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.
Sorry! We currently don't have this brand on our panel. But don't fret, you can head to the Bendigo Bank home insurance website or compare a bunch of other home insurance companies with Finder.
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
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
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.
Before you make a claim, ensure you have all your insurance information and documents ready. You will need:
Contact details of other parties involved
Letters, notices or court documents relating to the incident
Incident report numbers for claims relating to theft or malicious acts
You should make your claim as soon as possible as delays may reduce the amount you can be paid. To make a claim, you must call Bendigo Bank's insurer, CGU, at 13 24 80. To process your claim, you will need to provide proof of ownership to the insurer. They may also need to inspect your building or contents.
Here are the key eligibility criteria for a Bendigo Bank home insurance policy:
The type of home you own or live in as a tenant. It must be a freestanding house, townhouse, villa or duplex, semi-detached house or terrace. Registered body corporate buildings and houseboats are not eligible.
How you use the home you own. It must be your primary residence or holiday home. It's not suitable if your home is a business, such as a hotel or bed and breakfast.
The condition of your home. The home needs to meet acceptable dwelling criteria. For instance, it must be secure, watertight, structurally sound and well-maintained. It's not suitable for homes under initial construction or renovations that cost more than specified in the PDS.
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.
Gary Ross Hunter was an editor at Finder, specialising in insurance. He’s been writing about life, travel, home, car, pet and health insurance for over 6 years and regularly appears as an insurance expert in publications including The Sydney Morning Herald, The Guardian and news.com.au. Gary holds a Kaplan Tier 2 General Advice General Insurance certification which meets the requirements of ASIC Regulatory Guide 146 (RG146). See full bio
Gary Ross's expertise
Gary Ross has written 645 Finder guides across topics including:
What you need to know about finding the best home insurance for you. Compare policies and learn what questions to ask when researching insurance policies.
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