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The Commonwealth Bank is an Australian provider of integrated financial services and is one of the most recognised brands in the industry. Commbank offers two forms of home insurance with building cover and contents cover.
Home insurance protects your most valuable asset against damage from natural disasters and covers the cost of replacing or repairing your home. Contents insurance covers the cost of replacing and repairing household items and possessions. In the event that something should happen to your home, having the right cover is a very important part of reducing the stress and costs related to repairing your home.
Insuring with Commbank brings the piece of mind that can only be found with a well-known and established home insurer. Keep reading to learn more of the benefits of insuring your home with CommBank.
Commbank’s Residential Home Package covers both building and contents insurance.
Building cover insures the cost of repairing or replacing your home for the sum insured in the event that it is damaged or destroyed as a result of an insured event. Contents insurance covers the cost of replacing the contents of your home on a new-for-old basis up to the sum-insured. This policy covers your home and contents for a wide variety of insured events including flooding, fire, storm, explosion, theft, animal damage and many more dangers:
Depending on the combination of building and contents cover you choose, the policy provides a number of additional benefits including alternative accommodation costs, storage fees and even domestic pet cover. Commbank also offers optional cover to provide protection for accidental damage and portable contents cover for items you wish to cover outside of the home to ensure all your needs are catered for in a complete and well-rounded package.
The Investment Home package provided by Commbank is available for investment property owners and can provide critical protection for any accidental or malicious damage from tenants. With this package, the property owner can choose building cover, contents cover or both. Some of the insured events that you will be protected against under this policy include: fire, storm, malicious acts, explosion, accidental glass breakage and much more.
An additional benefit of this package is that it covers the loss of rent for up to 52 weeks providing you with security in the knowledge that your investment is not at risk. The investment home package provides cover for the following events:
Residential Home Package | Investment Home Package | |||
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Insured Event | Building | Contents | Building | Contents |
Accidental glass breakage |
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Animal damage |
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Burning out of electric motors and power surge |
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Earthquakes |
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Explosion |
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Fires |
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Flood |
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Legal liability |
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Lightning |
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Malicious act (including vandalism) |
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Riot and public disturbances |
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Storm |
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Sudden impact |
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Theft or attempted theft |
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Additional Benefits | Residential Home Package | Investment Home Package | ||
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Insured Event | Building | Contents | Building | Contents |
Alternative accommodation costs |
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Contents in transit |
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Damage by emergency |
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Demolition and debris removal costs |
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Domestic pet cover |
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Emergency work and temporary repairs |
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Loss of rent |
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Mortgage discharge |
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Moving within Australia |
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Storage fees |
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Temporary removal of contents |
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Visitors Property |
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Optional Benefits | Residential Home Package | Investment Home Package | ||
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Insured Event | Building | Contents | Building | Contents |
Accidental damage |
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Domestic workers compensation cover |
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Loss of renta extra |
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Malicious damage or theft by tenants |
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Portable contents cover |
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You will not receive payment under your Commbank Insurance cover if it is cause by:
The cost of your insurance depends on your premium and your basic premium reflects how likely it is that you will be making a claim under your policy. It also takes into account the potential value of that claim. Factors that impact your premium include:
Excess is a predetermined amount that you will have to pay to the Insurer when they accept your claim. The amount of excess can be chosen by you or imposed by the Insurer. Commbank provides the following excess options:
When you select a higher excess option you may be able to reduce your premium. There is no excess payable for Legal Liability claims. You can find the details for the excess amount applied to your policy on your Certificate of Insurance.
For six years running, Commbank’s Building and Contents insurance has won the Canstar award for Outstanding Value. So if your looking for a product that is going to give you complete confidence that your taking care of your prized possessions.
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Do I have to have a bank account with Commonwealth Bank to get home and contents insurance?
Hello Yvonne,
Thank you for your comment.
Upon checking, there’s no need for you to have a bank account with Commbank to be able to get their home and contents insurance. To start, you may click the Get a Quote yellow button found on the Home and Contents Insurance page of Commbank.
Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
Regards,
Jhezelyn
I got a Home Insurance Residential Home Package with phone cover for $38.40/monthly. I loss the phone after 3 month and paid about $115.2 in months for 3 month. After I make a claim what I got from insurance: Cost to replace Phone (Samsung S5) – $495.51
Outstanding premium for the rest of the policy period – $387.20
Excess applicable on claim – $100
Final settlement – $495.51 – $387.20 – $100 = $8.31
That’s mean after in 3 month insurance, did paid $115.2 and then I get $8.31 to my bank account without a phone!!! WTF
if I have home and contents ins how much extra to have pet ins on the same policy at present its at $1100 pa
Hi Ron,
Thanks for getting in touch.
Finder is a comparison service and doesn’t have an affiliation with Commonwealth Bank Home Insurance.
According to the Commbank website, they don’t currently offer a pet insurance product. If you would like to compare policies for the brands in our panel, please head over to our pet insurance page.
All the best,
Richard
Please quote for a brick and tile home (private single residence, no mortgage) in Kensington WA for the sum of $500,000. Security devices on all building in/out entries. No contents insurance required.
Hi Marilyn,
Thanks for your question.
You will need to head over to the Commonwealth Bank Home Insurance website to get a quote. Select the yellow Get a Quote box once you are on their website and follow the prompts then answer the questions completely to be able to receive a suitable quote for you.
Please make sure to read the eligibility criteria, features and details of the policy, as well as the relevant Product Disclosure Statement of the policy before making a decision and consider whether the product is right for you. If necessary, speak to the Commonwealth bank directly to verify any details.
I hope this was helpful,
Richard