Need to protect your home from the unknown? HSBC could have a home insurance policy that's right for you.
If you're looking to protect your home from whatever life throws at it, you're going to want the best home insurance policy. HSBC have three options to choose from to suit a range of scenarios and budgets. Read on to discover if HSBC is right for you.
What cover options does HSBC offer?
HSBC Home Insurance has three types of home and contents insurance and all are suitable for both renters and homeowners.
- Vital Home Insurance: More basic “essentials” type cover for insured events, such as fire, flood and storm, plus a range of other benefits. No cover for accidental damage.
- Classic Home Insurance: Cover for insured events, plus a range of additional benefits such as fusion of electric motors and food spoilage. No cover for accidental damage.
- Prestige Home Insurance: No cover for insured events. Instead, this policy protects against accidental damage, as well as offering a range of other benefits.
Some of the benefits that can be found across all three options include:
- You can pay monthly with no additional fees.
- New for old replacements on some contents, regardless of the age of the items.
- Legal liability cover, up to $20 million with Prestige or Classic cover, or up to $10 million with Vital cover.
- Credit card loss or theft cover, up to $5,000 with Prestige or Classic, and up to $2,500 with Vital.
- Up to $5,000 coverage for the property of guests, visitors and domestic helpers.
- Up to 10% quote discount when you combine Home Buildings and Contents Cover on the same policy.
- A no claim bonus of up to 30% after 5 consecutive years without claims. Also, you can claim once or twice and still qualify for a reduced bonus.
What does each policy cover?
This is a summary of the cover only. For complete details, consult the product disclosure statements (PDS).
| Vital | Classic | Prestige | |
|---|---|---|---|
| Accidental damage cover |
|
|
|
| Insured events cover |
|
|
|
| Accidental breakage of glass |
|
|
|
| Fusion of electric motors |
| Motors up to 10 years old | Motors up to 12 years old |
| Cover for the property of guests, visitors and domestic helpers | Up to $5,000 | Up to $5,000 | Up to $5,000 |
| Legal liability cover | Up to $10 million | Up to $20 million | Up to $20 million |
| Building modifications for individuals with quadriplegia or paraplegia |
|
|
|
| Spoilage of refrigerated or freezer food |
| Up to $500 | Unlimited |
| Portable contents cover | Up to 20% of contents sum-insured to cover listed contents at another temporary address | Up to 20% of contents sum-insured to cover listed contents at another temporary address | Up to 20% of contents sum-insured to cover listed contents at another temporary address, or up to $7,500 anywhere in Australia or New Zealand |
| Veterinary costs | Up to $500 | Up to $500 | Up to $500 |
What kind of exclusions are there?
Claims may be denied if an exclusion applies. Note that the precise exclusions may vary depending on which type of cover you have selected, and might also vary for individual policies. Some applicable exclusions are:
- A failure to take reasonable precautions: You are required to take reasonable steps to minimise damage and safeguard your home and belongings, such as maintaining your home in good repair and locking the doors when you’re not home.
- Specific item exclusions: The contents cover excludes specific items and situations, such as model aircraft or bicycles while in use. Sub-limits also apply. For example, you might be unable to claim more than $500 for a bicycle, regardless of its value.
- Flood damage: Unless resulting from storm, rainwater or run-off.
- Consequential losses: Such as loss of income resulting from loss of property, even if the property itself is covered.
- Deliberate damage: When the damage is caused by you, someone else residing at your address, or a domestic helper.
- Heat: There is no cover for damage resulting from heat, unless specifically covered by other policy sections like fire cover.
How do I make a claim?
With a focus on providing a no-hassle, straight-forward claims service, HSBC Home Insurance provides a team of claims specialists that will walk you through every step of the process. In addition to assisting you to lodge a claim and sort out assessors, contractors and tradespeople, they will constantly keep you up-to-date with what’s happening.
Remember that:
- You must not admit any liability, or offer to pay for or otherwise settle a claim with any third party, without permission from HSBC
- You should take appropriate steps to prevent any further damage or loss following an event.
You’ll need to have some crucial information at hand to get the ball rolling:
- Your policy number
- Any and all information about the incident itself, the more specific the better, including dates and where the damage occurred.
- Details about the loss of the damage you are claiming for and as much as information as possible about the people, vehicles or property involved.
- Other evidence to support your claim.
You can submit a claims form online at any time, and one of HSBC’s Home Insurance consultants will get back to you as soon as possible.
You can also call 1300 205 060 (Monday – Friday, 7:30am to 8pm, or on weekends 7:30am to 6pm), to speak with a claims consultant who can help walk you through the process and answer any general queries.
When you reach the emergency claims service outside of business hours, you will be contacted the next business day in order to complete the claims submission.
Other questions you might have about HSBC home insurance:
What's the excess like?
If and when you make a claim, the excess is the amount that you might potentially have to pay for each incident. Certain types of claims may incur an additional excess, while your policy will also generally have a standard excess. You may choose a higher excess in order to reduce your premiums, or a lower excess at the cost of higher premiums.
Can I take out cover on a home still under construction?
Yes. Note that you may have one kind of cover while your home is under construction, and a different policy after completion.
What should I do before contacting the HSBC team if I need to make a claim?
You should contact the claims team as soon as reasonably possible. However, other things should take priority where applicable, including:
- Contacting police or other emergency services
- Taking steps to prevent further damage or loss
What’s the contact number for HSBC’s Insurance team?
1300 308 008
What insured events do these policies cover?
The exact list of insured events can vary for each cover level, and may also vary depending on the situation, such as whether your home is under construction or if it’s located in a flood area. Contact HSBC directly for more information on each type of cover.
Can renters take out these policies?
Yes. Both renters and homeowners can take out home insurance, although the advantages may vary. For example, a renter might specifically want cover for the landlord, while homeowners will generally not benefit from that.
How does the no-claims bonus work?
You can get up to 30% off your premiums after 5 consecutive years of no claims. You can also make one or two claims within this period but still qualify for a reduced discount level.
