You can save 10% by buying online and reduce costs if you opt out of flood cover.
Be aware this policy lacks underinsurance protection, which other insurers often provide up to 20%.
The policy includes environmental upgrades and building code compliance costs as standard benefits.
Our verdict
Pros
You can opt out of flood cover if your home isn't at risk and save on your premium.
Save 10% on your premium if you buy online.
If you're in ACT, TAS or WA, you can add domestic workers' compensation to your policy.
Cons
Our cost research indicates Great Southern Bank is more expensive than average.There's no underinsurance protection but some brands offer up to 20%.
Great Southern Bank doesn't have the best customer review rating.
How does Great Southern Bank compare with other popular providers?
Features
Great Southern Bank offers a wide range of benefits, some of which go beyond the typical home insurance policy. For example, customers in WA, ACT or TAS can add domestic workers' compensation to their policy. Plus, environmental upgrades, building code compliance costs and professional fees are included as standard. However, Great Southern Bank doesn't offer underinsurance protection, which is offered by most brands.
Finder Score
Flood
N/A
Yes
Yes
Optional
/5
Yes
Optional
Optional
/5
Yes
Yes
Optional
/5
Yes
Yes
Yes
/5
Yes
Yes
Optional
Price
Our cost research found that Great Southern Bank had an average premium cost of $3,033, which is 8% higher than the market average. However, this price is highly dependent on your specific situation, including the type, size, and location of your home.
These products offer a balance between low pricing and more features.
7+
Great
Competitive products within their group.
5+
Standard
Usually these products would either have fewer benefits or higher pricing.
0+
Basic
Offering basic cover with limited features or higher pricing.
Finder Score - Home insurance
We crunch eligible home insurance products in Australia to see how they stack up. We rank over 50 products on 16 different features, including price. We end up with a single score out of 10 that helps you compare home insurance a bit faster. We assess home and contents, building only and contents only products individually.
Great Southern Bank offers several optional features including:
Accidental damage - Cover for accidental unexpected mishaps.
Motor burnout - Covers if an electrical current damages your household electrical motors.
Domestic workers' compensation - Cover in case a domestic worker, such as a gardener or cleaner, injures themselves while working for you.
Portable contents - Cover for portable items that leave the home such as handbags, musical instruments or jewellery.
How to make a claim
If you need to claim on your home insurance policy, start your claim online and Great Southern Bank will be in touch to guide you through the next steps.
To get started, you'll need information about the incident, including the date, what happened, details about the loss or damage, and information about any people, vehicles or property involved.
Great Southern Bank home insurance complaints information
Allianz, the insurer that underwrites Great Southern Bank home insurance, was the subject of 863 complaints about home or content insurance lodged with the Australian Financial Complaints Authority in the first six months of 2024.
Although these figures seem high, Allianz is considered a very large insurer. AAI, another very large insurer received 2,200 for home and contents insurance.
FAQs
Great Southern Bank Home Insurance is underwritten by Allianz.
Great Southern Bank reportedly changed its name so consumers had a better idea of the type of products and services it offered.
Nicola Middlemiss is a journalist with nearly a decade of experience in personal finance and insurance. She has contributed to Domain, Yahoo Finance, Money Magazine and Insurance Business Australia, offering in-depth insights into commercial insurance in the Australian market. Nicola holds a Bachelor’s degree in English from the University of Leeds and a Tier 1 General Insurance (General Advice) certification, which complies with ASIC standards.
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