing or smoke alarms
- It is for loss or damage to building extensions, alterations or renovations
- It is for a bushfire, storm, flood or tsunami in the first 72 hours of cover
- It is for chemical damage as a result of cleaning
- It results due to a computer virus or hacking
- It is for consequential loss
- It results due to the confiscation of anything by a legal authority
- It arises due to a defect, structural fault or design fault that you knew about and failed to fix
- It arises due to a deliberate action by you, your family or anyone living at the insured address
- It is for loss or damage that occurs more than 72 hours after an earthquake or tsunami
- You fail to take reasonable care of your home or contents
- It arises due to mechanical or electrical breakdown
- Your home or unit does not comply with building laws or regulations
- It is caused by the roots of trees, shrubs or plants
- It is for theft or malicious damage by someone you invited into your home
- It is caused by trees lopped or felled by you or someone authorised by you
- It is for wear and tear, rust, mould or gradual degradation
Who is eligible for an insurance policy with Bank of Queensland?
Bank of Queensland home insurance policies are available to all Australian homeowners. There are no special eligibility criteria you need to satisfy in order to qualify for a policy.
How to make a claim
It’s important to contact the insurer as soon as possible after any event that may lead to a claim. You will need to follow a few simple steps when loss or damage occurs:
- Make sure everyone is safe and phone the emergency services if necessary.
- Take all reasonable steps to prevent any further loss or damage.
- Report any theft or malicious damage to the police immediately.
- Contact Vero as soon as possible to report your claim. Claims can be made 24 hours a day, 7 days a week.
