Bendigo Bank Home Insurance
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Bendigo Bank home insurance review

Bendigo Bank home insurance could be good if you want to choose your level of cover to help lower your premiums.

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By

Gary Ross Hunter

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Pros

  • Its policies automatically covers floods – many other insurers we looked at do not.
  • Bendigo Bank is good for flexible options. Its one of the few insurers to let you choose the level of cover that you want: gold, silver or bronze.

Cons

  • If you're already a Bendigo Bank customer, it may be a convenient option but you won't necessarily be entitled to any benefits or discounts for your loyalty.
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Some main events covered by Bendigo Bank home insurance include:

Bendigo Bank home insurance is backed by Insurance Australia Limited, one of the biggest insurance companies in Australia. It comes with a 21-day cooling-off period which is standard among most insurers. This allows you to cancel your policy and receive a refund as long as you haven't made any claims.

Here's the run-down of a Bendigo Bank home insurance policy

Standard features
Exclusions

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Standard features

Gold level offers the most cover and highest level of protection. It includes:

    • Cover for your building and contents against almost any type of accidental loss or damage
    • Up to $20,000 for each personal item including fine art and paintings, unless specified as a special contents item
    • New for old replacement, such as for furniture or electronics
    • Alternative accommodation expenses
    • Burglary without forcible entry
    • Debris removal and architect fees in addition to your sum insured

Contents both at home and anywhere in Australia or New Zealand (for up to 90 days if in New Zealand)

Silver offers a mid-level insurance for both your home and contents. It includes:

  • Events such as fire, explosion, earthquake, malicious damage, cyclone, storm and impacts
  • Burglary or theft, even if it is located in your yard
  • Debris removal costs in addition to your sum insured
  • Alternative accommodation expenses
  • New for old replacement
  • Wheelchairs for up to $20,000 unless specified
  • Burglary without forcible entry
  • Protection for your contents away from home, either in transit or in a commercial storage facility
  • Timber fences and gates (up to 15 years old) replacement
  • Fine art and paintings up to $20,000 limit unless specified as special contents item

Bronze is the most basic level of cover offered by Bendigo Bank. It includes:

  • Burglary (forcible and violent entry only), fire, storm, rainwater, liquid or wind damage, flood and deliberate or unintentional harm
  • Wheelchairs at home are covered as contents up to $20,000 unless specified
  • Fine art and paintings up to $20,000 unless specified as special contents items

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Exclusions

Your Bendigo Bank home insurance claim will not be paid if:

  • Any incident that does not occur within your period of insurance
  • Landslide or subsidence, unless agreed to cover the incident
  • War or warlike activity
  • Hostilities, rebellion, insurrection or revolution
  • Contamination by chemical and/or biological agents, which results from an act of terrorism
  • Lawful destruction or confiscation of your property
  • Anything nuclear or radioactive
  • Mildew, atmospheric or climatic conditions
  • Damage to a heating element – however, any loss or damage as a result of damage to a heating element will be covered
  • Certain computer malfunctions
  • Deliberate or intentional acts by you, or anyone acting for you, to cause loss, damage or injury
  • Storm surge
  • Erosion, the action of the sea, tidal wave or high water, unless the loss or damage is the result of a tsunami

Make sure you go over Bendigo Bank's PDS for a full list of exclusions. Find out more about general exclusions here.

Some information on Bendigo Bank home insurance complaints

We reviewed some of the latest complaints data from the Australian Financial Complaints Authority (AFCA) between July 2022 and June 2023. This data looks at how different underwriters respond to and resolve complaints.

Since Bendigo Bank home insurance is underwritten by Insurance Australia Limited, we'll be comparing Insurance Australia Limited against other underwriters in the market.

Here are some things we noticed about Bendigo Bank home insurance and Insurance Australia Limited.

  • Insurance Australia Limited was able to resolve a higher percentage of claims directly with its customers compared to other very large insurers.
  • It had a a higher percentage of complaints compared to some other similarly sized insurers such as QBE and Allianz.

The bottom line about Bendigo Bank

Bendigo Bank home insurance could be ideal if you're looking for a very comprehensive policy (gold) or a more basic and affordable option (bronze or silver). It's issued by Insurance Australia Limited who is a fairly popular insurer. However, you might want to look elsewhere if you want bigger a sign-up discount.

To do that, you can compare other home insurance brands side-by-side here.

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

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