Hume Bank Home and Contents Insurance
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If you’re looking for home and contents insurance, Hume Bank might be the one for you. It got its start as a building society specifically for the Albury-Wodonga area. It doesn’t have any shareholders and instead remains focused on serving its members in the region. This means that the premiums you pay stay closer to home and can better support the local community.
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What are the cover options?
Hume Bank offers both building and contents insurance. Renters, for example, might just want contents insurance to cover their belongings, while a landlord might want building insurance alone to protect their premises. Homeowners who want complete protection can take out both home and contents insurance.
- Building insurance. This covers the structure of your home itself and its fixtures. Generally, if it’s a permanent part of the building, it will be covered under building insurance.
- Contents insurance. This covers the contents of your home and your possessions. Generally, if it’s removable, it will be covered under contents insurance.
For both home and contents insurance, there are three levels of cover. You can mix and match different levels of cover for your building and your contents insurance or you can get the same level of cover for both insurance types and get a 10% discount on your premiums.
- Vital. This covers the essentials and is great for those who want to protect their home or their belongings and get some extras.
- Classic. A balance of cost and cover that will suit those who want more comprehensive cover.
- Prestige. A high level of cover with a range of extra features.
What am I covered for?
Prestige covers any accidental loss or damage, except in any circumstances that are specifically excluded. Vital and Classic offer cover for many of the most potentially devastating events, including damage resulting from:
- Glass breakage
- Fire or smoke
- Lightning or thunderbolts
- Malicious acts
- Riot or civil commotion
- Rainwater run-off
- Theft, burglary or housebreaking
- Water or other liquid damage
Did you know?
Am I covered for flooding?
Hume Bank can cover your home against flooding as an optional extra. This means that you don’t have to pay for it if you don’t need it, but you won’t be covered for it unless you add it to your policy. Approval for flood cover may be subject to eligibility criteria.
What are the extra benefits and features?
A home and contents policy with Hume Bank includes:
- A no claims bonus of up to 30%.
- The option to buy online to save up to 10%.
- The option to pay for cover by the month at no extra cost.
- Discounts of up to 10% for holding both home and contents insurance on one policy.
You’ll also find a different array of included features depending on your level of cover and whether you have building insurance or contents insurance. Both building and contents insurance policies include the following benefits, depending on your selected level of cover.
|Feature||What it does||Vital||Classic||Prestige|
|Automatic indexation of sum insured||This automatically adjusts the amount you are covered for to help keep up with inflation and to avoid underinsurance.|
|Liability cover||This covers you for any injuries or damage to someone else’s body or property that you may be liable for. If you own the building but only have contents insurance, you will not be covered if you are liable for damage to your own building.|
|Locks and cylinders||If the key to an external door or window is stolen or duplicated, Hume Bank will pay for the cost of replacing the locks.|
|Electric motor fusion||This covers you for electric motor burnouts following the fusion of household electric motors.|
|Compensation for injury, death or disability||Hume Bank will pay a benefit, compensation or for the cost of home modification up to a specified amount, in the event of death, fracture or disablement as the result of an insured event.|
Building and contents insurance policies also have their own individual benefits.
Building insurance features
|Feature||What it does||Vital||Classic||Prestige|
|Environmental benefits||If your building is destroyed and your claim is accepted, Hume Bank will pay out up to $5,000 extra so that you can add environmentally friendly features to your new home, such as solar panels or rainwater systems.|
|Landscaping||Hume Bank will cover landscaping for insured events in line with policy terms and conditions.|
|Mortgage discharge costs||If your building is totally destroyed and your claim is accepted, Hume Bank will pay up to $5,000 for additional costs involved in discharging your mortgage, such as legal fees and statutory expenses.|
|Rental costs after an insured event||If your building is rendered uninhabitable following an insured event, your policy can cover your rental expenses or loss of rental income, for up to 12 months.|
Contents insurance features
|Feature||What it does||Vital||Classic||Prestige|
|Guest, visitor and domestic helper property||Visitors and domestic workers can also have their property covered under the policy.|
|Credit card fraud protection||Cover for the fraudulent use of lost or stolen credit cards.|
|Security firm attendance||Covers the cost of a security firm attending a monitored alarm signal if your claim for burglary, housebreaking or theft is paid. Limits apply.|
|Tax audit||Up to $5,000 for reasonable auditing fees incurred with Hume Bank’s approval.|
|Temporary removal of contents||Cover for contents moved to a different address for up to 90 days.|
|Transit to a new place of residence||Cover for contents in transit while moving house.|
|Veterinary expenses||Up to $500 for veterinary expenses if your dog or cat is injured in a road accident.|
|Title deeds||Up to $2,000 for the cost of preparing new title deeds if they are lost or damaged by an insured event.|
|Contents in a safe deposit at a bank||Cover for items kept in a bank safe deposit box against insured events, except theft.|
|Spoilage of perishable food||Cover for perishable food in a refrigerator or freezer lost following an insured event.|
What exclusions should I be aware of?
Exclusions and conditions apply to each cover type, as with any other insurance policy. Generally, the exclusions are similar to what you’d find with any typical home and contents insurance policy. You should check the PDS for the full terms and conditions. Some of the key conditions of cover are:
- Flood cover. This cover is only available as an optional extra when agreed to by Hume Bank.
- Cover for the actions of the sea. This includes high tides and similar. Damage caused by the ocean is generally not covered, except when resulting from an insured event. For example, a tsunami following an earthquake at sea.
- Cover for earth movements. Landslides, subsidence, shrinking and other earth movements are not covered, except when resulting directly from and within 72 hours of an insured event. For example, a landslide might still be covered if it’s the result of a storm.
If you’re looking to cover a rental property, it’s also important to know that none of the cover types will cover property damage resulting from deliberate theft, malicious acts or vandalism by a tenant, except fire and explosion. However, your policy will cover their accidental damage in line with policy terms.
You’re generally required to take all reasonable precautions to prevent an adverse event from taking place, such as locking the doors when no one’s at home and making sure your home is kept in a state of good repair. Specific conditions also apply to security systems. When you get cover, Hume Bank might:
- Ask you to install a certain security system first.
- Offer a discount for having a security system installed.
In both cases, you are required to keep your security system functional and usable in order to make a claim for theft or housebreaking, and the system will need to be in operation whenever the insured property is left unattended.
How do I make a claim?
If you’re making a claim for malicious damage, theft or attempted theft, burglary or loss of insured property, you should contact the police before making a claim. In all cases you should:
- Take all reasonable and safe steps towards preventing further damage.
- Keep all the right evidence to support your claim.
- Contact Hume Bank.
Generally, you’ll need to provide proof of value or ownership to support a claim, such as photos, receipts, official valuations or instruction manuals.
How much does it cost?
The cost of your policy will depend on the level of cover you choose and whether you get home insurance and contents insurance separately or combined. Other factors include:
- The excess you choose
- Whether you have flood cover included
- Your address
- How many people live at your address
- Your available discounts
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