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Our verdict
You can pay monthly at no extra cost. Many insurers available on Finder charge you more if you don't pay annually.
HSBC's no claim bonus means you can save up to 30% depending on your claims history.
While there are a few ways to save on your policy, HSBC makes you pay extra for add-ons like flood cover and motor burnout, features that are standard with some competitors.
Sorry! We currently don't have this brand on our panel. But don't fret, you can head to the HSBC Home Insurance website or compare a bunch of other home insurance companies with Finder.
HSBC Home Insurance offers 3 types of home insurance policies: building insurance, contents insurance, and combined home and contents insurance. It also has landlord insurance.
Some main events covered by HSBC Home Insurance include:
HSBC Home Insurance is underwritten by Allianz Australia Insurance Limited, which is one of the largest insurance companies in Australia. HSBC allows customers to choose their excess amount and has a cooling-off period of 14 days.
Here's the run-down of an HSBC Home Insurance policy
These are some of the standard features that you can claim on if an insured event causes damage or loss.
Lock or cylinder replacement
Rebuilding and professional fees
Debris removals
Accidental glass breakage
Guest, visitor, domestic helper and domestic workers property
Food or medicine spoilage
Alternative accommodation for you and your pets
Emergency contents storage
Optional add-ons
HSBC Home Insurance offers some optional extras that you can choose to add on to your policy.
Accidental damage
Domestic workers' compensation
Flood
Motor burnout
Portable contents
Exclusions
All home insurance policies have general exclusions and HSBC is no exception. Here are a few exclusions to look out for when making your decision:
Actions of the sea including storm surge
Deliberate, intentional, malicious or criminal acts by your family or invited guests
Inherent defects
Flood (unless as an add-on)
Soil movement including erosion
Insects, birds and vermin
Rust, damp or chemical damage
Mechanical or electrical failure
Make sure you read HSBC's Product Disclosure Statement for a more detailed breakdown of exclusions. You can also find more general information on exclusions in our home insurance exclusions guide.
Here's some information on HSBC Home Insurance complaints
We looked at home insurance complaint 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 HSBC (Allianz Australia Insurance Limited) did:
Compared to insurers of the same size, like AAI Limited and Youi, Allianz has a relatively low volume of complaints.
Allianz has a lower percentage of complaints that were resolved at the first stage of escalation to AFCA compared to Hollard.
The bottom line about HSBC
HSBC Home Insurance can be an affordable option, especially if you're eligible for any multi-policy discounts or a no claim bonus. Some of its optional cover could be covered as standard by other home insurance brands so it's a good idea to compare before you commit.
Frequently asked questions
You can submit a claim form online at any time, and an HSBC Home Insurance consultant will get back to you as soon as possible. Alternatively, you can call 1300 555 030 to speak with a claims consultant who can help walk you through the process and answer any general queries.
Before you start, make sure to have the following prepared:
Your policy number
Information about the incident
Details about the loss or damage you are claiming for
Information about any other people or property involved
Yes, HSBC does cover flood but only as an optional add-on. There are some exclusions that will apply including actions of the sea and tsunami so make sure to review the PDS to ensure you have enough cover for your home.
You can get up to 30% off your premiums after 5 consecutive years of no claims. You can also make 1 or 2 claims within this period but still qualify for a reduced discount level.
Yes. Note that you may have one kind of cover while your home is under construction, and a different policy after completion.
Leave an HSBC Home Insurance review
If you've held, or currently hold, an HSBC Home Insurance policy, we'd love to hear from you. Your reviews help other Australians decide if HSBC is right for them. Some reviews are from a survey commissioned by Finder.
Cristal Dyer is a travel writer at Finder. She has been writing about travel for over five years and has visited over 40 countries around the world. Cristal currently travels full-time, writing about her favourite cities and food finds, and she is always on the lookout for amazing flight deals to share.
The variable interest rate home loan is a popular option with Australian home buyers and the HSBC variable rate home loan has a range of competitive features which could suit your needs.
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