Westpac backs the Bank of Melbourne Home insurance, which provides cover for both renters and homeowners. You can pick from three policy types; contents insurance, building insurance, and combined home and contents insurance.
You might qualify for discounts if you get a combined policy and you sign up online.
Cover options for Bank of Melbourne home insurance
Essential Care policies are made to offer basic level cover for your home and contents against a number of risks. The events insured comprise of fire, storm, flood, theft, malicious damage, and lightning. You can also get $20 million legal liability from the cover if you damage another person’s property or cause them injury. Additional benefits constitute:
- Sum insurers safety net
- Costs for emergency accommodation
- Cover for artwork, collectibles, collections, and jewelry
- Optional personal valuable cover
- Escape of liquid, earthquake, flood, fire, explosion, lightning, civil commotion, malicious act, riot, theft, and storm.
- Monthly payment at no added cost.
Quality Care policy provides cover similar to those offered by Essential Care policy; however, most benefits have a higher limit. Additional cover includes:
- $20 million legal liability
- Breakage of glass by accident
- Burnout of electrical more
- Cover for cheques, cash, money orders
- Sum insured safety nets
The highest level of cover present from Bank of Melbourne Insurance is Premier Care. This cover is made to provide comprehensive cover for your home and contents. It provides similar benefits to Quality Care, but it has more significant limits. For instance, $20,000 cover for collection and artwork, increased sum insured for safety nets for building for up to 30% and contents up to 20% of sum insured. Additionally, the policy also provides cover for accidental damage or loss to your building and contents, along with your contents while being removed from insured address. Other covers include:
- Garden re-establishment and landscaping cost
- Fixtures and materials that are unsecured during renovations
- Contents in transit
- Loss or damage due to an accident
- Offers hire benefit limits
Exclusions of the cover
Your bank of Melbourne Home and contents insurance claim won’t be paid if these conditions caused the damage:
- It was a result of pests, insects, or vermin.
- If the claim is for circumstances or events covered by guarantee, service contract, or warranty.
- It is due to defects in design, material, structure, construction, or workmanship
- You did not keep your property safe and secure.
- It happened due to wear and tear, gradual fading, or deterioration.
- It happened due to mold, mildew, corrosion, or rust.
- It was a result of subsidence, erosion, or landslide.
- It occurred due to shrinkage, vibration, settling, and expansion.
- Tree roots caused it.
- It happened because of mechanical, computer, electrical breakdown.
- It resulted from unlawful or malicious acts or use by either you on another person acting on your behalf.
- It occurs because your property is used for any trade, profession, or business.
- Your property has been unoccupied for over 60 days.
- It was a result of terrorism or war.
- It is for loss or damage to common property where the home is part of a community, strata, or community title plan.
Excess for Bank of Melbourne home insurance
You will need to pay an excess if your claim is accepted. An excess is an amount you ought to pay to the cost of a claim. The excesses payable are always indicated on your policy.
A $100 minimum basic excess is applicable. However, you can decide to increase it by including a voluntary excess that helps in lowering your premiums. The total basic excess (minimum basic excess plus any voluntary excess) available comprise:
As a policyholder, you ought to be aware that the insurer may impose an additional excess because of risk-underwriting criteria.
Who qualifies for Bank of Melbourne home insurance?
Bank of Melbourne home and contents policies only provide cover to residential properties found in Australia. Qualifying for cover is dependent on the insurer acknowledging your cover request and getting the essential payments timely.
How do I make a claim?
The claim process is designed to be quick and easy with the Bank of Melbourne in case an incident happens to your home and contents. Here is a guideline to follow.
Submit your claim: you can either submit a claim by calling the insurer or complete a form with details of the event leading to your claim. On the other hand, you can print out and complete a paper claim form and submit it with supporting documents later on.
Inform the police: In case of malicious damage, your home has been broken into, or anything has been stolen, you must inform the police immediately. It is also important to make sure that no one repairs the property before the insurer has a chance to inspect it.
Provide crucial information. A Letter will be sent to you to verify your claim, case number together with other additional information or documents you ought to provide.
In case no other documents or information is required, your claim will be settled within ten business days. For additional information, you can call them on 1300 020 266.
Who insures the policy?
Westpac General Insurance Limited issues and insurers the policy.
How do I need to pay my premiums?
Your premiums can be paid as mostly installments or an annual lump sum.
Is it costly to pay monthly?
No, you incur no additional charges if you choose to pay monthly.
The cooling-off period is how long?
The cooling-off period is 21 days. If you cancel your policy first 21 days, you will receive a full premium refund.
Will I receive cover for loss or damage by accident?
Only Premier Care Policies provide this cover.
How do I apply for cover?
You can phone the Bank of Melbourne or apply online.