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Bankwest home insurance review

Bankwest Home Insurance comes with cover for floods and a sum insured benefit that many other insurers make you pay extra for.

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Our Verdict

  • Bankwest covers up to an additional 25% on top of your sum insured when it isn't enough to cover your loss. This is only available as an optional add-on with many other insurers we looked at.
  • Flood cover is automatically included in all policies – many other home insurers will charge extra for this.
  • You get up to 15% off a combined building and contents insurance policy but insurers including Budget Direct, St.George and Westpac offer larger sign up discounts.

What does Bankwest home insurance cover?

Bankwest is issued by Hollard Insurance. 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

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Standard features

These are some of the standard features that you can claim on if an insured event causes damage or loss.

  • Alternative accommodation
  • Contents in transit
  • Damage by emergency services
  • Demolition and debris removal
  • Domestic pets
  • Loss of rent
  • Accidental glass breakage
  • Animal damage
  • Burn out of electric motors
  • Earthquakes
  • Escape of liquid

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Optional add-ons

Bankwest home insurance doesn't offer as many optional extras compared to other insurers like Budget Direct or Qantas. But, keep in mind that you'll need to pay extra if you want these benefits included.

  • Accidental damage
  • Motor burn out cover
  • Portable contents cover

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Exclusions

All home insurance policies have things you won't be covered for. Here are a few exclusions from Bankwest. For the full list, check out its Product Disclosure Statement (PDS).

  • Defects or poor workmanship
  • Damage if your property is not compliant with government regulations or requirements
  • Major renovation unless stated otherwise
  • Wear and tear
  • Coastal erosion or coastal collapse
  • Actions of the sea
  • Actions of trees, plants or roots
  • Subsidence or landslide

You can also head to general exclusions for more information about what home insurance doesn't generally cover.

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.

Why you can trust Finder's home insurance experts

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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.

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