Bank of Melbourne home insurance

Get comprehensive coverage with generous limits when you buy Bank of Melbourne home insurance.

• What does Bank of Melbourne home insurance cover?
• Here's the rundown of a Bank of Melbourne home insurance policy
• Standard features
• Optional add-ons
• Exclusions
• Here's some information on Bank of Melbourne home insurance complaints
• This is the bottom line about Bank of Melbourne
• Frequently asked questions
• Leave a Bank of Melbourne home insurance review

Home insurance brands

Our verdict

• Bank of Melbourne's policies come with a competitive rate of up to $20 million in legal liability.
• Flood cover comes standard on all policies which can end up saving you in the long run as providers like Budget Direct and Qantas have these as pricey optional extras.

• While Bank of Melbourne does offer some attractive sign-up deals, its 10% policy saving for new customers doesn't match Budget Direct's saving of 30%.

Sorry! We currently don't have this brand on our panel. But don't fret, you can head to the Bank of Melbourne home insurance website or compare a bunch of other home insurance companies with Finder.

What does Bank of Melbourne home insurance cover?

Bank of Melbourne home insurance offers cover for both homeowners, landlords and renters. You can choose from 3 policy types: building insurance, contents insurance, and combined home and contents insurance.

Some main events covered by Bank of Melbourne home insurance include:

Bank of Melbourne home insurance is issued by Allianz Australia Insurance Limited, which is one of the largest insurance companies in Australia. It offers customers the choice of excess amount, and has a below-average cooling off period of 14 days – the industry standard is 21 days.

Here's the rundown of a Bank of Melbourne home insurance policy

Standard features

These are some of the standard features that you can claim on if an insured event causes damage or loss.

• Alternative accommodation for you and your pets
• Building modifications
• Debris removal
• Emergency contents storage

• Food or medicine spoilage
• Guest, visitor, domestic helper and domestic workers property
• Moving house
• Rebuilding and professional fees

Optional add-ons

Bank of Melbourne home insurance also offers optional cover that you can add to your policy for an additional premium.

• Accidental damage cover
• Motor burnout cover

• Domestic workers compensation cover
• Portable contents cover

Exclusions

To be clear about what is and isn't covered, home insurance policies have a list of general exclusions. Here are a few exclusions to be aware of with Bank of Melbourne.

• Actions of the sea including storm surge
• Coal seam gas
• Deliberate, intentional, malicious or criminal acts
• Inherent defects including faulty design or poor workmanship

• Illegal contents or personal effects
• Soil movement including erosion, landslide and mudslide
• War, rebellion or warlike operations
• Wear and tear

Make sure you read Bank of Melbourne's PDS for a more detailed breakdown of exclusions. You can also head to general exclusions for more information.

Here's some information on Bank of Melbourne home insurance complaints

We looked at home insurance complaint data from the Australian Financial Complaints Authority (AFCA) between July 2022 and June 2023. 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 Bank of Melbourne (Allianz Australia Insurance Limited) did:

• Allianz is considered a very large general insurer which means it's normal to see a relatively large volume of complaints.
  • This is the same case with Hollard and Insurance Australia Limited, however, you can see that Allianz has a lower percentage of complaints that were resolved at the first stage of the complaints process.

  This is the bottom line about Bank of Melbourne

  Bank of Melbourne home insurance is a well-rounded policy with some essentials like flood cover included as standard. If you do need additional cover, there's a variety of optional add-ons you can choose from. While not as impressive as some providers, its new policy discount and combined cover discount can help you save on your premium.

  Still not sure? You can compare and review home insurance brands side-by-side to make sure you end up with a policy you're happy with.

  Frequently asked questions

  How do I make a claim with Bank of Melbourne?

  • Advise the police. You should immediately advise the police if anything has been stolen, if your home has been broken into, or if there has been any malicious damage. You also must not allow anyone to repair the property until the insurer has had a chance to inspect it.
  • Submit your claim. You can submit a claim by phoning the insurer or filling out an online form with details of the incident leading to your claim. Alternatively, you can print out and complete a paper claim form and then submit it along with your supporting documentation.
  • Provide important information. You will be sent a letter to confirm your claim and case number, as well as details of any further information or documents you need to provide.

  Does Bank of Melbourne home insurance cover flood?

  Yes, flood is automatically included as an insured event. This is a highlight of a Bank of Melbourne policy since flood cover is usually an optional extra with other brands. Exclusions do apply to the cover, so make sure to review them when making your decision.

  Does it cost more to pay by the month?

  No, there is no additional charge if you choose to pay by the month.

  Am I covered for accidental loss or damage?

  This type of cover is available as an optional add-on to your Bank of Melbourne home insurance policy.

  Leave a Bank of Melbourne home insurance review

  If you've held, or currently hold, a Bank of Melbourne home insurance policy, we'd love to hear from you. Your reviews help other Australians decide if Bank of Melbourne is right for them. Some reviews are from a survey commissioned by Finder.

  Compare other products from Bank of Melbourne

  • Bank of Melbourne credit cards
  • Bank of Melbourne home loans
  • Bank of Melbourne savings accounts
  • Bank of Melbourne personal loans
  • Bank of Melbourne business loans
  Was this content helpful to you? Thank you for your feedback!

  To make sure you get accurate and helpful information, this guide has been edited by Hannah Nissen-Ellison as part of our fact-checking process.

  Written by

  Cristal Dyer

  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. See full bio

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