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Our Verdict
Bank of Queensland covers the agreed sum insured plus up to 30% more to help with the costs of demolition and design fees - a real bonus if you're underinsured.
You get a smart home kit worth $250 when you sign up which includes sensors to notify you of accidents in the home. Plus you'll save 8% off your premiums if you continue to use them.
There are no big sign-up or loyalty bonuses on offer so it's important to compare to make sure you're getting value for money above all the smart offers.
Sorry! We currently don't have this brand on our panel. But don't fret, you can head to the Bank of Queensland Home Insurance website or compare a bunch of other home insurance companies with Finder.
What does Bank of Queensland Home Insurance cover?
One of Australia's biggest regional banks, Bank of Queensland (BOQ) also offers insurance products to protect your most valuable assets - your home and contents. BOQ has partnered with Honey Insurance to provide a simple sign-up process and smart tech integrated into your cover.
Some main events covered by Bank of Queensland Home Insurance include:
BOQ has policy options for homeowners, renters and landlords including building insurance, contents insurance and combined building and contents cover. All policies come with a basic excess which is the amount you need to pay whenever you make a home insurance claim. There is also a cooling-off period of 21 days so if you decide to cancel your policy within this timeframe, you can receive a full refund.
Here's the rundown of a Bank of Queensland Home Insurance policy
Bank of Queensland Home Insurance offers a few optional extras which you can add to your policy for an additional premium.
Accidental damage
Motor burnout
Mobile phones
Small business contents
Individual items at home
Individual or grouped items away from home
Exclusions
Home insurance usually comes with a list of things that will not be covered, referred to as general exclusions. Here are a few exclusions from Bank of Queensland to be aware of:
Actions of the sea
Defective or faulty workmanship
Deliberate acts
Erosion and landslide
Pests and parasites
Roots and trees
Rust and mould
Wear and tear
For the full list, make sure you read the Product Disclosure Statement (PDS) on Bank of Queensland's website. You can also head to our general exclusions guide for more information on what to look out for.
Here's some information on Bank of Queensland Home Insurance complaints
We looked at home insurance complaint data from the Australian Financial Complaints Authority (AFCA) between July 2020 and June 2021. 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 Queensland (RACQ Insurance Limited) did:
RACQ is considered a large firm so it's normal to see a relatively large number of complaints but its complaints volume is significantly less than larger insurers such as QBE and Insurance Australia Limited.
RACQ does, however, have a lower resolution rate which means that fewer of its complaints were resolved directly with customers without needing to be escalated to AFCA.
This is the bottom line about Bank of Queensland
Bank of Queensland Home Insurance through Honey looks a little bit different to what you might be used to. Like any insurer, it doesn't want you to make a claim but the difference is it's helping you to protect your home. You get a smart home kit worth $250 when you sign up and this includes a set of smart sensors to monitor your home for fire, water leaks and theft. Keep these turned on and you'll save 8% off your premium every year.
Honey's insurance also features some nice extras that other providers don't offer, including a sum insured safeguard of up to 30% over and above your sum insured. This helps prevent you from being underinsured, a costly mistake if your home is completely destroyed. While there are no attractive sign-up bonuses on offer, you might find that Honey's policies are still an affordable option to consider.
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.
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.
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.
Frequently asked questions
Claims can be lodged through Honey Insurance 24/7 either online or over the phone. You can do this by logging into your Honey account or by calling 137 138. You'll need to submit any supporting documents like receipts, photos or proof of ownership.
Yes, its Product Disclosure Statement defines a flood as the covering of normally dry land by water that has escaped or been released from the normal confines of a reservoir, canal, dam, lake, river, creek or other natural watercourse.
Yes, your visitor's contents are covered up to $500 under a contents policy.
Yes. You can choose to pay a higher excess if you would like lower premiums or decrease your excess so you won't have to pay as much at the time of a claim.
Leave a Bank of Queensland Home Insurance review
If you've held, or currently hold, a Bank of Queensland Home Insurance policy, we'd love to hear from you. Your reviews help other Australians decide if Bank of Queensland is right for them. Some reviews are from a survey commissioned by Finder.
Cristal Dyer is a travel writer at Finder. She has been writing about travel for over five years and has visited over 40 countries around the world. Cristal currently travels full-time, writing about her favourite cities and food finds, and she is always on the lookout for amazing flight deals to share.
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