Whether you are looking to protect your home or investment property, Bankwest home insurance offers a range options that can be tailored to your needs.
Whether you’re a homeowner looking to safeguard your valuables, or an investor who wants to insure your rental property, consider Bankwest for your home insurance needs. Compare the range of options available from Bankwest and find the right policy for your home and contents.
What policies does Bankwest Offer?
Bankwest offers two home insurance options: one for owner-occupiers and one for investment properties. You can take out a building, contents or combined policy under both options, and they both provide similar cover. However, the investment property option gives you cover against tenant-caused damage and loss of rent, similar to a landlord's policy. Here is what the policies cover:
- Garages, carports, sheds and granny flats
- Verandas, pergolas and other similar external structures
- Retaining walls
- Tennis courts
- Pathways, driveways, terraces and any paved areas
- Gates, masts, aerials and clothes lines
- Pontoons, jetties, wharves or similar structures
- Pools, saunas and spas that cannot be removed
- Baths, toilets, showers, taps and sinks
- Stoves, ovens and dishwashers
- Heaters, air conditioners and fans
- Hot water services
- Built-in furniture
- Ceiling, wall, window or floor coverings including floating floorboards, linoleum and exterior blinds
- Shade cloths and awnings
- Fixtures providing services
- Parts of the plumbing, drainage, sewerage, electrical, gas or telecommunication systems
- Furniture and appliances
- Carpets, rugs, curtains and blinds
- Clothing, footwear, linen and towels
- Kitchen items
- Sunglasses and spectacles
- Baby furniture
- Books, toys and play equipment
- Jewellery, watches, stamps, pins, medals and coins
- Pictures, prints, portraits, sculptures and artwork
- Gardening equipment
- Sporting goods and recreational equipment
- Computers and computer hardware
- Cameras and video equipment
- Mobile phones and handheld electronic devices
- Musical instruments
- Keys to your building
- Indoor potted plants
- Firearms that are licensed, registered and stored correctly
- Above-ground or free-standing pools
- Cash, phone cards and gift vouchers
- Portable gazebos and clothes lines
You have the option to take out an additional benefit to cover portable contents when purchasing contents insurance. This benefit will cover your contents anywhere in Australia and for the first 30 days outside of Australia.
Bankwest Insurance levels of cover
Here are the events that a Bankwest policy will cover:
- Accidental glass breakage
- Damage by animals
- Burnout of electric motors
- Escape of liquid
- Legal liability
- Malicious acts
- Sudden impact
Some additional benefits are covered if one of the above events occurs. The additional benefits include the following:
- Alternative accommodation costs
- Contents in transit
- Damage by emergency services
- Demolition and debris removal
- Injury to a domestic pet
- Mortgage discharge
- Moving within Australia
- Storage fees
- Visitors’ property
Lastly, you may increase your cover by choosing from the following optional benefits when you purchase your policy:
- Accidental damage
- Portable contents cover
- Loss of rent cover
- Domestic workers’ compensation
- Malicious damage or theft by tenants
What won't be covered?
Like all insurance policies, there are some general exclusions you need to be aware of before purchasing insurance from Bankwest. In addition to these general exclusions, most benefits have specific conditions that you should also consider. Here is a list of the most relevant exclusions where Bankwest will not pay your claim:
- It is the result of defects due to faulty design or construction.
- It is the result of your building not being compliant with regulations or building codes.
- It is the result of major renovations, unless Bankwest agreed to insure during that period.
- It is the result of wear and tear and lack of maintenance, including rust, corrosion and deterioration.
- It is the result of water, including rainwater, after it has disappeared beneath the surface of the land at your insured address.
- It is the result of the normal actions of the sea, ocean or other marine waters.
- It is the result of the gradual rising of the levels of the sea, oceanic waters or other marine waters due to any change in climate.
- It is the result of subsidence, landslide or earth movement.
- It is the result of tree lopping at your address.
- It is the result of the actions of trees, plants or their roots that occur slowly and gradually over time.
- It is the result of mould, toxic mould, mildew, wet or dry rot, rising damp or dampness.
- It is the result of the action of light.
- It is the result of birds or bats pecking, scratching, biting, soiling or nesting.
- It is the result of rats, mice and other vermin and insects.
- It is the result of malicious damage caused by someone living at the insured address.
- It is the result of war or warlike activities.
- It is the result of anything related to nuclear or biological substances.
- It is the result of an act of terrorism.
- It is the result of the lawful seizure of your property.
What excess will I need to pay?
The excess is the amount you must contribute when settling a claim. You can choose the amount of excess you wish to pay when taking out your insurance policy.
If you take out home insurance with Bankwest, there are two excess that you may have to pay. The first is the basic excess, which applies to all claims other than portable contents cover, and the second is a legal liability claim. Portable contents cover has a fixed excess of $100 per claim.
Who is eligible for Bankwest home insurance?
Anyone in Australia can apply for home insurance with Bankwest. However, you have to disclose all required information and be honest during your application. Depending on your insurance requirements and personal history, Bankwest may choose not to offer you insurance.
How can I make a claim?
To make a claim with Bankwest, you must contact them by phone.
You also need to take all reasonable steps to prevent further damage or loss to your property. You should start the claim process as soon as possible after the damage or loss has occurred to ensure you receive the maximum benefit from your insurance.
When making a claim, you will need your policy number and contact details.
If the claim is about theft or a malicious act, you must report it to the police and get a reference number from them to submit with your claim.
If you are claiming for contents, you will need to prove ownership. To do so, you can use any of the following:
- Warranty certificates
- User manuals and original packaging
- Serial numbers
Bankwest may need to inspect your property or discuss the event with you before they can settle the claim.
Some final questions you might have
Who underwrites the insurance?
Bankwest’s home insurance is offered by CommInsure, a subsidiary of the Commonwealth Bank.
Are there any discounts available with Bankwest insurance policies?
You will get a 15% discount on your premium if you apply online. You will also get a discount on any further policies you take out with Bankwest. You may also be eligible for a discount if you have a home loan with Bankwest.
Can I choose to pay my premium monthly?
You may choose to pay the premium monthly or annually. If you do not pay your premium on time, your insurance will end without notice.
Do I have to pay the excess for each item I claim or only once?
You only have to pay the excess once per incident. For example, if there is a fire at your home and you make a claim, you will pay the excess amount once, regardless of how many items you claim for. If you have a building and contents policy, but they have different amounts of excess, you will have to pay the higher amount of excess.
How does the portable contents cover work?
If you choose the optional portable contents cover, your possessions will be insured anywhere in Australia and for the first 30 days overseas. When taking out the policy, you can select how much you want the maximum claim benefit to be. However, the maximum amount you may claim for any one item is $1000.