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Commonwealth Bank Home Insurance Review

Getting extra peace of mind with a 25% sum insured safeguard is just one reason to consider home insurance provided through Commonwealth Bank.

4.1 ★★★★★ (302 reviews) Write a review

Our Verdict

  • Commonwealth covers up to an additional 25% on top of your sum insured building and contents when it isn't enough to cover your loss. This is often an optional add-on for many other insurers we looked at.
  • Its home and contents insurance has been awarded for its outstanding value for a number of years.
  • You get up to 15% off combined building and contents insurance – insurers such as Budget Direct, St.George and Westpac all offer larger discounts when you sign up.
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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

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Standard features

These are some standard features that you can claim 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

Commbank home insurance comes with few optional extras compared to other insurers such as Budget Direct, Virgin and Qantas.

  • Accidental damage
  • Domestic Workers' Compensation Cover
  • Portable contents cover

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All home insurance policies will have general exclusions. Here are some things you won't be covered for with Commbank.

  • Defects or poor workmanship
  • Damage if your property is not compliant with government regulations or requirements
  • Your building while in the process of major renovation, alteration, extension or structural improvement unless Commonwealth has agreed to continue the insurance
  • Wear and tear and lack of maintenance, including rust, corrosion and deterioration
  • Water, including rainwater, after it has disappeared beneath the surface of the land at your insured address
  • Normal actions of the sea, ocean or other marine waters
  • The gradual rising of the levels of the sea, oceanic waters or other marine waters due to any change in climate
  • Subsidence or landslide

Make sure you read Commbank' PDS for a more detailed breakdown of what's not covered. You can also head to general exclusions for more information.

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.

This is the bottom line about Commbank

Commbank home insurance is a good overall home insurer compared to other policies on the market. It comes with plenty of benefits included as standard and an additional 25% on top of your sum insured building and contents when it isn't enough to cover your loss. However, you can get bigger discounts elsewhere.

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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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.

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Editor, Insurance & Innovations

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 Gary holds a Kaplan Tier 2 General Advice General Insurance certification which meets the requirements of ASIC Regulatory Guide 146 (RG146). See full bio

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Gary Ross has written 730 Finder guides across topics including:
  • Health, home, life, car, pet and travel insurance
  • Managing the cost of living

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