Commonwealth Bank Home Insurance Review

What does Commonwealth Bank home insurance cover?

You can get 3 different policy types. Commbank offers building insurance, contents insurance and a combined home and contents insurance policy. To add to that, Commbank also offers landlord insurance.

Some main events covered by Commbank home insurance include:

Commbank home insurance is backed by Hollard Insurance. It offers customers the choice to pay more than the standard excess amount (which differs depending on the state you live in) and has a standard cooling off period of 21 days.

Here's the rundown of a Commbank home insurance policy

Commbank home insurance complaints

Important to know. The complaints data below relates to home insurance policies that, at the time, were backed by Commbank's previous underwriter – Commonwealth Insurance Limited. Commbank home insurance policies are no longer underwritten by Commonwealth Insurance Limited. Today, Commbank is underwritten by Hollard Insurance Partners Limited.

We looked at home insurance complaints 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 Commbank did:

• Despite its considerable size, Commbank was able to resolve a large percentage of the complaints it received directly with its customers.

• It does, however, have a large volume of complaints when compared to other insurers like Allianz.

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Frequently asked questions

• How do I make a claim with Commbank?

  To make a claim, contact Hollard Insurance (this policy's underwriter) at 13 1361 as soon as you can. You must take all reasonable actions to prevent or stop further damage to your property and be honest when making your claim. You must also report the incident to the police if the claim relates to theft or malicious acts. You will need to prove ownership of anything you are claiming under the contents policies. You can use the following to establish ownership:

  • • • Receipts
      • Warranty certificates
      • Instruction manuals
      • Original packaging

  • • • Photographs
      • Bank or credit card statements
      • Valuation certificates

  Before processing your claim, Hollard Insurance may need to take action against a third party, interview you regarding the claim, or inspect your building and contents. Once Hollard Insurance has assessed your claim, they will contact you to discuss how they will settle. They may either repair, replace or reimburse you for the cost of your possessions that were damaged or destroyed by an insured event.

• Who is eligible for a Commonwealth Bank home insurance policy?

  To be eligible for a Commonwealth Bank 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 Commonwealth Bank home insurance review

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