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Outstanding Value Building Insurance

 This year, Bank of Melbourne has been awarded Canstar’s 5-Star Rating for Outstanding Value Home Insurance for the second year in a row! 
See our awards.  

All covers include

Damage from flood, storms1, earthquake, lightning, fire1, impact, explosion

Up to $20 million in legal liability for compensation for injuries to visitors and damage to their property 

Automatic safety net in case repair or replacement costs are higher than expected2

Theft3, and Malicious acts and unrest

Guarantee on authorised (and arranged) repairs

Emergency accommodation if your home becomes unliveable4


Choose from 3 levels of cover

Essential Care
 

Safety Net 

Up to 10% of the sum insured

Emergency Accommodation

Up to $10,000 if you have building cover
 

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Cover Limits
  • Fire Brigade and services charges: up to $5,000
  • Professional fees: up to 10% of the sum insured 

    Other limits and exclusions apply.

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Quality Care
 

Safety Net  

Up to 20% of the sum insured

Emergency Accommodation

Up to 12 months or 10% of the sum insured (whichever is less)

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Cover Limits
  • Fire Brigade and services charges: up to $5,000
  • Professional fees: up to 10% of the sum insured
  • Locks and keys: up to $1,000

    Other limits and exclusions apply.

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Extra Benefits

    Accidental breakage of glass

    Electrical motor burnout

    ✓ Mortgage discharge

    Limits and exclusions apply.

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Premier Care
 

Safety Net 

Up to 30% of the sum insured

Emergency Accommodation 

Up to 12 months or 10% of the sum insured (whichever is less)

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Cover Limits
  • Fire Brigade and services charges: up to $5,000 
  • Professional fees: up to 10% of the sum insured
  • Locks and keys: up to $2,000
  • Gardens and landscaping: up to $10,000

    Other limits and exclusions apply.

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Extra Benefits

    ✓ Accidental breakage of glass

     Electrical motor burnout

     Mortgage discharge

    ✓ Accidental loss to building 

    ✓ Accidental damage to building 

    Limits and exclusions apply.

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Get a quote in 2 minutes and 
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 In general, damage or loss caused by wear and tear or failing to maintain your property are not covered under Building Insurance.
Take a look at the Home and Contents Insurance Product Disclosure Statement (PDF 655KB) for the full details of how you are covered and policy exclusions and limits.

Frequently asked questions


What is Building Insurance?

Building Insurance (also known as home owners insurance) provides cover for your home from events such as fire, storm damage and floods. It covers the cost of repairing or rebuilding your home and other buildings on your property such as garages and sheds.

Building Insurance covers both the main structure as well as permanent fixtures such as kitchen cabinets, plumbing and built-in wardrobes. Depending on the policy, it may also cover any legal liability caused to someone injured visiting your property.

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How much is your building worth?

The replacement cost of your home may vary depending on your home’s design, features, fixtures and fittings. Estimate the cost of replacing your home building now with our handy Building Insurance Calculator and help set your sum insured which is useful in receiving a quote. 

Details on the benefits paid for your building sum insured are available in the PDS. Calculators on our website are intended as a guide only.

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Am I covered if I renovate my property?

The first thing you should do is contact us before any work begins because your cover may be reduced or cancelled if you plan to build, renovate, make alterations or additions, or demolish a building at the site.

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What is a safety net?

Your Building cover includes extra protection, in addition to your sum insured, just in case there are unexpected costs to repair or replace your building. For example, construction costs often increase after a widespread storm, flood or bushfire because the demand for labour and building materials is higher.

The safety net is an additional benefit and the amount of the benefit will depend on whether you choose Essential Care, Quality Care or Premier Care. You can read the details, including any limits and exclusions in the PDS (PDF 655KB)

Important Information

Before making a decision, please read these documents to ensure you’re aware of all fees, and charges.

Building Calculator

It's up to you to determine how much it would cost to replace your property and it can be complex to calculate these replacement costs. Use our Building Calculator to estimate your replacement costs at today’s prices.

Details on the benefits paid for your building sum insured are available in the PDS. Calculators on our website are intended as a guide only.

Open Building Calculator

Offer & Benefits

Save 15% online*

Quote and buy online and save 15% off your annual premium for the first year with promotional code COVER*

Payment flexibility

You can pay for your cover monthly or yearly - whatever suits you.^

Simple claims process

24/7 claims support available online and over the phone, we're there for you when you need us. One of our dedicated Australian claims managers will call you back if we have further questions.  

 

The Detail

Cover is subject to your application for insurance being accepted.

Product Disclosure Statements (PDS)

Home and Contents Insurance Product Disclosure Statement and Supplementary Product Disclosure Statement (PDF 655KB) (applicable to policies issued or renewed on or after 1 July 2021)

Home and Contents Insurance Product Disclosure Statement (PDF 480KB) (applicable to policies issued or renewed in the period between 5 April 2021 and 30 June 2021)

Home and Contents Insurance Product Disclosure Statement and Supplementary Product Disclosure Statement (PDF 1MB) (applicable to policies issued or renewed in the period between 1 July 2019 and 4 April 2021)

* Quote and buy online and save 15% off your annual premium for the first year with promotional code COVER. Plus, save 10% when you combine building and contents at the same address under the one policy.

^ Premiums payable by instalments may be subject to minor adjustments due to rounding, and financial institution transaction fees may apply.

Different exclusions might apply depending on your level of cover. Storm cover excludes damage to gates, fences, and freestanding walls. 

 2 Safety net of between 10% and 30% of your sum insured, depending on your type of cover.

3  Contents only covered if the theft occurs from inside a fully enclosed and lockable building at the insured site. Under Quality cover, theft is covered if the theft occurs from a fully enclosed and lockable building at the insured site, and for up to $2,000 in the open air at the insured site.

4 If your home is unliveable we will cover up to $10,000 (Essential Care) or up to 10% of the sum insured for up to 12 months (under Quality or Premier Care) for similar alternative accommodation. 

Home and Contents Insurance is issued by Allianz Australia General Insurance Limited ABN 99 003 719 319, which is a corporate authorised representative of Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL 234708 (Allianz Insurance). Bank of Melbourne – a Division of Westpac Banking Corporation ABN 33 007 457 141 AFSL 233714 arranges the insurance under a distribution arrangement with Allianz Insurance, but does not guarantee the insurance. This information does not take into account your personal circumstances. Read the Product Disclosure Statement to see if this insurance is right for you.

By clicking on Get a quote you will enter a third party site hosted by Allianz. Any personal information you provide to Allianz’s hosted site will be collected, used and disclosed in accordance with Allianz’s Privacy Statement and Privacy Policy.

Bank of Melbourne's Privacy Policy is available at bankofmelbourne.com.au or by calling 13 22 66. It covers:

  • How you can access the personal information Bank of Melbourne holds about you and ask for it to be corrected;
  • How you can complain about a breach of the Privacy Act 1988 (Cth) or a registered Code by Bank of Melbourne and how Bank of Melbourne will deal with your complaint; and
  • How Bank of Melbourne collect, hold, use and disclose your personal information in more detail.