Bankwest covers up to an additional 25% on top of your sum insured when it isn't enough to cover your loss. This is only available as an optional add-on with many other insurers we looked at.
Flood cover is automatically included in all policies – many other home insurers will charge extra for this.
You get up to 15% off a combined building and contents insurance policy but insurers including Budget Direct, St.George and Westpac offer larger sign up discounts.
What does Bankwest home insurance cover?
Bankwest is issued by Hollard Insurance. It comes with 3 different options for home owners: building insurance, contents insurance and a combined home and contents insurance policy. It also offers landlord insurance and options for renters. It has a cooling off period of 21 days – this is the standard among most insurers.
Some main events covered by Bankwest home insurance include:
These are some of the standard features that you can claim on if an insured event causes damage or loss.
Alternative accommodation
Contents in transit
Damage by emergency services
Demolition and debris removal
Domestic pets
Loss of rent
Accidental glass breakage
Animal damage
Burn out of electric motors
Earthquakes
Escape of liquid
Optional add-ons
Bankwest home insurance doesn't offer as many optional extras compared to other insurers like Budget Direct or Qantas. But, keep in mind that you'll need to pay extra if you want these benefits included.
Accidental damage
Motor burn out cover
Portable contents cover
Exclusions
All home insurance policies have things you won't be covered for. Here are a few exclusions from Bankwest. For the full list, check out its Product Disclosure Statement (PDS).
Defects or poor workmanship
Damage if your property is not compliant with government regulations or requirements
Major renovation unless stated otherwise
Wear and tear
Coastal erosion or coastal collapse
Actions of the sea
Actions of trees, plants or roots
Subsidence or landslide
You can also head to general exclusions for more information about what home insurance doesn't generally cover.
Here's some information on Bankwest 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 Bankwest (Commonwealth Insurance Limited) did:
Despite its large size, Commonwealth didn't receive many complaints. It also has a lower percentage of complaints than other similarly-sized insurers, which suggests customers tend to be happy with their insurance policy.
While it didn't receive many complaints and most were resolved directly with its customers, a small number were escalated to the AFCA.
Frequently asked questions
To make a claim with Bankwest, you must contact them by phone at 13 1361
You also need to take all reasonable steps to prevent further damage or loss to your property. You should start the claim process as soon as possible after the damage or loss has occurred to ensure you receive the maximum benefit from your insurance.
When making a claim, you will need your policy number and contact details.
If the claim is about theft or a malicious act, you must report it to the police and get a reference number from them to submit with your claim.
If you are claiming for contents, you will need to prove ownership. To do so, you can use any of the following:
Receipts
Photographs
Warranty certificates
User manuals and original packaging
Serial numbers
Bankwest may need to inspect your property or discuss the event with you before they can settle the claim.
If you choose the optional portable contents cover, your possessions will be insured anywhere in Australia and for the first 30 days overseas. When taking out the policy, you can select how much you want the maximum claim benefit to be. However, the maximum amount you may claim for any one item is $1000.
To be eligible for a Bankwest home or contents insurance policy, you must be:
Be aged 15 years and above (unless by exception), or a company
Own a domestic home in Australia
Meet underwriting guidelines and all policy acceptance criteria.
Certain factors increase the risk and may mean you can't get cover, including:
The type of property (e.g. if it's under construction)
The total replacement value of the building
The condition of the home (e.g. poor condition)
The use of the property (for example if it's used for business, commercial or farming activity)
Gary Ross Hunter was an editor at Finder, specialising in insurance. He’s been writing about life, travel, home, car, pet and health insurance for over 6 years and regularly appears as an insurance expert in publications including The Sydney Morning Herald, The Guardian and news.com.au. Gary holds a Kaplan Tier 2 General Advice General Insurance certification which meets the requirements of ASIC Regulatory Guide 146 (RG146). See full bio
Gary Ross's expertise
Gary Ross has written 648 Finder guides across topics including:
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