Bankwest home insurance review

What does Bankwest home insurance cover?

Bankwest is issued by CommInsure. It comes with 3 different options for home owners: building insurance, contents insurance and a combined home and contents insurance policy. It also offers landlord insurance and options for renters. It has a cooling off period of 21 days – this is the standard among most insurers.

Some main events covered by Bankwest home insurance include:

Here's the rundown of a Bankwest home insurance policy

Here's some information on Bankwest 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 Bankwest (Commonwealth Insurance Limited) did:

• Despite its large size, Commonwealth didn't receive many complaints. It also has a lower percentage of complaints than other similarly-sized insurers, which suggests customers tend to be happy with their insurance policy.
• While it didn't receive many complaints and most were resolved directly with its customers, a small number were escalated to the AFCA.

This is the bottom line about Bankwest

Bankwest home insurance is good if you want to go with a trusted insurer with a fairly good complaints record. It's also potentially quite convenient if you're also a Bankwest customer. However, it's worth reading the exclusions and benefit limits in the PDS before you buy to make sure it's right for you.

If you're not ready to take out a policy, you can compare other home insurance brands side-by-side here.

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Frequently asked questions

• How do I make a Bankwest home insurance claim?

  To make a claim with Bankwest, you must contact them by phone at 13 24 23.

  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:

  • Receipts
  • Photographs
  • 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.

• 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.

• Who is suitable for Bankwest home insurance?

  To be eligible for a Bankwest home or contents insurance policy, you must be:

  • Be aged 15 years and above (unless by exception), or a company
  • Own a domestic home in Australia
  • Meet underwriting guidelines and all policy acceptance criteria. Certain factors increase the risk and may mean you can't get cover, including:
    • The type of property (e.g. if it's under construction)
    • The total replacement value of the building
    • The condition of the home (e.g. poor condition)
    • The use of the property (for example if it's used for business, commercial or farming activity)
    • Whether the home is occupied

Leave a Bankwest home insurance review

If you've held, or currently hold, a Bankwest home insurance policy, we'd love to hear from you. Your reviews help other Australians decide if Bankwest is right for them. Some reviews are from a survey commissioned by Finder.