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HSBC Home Insurance review

HSBC has a stack of optional extras to help you tailor your policy but these add-ons can really start to add up.

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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.
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What does HSBC Home Insurance cover?

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

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Standard features

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

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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

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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

    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.

More guides on Finder

  • HSBC Fixed Rate Home Loan Package

    HSBC Fixed Rate Package loan comes with discounts off the lender's standard interest rates as well as some of the fees and charges.

  • HSBC Variable Rate Home loan

    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.

  • HSBC Fixed Rate Home Loan Review

    HSBC offers a good range of features and options on their fixed rate home loan.

  • HSBC Home Value Loan

    This HSBC home loan gives you flexibility, a low rate and minimal fees. You can get it with a 10% deposit.

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