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Our verdict
BankSA includes flood cover as standard on all its policies – a plus because many other providers charge extra or include restrictive exclusions.
You can choose to pay your premium monthly and not be charged extra.
While BankSA may offer 2 attractive sign-up deals, its 10% policy saving for combining home and contents insurance doesn't get close to Budget Direct's saving of 30%.
Sorry! We currently don't have this brand on our panel. But don't fret, you can head to the BankSA Home Insurance website or compare a bunch of other home insurance companies with Finder.
BankSA Home Insurance offers 3 main policy types to suit most Australians: building insurance, contents insurance and combined home and contents insurance. You can also find cover for both landlords and renters.
Some main events covered by BankSA Home Insurance include the following:
BankSA Home Insurance is issued by Allianz Australia Insurance Limited, one of the biggest insurance companies in Australia. It offers customers the choice of their excess amount (from $500 to $10,000) and has a cooling off period of 14 days.
Here's the rundown of a BankSA Home Insurance policy
These are some of the standard features that you can claim from BankSA if an insured event causes damage or loss.
Alternative accommodation for you and your pets
Building code compliance costs
Debris removal
Emergency contents storage
Food or medicine spoilage
Guest, visitor, domestic helper or workers property
Moving house
Rebuilding and professional fees
Optional add-ons
BankSA Home Insurance offers a range of optional covers you can add to your policy for an additional premium.
Accidental damage cover
Motor burnout cover
Domestic worker's compensation cover
Portable contents cover
Exclusions
Home insurance policies are usually very clear about what they will and won't cover. You can find a list of general exclusions that apply to BankSA's home insurance in its product disclosure statement (PDS). Here are a few of the key exclusions to be aware of:
Actions of the sea
Deliberate, intentional, malicious or criminal acts
Inherent defects including faulty design
Insects, birds and vermin including native animals
Lost property
Rust, damp or chemical damage
Soil movement
Wear and tear
Make sure you read BankSA's PDS for a more detailed breakdown of exclusions. You can also head to our general exclusions guide for more information.
Here's some information on BankSA 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 BankSA (Allianz Australia Insurance Limited) did:
Allianz is categorised by AFCA as a very large general insurer, which means it's normal to see a large number of complaints. Comparatively, it received much less than insurers of similar size like QBE.
It does, however, have a lower percentage of complaints that were resolved at the first stage of the complaints process.
This is the bottom line about BankSA
BankSA Home Insurance offers a lot of peace of mind thanks to the many standard inclusions in its policies. What's more, you can also save up to 10% if you combine your building and contents in one policy, but there are bigger sign-up bonuses out there.
If you're not yet ready to take out a policy, compare BankSA Home Insurance policies side by side with other providers we've reviewed.
Why you can trust Finder's home insurance experts
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.
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
The claims process on a BankSA insurance policy is fast and simple. You can make a claim 24 hours a day, 7 days a week over the phone or online via the BankSA website.
All you have to do is follow a few simple steps:
Make sure everyone is safe and dial 000 in an emergency
Do everything you can to prevent further loss or damage
Call the police to report any theft, burglary or malicious damage
Phone BankSA or lodge your claim online and provide full details of what happened
You will need your policy number, details of the event (e.g. the date the incident occurred, what happened and what was damaged) and photos or other supporting documentation (if possible).
Yes, flood cover is included in all policies available from BankSA.
Accidental breakage of glass or ceramic items is included as standard in both buildings and contents insurance with BankSA. For other types of accidental damage, you can pay an additional premium for the optional accidental damage cover.
Yes, you can save money on the cost of your BankSA home and contents premium by combining your building and contents cover or purchasing your policy online for the first time. BankSA also has a no claim bonus discount where you can save up to 30% based on your claims history in the previous 5 years.
Leave a BankSA Home Insurance review
If you've held, or currently hold, a BankSA Home Insurance policy, we'd love to hear from you. Your reviews help other Australians decide if BankSA 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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I would like to be advised what current insurance policies I have with BANKSA.
I have miss placed my insurance file. Could you please advise me what current insurance policies I have with BANKSA , vehicle and or buildings. Thank you
You can reach out to BankSA directly to inquire about your policies. You can call them at 1300 656 345. You can also visit their Contact Us page for more information.
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I would like to be advised what current insurance policies I have with BANKSA.
I have miss placed my insurance file. Could you please advise me what current insurance policies I have with BANKSA , vehicle and or buildings. Thank you
Hi Peter,
You can reach out to BankSA directly to inquire about your policies. You can call them at 1300 656 345. You can also visit their Contact Us page for more information.
Thanks,
James