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Bank Australia Household policy

Sum insured policy. Provided by RACQ. Available in all states & territories.

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Accidental damage View more details.

Cover for accidental damage to your building and/or insured items at the home.

Optional
Fire View more details.

Cover for damage caused by fire and its by-products (smoke, soot, ash, etc). Waiting periods for bushfire may apply, unless you are switching from another policy with equivalent cover with no change in sum insured.

Covers fire, bushfire, grassfire and smoke/heat from fire within 100m of home
Explosion View more details.

In some policies the actual exploding object is not covered.

Yes
Theft View more details.

Cover for theft or burglary from your home. Most insurers require you to make a police report.

• Covers theft and attempted theft
• Covers theft by someone who enters home without insured's consent
• No cover for theft by residents, someone who enters home with resident's consent or someone who enters home with consent of person you told could invite people to home
• Up to $1500 for stolen credit/ATM card fraud (per card)
• Up to $750 for security firm response
Breakage View more details.

Damage to easily broken objects like mirrors. Not to be confused with accidental damage, which is a broader level of cover.

Yes
Escape of liquid View more details.

From pipes, tanks, pools, spas, baths/basins, aquariums, waterbeds etc. Excludes faulty workmanship or leaks that cause damage over time.

Yes
Impact damage View more details.

Cover if a tree falls on your house or a car crashes into your front room, for example. Some insurers that cover animal damage do so under this event.

Yes
Vandalism View more details.

May also be called "malicious damage". Some insurers also classify "riot" as a separate event.

Yes
Flood View more details.

Flood as per the standard industry-wide definition. Waiting periods may apply unless you are switching from another policy with equivalent cover with no change in sum insured.

&#149; Covers flood and water runoff<br>&#149; Covers landslide and subsidence but must be solely caused by and occur within 72 hours of first flood or water runoff damage<br>&#149; No cover for damage caused by water absorbed through floors/walls, rising damp, hydrostatic pressure building up behind/below any part of home, power surge, erosion, vibration, earth shrinkage or expansion or any earth movement<br>&#149; No cover for damage to lawns, grass, swimming pools, spas, pool/spa covers and liners, shade/sail cloths or fabric awnings<br>&#149; No cover for replacing water in swimming pools/spas<br>&#149; 72 hour waiting period for flood and water runoff
Storm and cyclone View more details.

Cover for storm damage, including from wind, hail, snow and rainwater runoff (some insurers cover runoff under flood). Waiting periods may apply unless you are switching from another policy with equivalent cover with no change in sum insured.

&#149; Covered<br>&#149; No cover for damage caused by power surge<br>&#149; No cover for damage to lawns, grass or free standing walls<br>&#149; Covers swimming pool/spa covers and liners up to 5 years old<br>&#149; Up to $500 for swimming pool/spa covers and liners<br>&#149; Paintwork or coatings not covered if this is the only building damage<br>&#149; 72 hour waiting period
Storm surge View more details.

Where the sea level rises as a result of a storm. You may also have to claim for storm damage or flood for this to be covered. Some insurers only cover in the event of cyclone. If this is important cover for you, check the PDS.

&#149; Covered<br>&#149; No cover for damage caused by water absorbed through floors/walls, rising damp, hydrostatic pressure building up behind/below any part of home or power surge<br>&#149; No cover for damage to lawns, grass, swimming pools, spas, pool/spa covers and liners, shade/sail cloths or fabric awnings<br>&#149; No cover for replacing water in swimming pools/spas<br>&#149; 72 hour waiting period
Action of the sea View more details.

This usually covers the normal movements of the sea, including damage from king high tides, water erosion, etc.

No
Earthquake View more details.

Earthquake cover often comes with an additional excess of $300 or more. Check your PDS for details.

Yes
Tsunami View more details.

Products that cover tsunami usually include it under earthquake cover, and often comes with an additional excess of $300 or more. Check your PDS for details.

Yes
Animal damage View more details.

This cover often comes with a range of exclusions - insect damage or damage caused by your pets typically isn't covered, for example.

• Covers damage caused by animals not kept at the home
• Covers bird damage to door/window glass
• No cover for damage caused by bedbugs, birds, cockroaches, fleas, lice, mice, parasites, pests, rats, termites or pets/other animals kept at the home
Out-of-hours claiming View more details.

The easiest ways to begin a claim outside business hours. All insurers have a phone line you can call during the day, and some insurers still have in-branch claiming.

Online and 24/7 phone
How the insurer can settle your claim View more details.

Insurers will settle your claim in one of three ways.

• Repair damaged property
• Replace damaged property
• Pay you the property's replacement value, up to your sum insured or other sublimits
Cash settlement for building claims View more details.

How much will you get in a cash settlement? How a cash payout is calculated can depend on whether you request it or the insurer offers it. Customer cost: The insurer will pay what it will reasonably cost you to repair/replace your property. Insurer cost: The insure will pay what it would cost them. This offer may take into account trade discounts the insurer can access, leaving you out of pocket.

Customer cost
Cash settlement for contents claims View more details.

How much will you get in a cash settlement? How a cash payout is calculated can depend on whether you request it or the insurer offers it. Non-cash alternatives might include gift cards, pre-paid debit cards, store credit, etc. Customer cost: The insurer will pay what it will reasonably cost you to repair/replace your contents. Insurer cost: The insurer will pay what it would cost them. This offer may take into account trade discounts the insurer can access, leaving you out of pocket.

• Customer cost
• Insurer may offer non-cash alternatives
New for old contents replacement View more details.

All insurers promise to replace contents with equivalent new items, although some policies have exceptions.

Yes (excludes clothing and floor carpets over 10 years old)
Motor burnout View more details.

Cover for burnout of motors that are part of your building, eg automatic garage doors or air conditioner units. Motors in contents are also frequently covered, eg washing machines. Also called motor fusion.

• Motors up to 10 years
• Optional
Keys and locks after break-in View more details.

Cover for replacing locks and re-coding electronic keys after a break-in or theft of the keys. Policies usually stipulate you report the break-in to the police.

Up to $1000 overall
Gardens and landscaping View more details.

Typically includes trees, shrubs, etc planted in the ground. Lawns are usually excluded. Potted plants are usually defined as contents, and treated separately.

Up to $1000 overall
Costs to comply with building regulations View more details.

During rebuilding, in the event of total loss.

Reasonable cost
Professional fees View more details.

Cover the cost of professionals such as surveyors, engineers and architects.

Up to 10% sum insured overall
Mortgage discharge fees View more details.

Fees your bank might charge for early payment of your mortgage in the event of the total loss of your building.

No
Debris removal and demolition View more details.

To demolish and remove debris after an insured event. Cover also applies to contents claims unless specified.

• Up to 20% sum insured overall
• Paid on top of sum insured
Temporary accommodation View more details.

If your home is uninhabitable after an insured event.

• Up to 12 months or 10% building sum insured
• Paid on top of sum insured
• Up to 14 days for short term accommodation
• Available after a claim for building damage
Cover for unspecified portable contents View more details.

Cover for unspecified portable items such as jewellery, phones and sporting equipment. Some insurers will cover general contents away from home, while others cover a limited range of items (check the PDS for specifics). You may be covered for accidental loss and damage, on top of the usual list of insured events. In some cases you will pay a reduced excess.

• Covers some items for insured events and accidental loss/damage
• Choose overall limit from $2000–$8000
• Choose limit from $500–$2000 per item
• Covered anywhere in Australia and New Zealand
• $300 excess
• Optional
Optional cover for individual portable valuables View more details.

For an extra premium you can insure individual portable valuables against accidental loss or damage. Individually listed items are insured for their replacement value and will be shown on your certificate of insurance. Your insurer may require you to list something if it is worth more than the item limit for "unspecified" portable contents. Some insurers will only cover certain items if you specify them, such as phones.

• Cover for insured events and accidental loss/damage
• Covered anywhere in Australia and New Zealand
• $300 excess
Contents in the open air View more details.

Open air usually includes any area on your property that is exposed to the elements, but may also include unlockable areas like a garden shed. Each insurer has different definitions, so check with them for restrictions.

• Up to 5% sum insured overall
• Cover for theft
• Optional cover for accidental damage
• No cover for impact
Emergency storage View more details.

Covers the cost of commercial storage for your undamaged contents, if they are unable to be kept at your home or temporary accommodation after an insured event.

• Up to 10% contents sum insured
• Covers moving/storing contents
Jewellery View more details.

Limits for unlisted jewellery at the home. If you want a higher level of cover or need cover away from home, see listed valuables cover above.

• Up to $6000 overall
• Up to $2000 per item
Artworks View more details.

Cover for unlisted works of art. If you want a higher level of cover, you may be able to specifically list individual items.

• Up to $12000 overall
• Up to $2000 per item
Collections (e.g. stamps, coins) View more details.

Cover for unlisted collections (eg coins, stamps). If you want a higher level of cover you may be able to specifically list the collection. In some cases cover may depend on the type of collection, so check the PDS.

Up to $2000 overall
Digital media View more details.

Cover for contents such as digital media, software, and storage (e.g. discs, drives).

Up to $5000 overall
Spoiled food View more details.

Typically you won't pay the full excess unless it is as a result of an insured event (in which case you'll probably be claiming for other damages).

• Up to $1000 overall
• Cover for insured events, unit failure, sudden escape of refrigerant fumes and failure of public electricity supply
Visitors' contents View more details.

Cover for your visitors' belongings if they are lost or damaged in an insured event. Standard exclusions and restrictions will apply.

Up to $500 overall
Pet cover View more details.

Some policies will cover your vet bills in certain circumstances.

No
Overlapping cover at a new house View more details.

Let your insurer know you're moving house and they may cover your contents at both properties during the moving process.

Up to 14 days cover at both addresses
Cover for contents while moving house View more details.

Cover while moving your contents to a new home. Usually only covers your contents while they're in the moving truck, not while you're loading in or out.

• Up to contents sum insured overall
• Cover for fire, flood, road accident and water runoff
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