Contents Insurance

Choose from 3 levels of cover

In general, damage or loss caused by wear and tear or failing to maintain your property are not covered under Contents Insurance. 
Take a look at the Home and Contents Insurance Product Disclosure Statement (PDF 1MB) for the full details of how you are covered and policy exclusions and limits.

Frequently asked questions

What is Contents Insurance?

Contents Insurance covers your household items and personal belongings if they are damaged, lost or stolen in an unforeseen event. This can include your furniture, clothes, computer, fridge, washing machine, television, tools, art and jewellery.  If you own your home, you can save an additional 10% when you combine Bank of Melbourne building and contents insurance at the same address under the one policy.  

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What is a sum insured amount?

When applying for Contents Insurance you'll be asked to nominate a 'sum insured' which is the reasonable costs to replace items with new items of the same size and type. This amount is shown on your Policy Schedule.

You choose a sum insured for your:

• Contents
• Any individual contents items you list
• Any specified valuables you list
• Choose your unspecified valuable sum insured from a range of options.

No matter what your sum insured, there’s a cover limit for a few contents items.

You can apply to change your sum insured any time, to ensure you remain adequately covered. We recommend reviewing your cover regularly, to take into account things like increases in the replacement value of your belongings, and new purchases and gifts.

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How do I save on Contents Insurance?

There's no extra fee to pay monthly^, and you can save on your premium if you qualify for one or more of these discounts:

• Combined policy discounts: Building & Contents
• No claim discount
• Having an Advantage Package home loan

Generally speaking, here's how your choices may affect your premium:

• Choosing a voluntary claim excess. The higher the voluntary claim excess chosen, the lower your premium: you can choose a voluntary excess from $100, $250, $500, $1,000, $2,000, $5,000
• Choosing a lower level of cover e.g. the premium for Quality Care is less than Premier Care
• Your home security features:
  • Deadlocks, key operated window locks, security grills or bar
  • Local or back-to-base alarm.

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Do I get a no claim discount on my policy?

You may be eligible to receive a no claim discount on your premium. If we agree to pay a claim, this discount will be reduced or removed at your next renewal date. If you’re eligible for a no claim discount at a subsequent renewal date, it will be reinstated.

The Detail

¹ Under Essential cover Storm cover excludes damage to gates, fences, and freestanding walls. Fire cover excludes damage caused by smoke where there was no flame at the site

² Safety net of between 5% and 20% of your sum insured, depending on your type of cover.

³ Under Essential cover, theft is only covered if the theft occurs from inside a fully enclosed locked building and only where there is evidence of forced entry. Under Quality cover, theft is covered if the theft occurs from a fully enclosed and lockable building at the site, and for up to $2,000 in the open air.

⁴ If your home is unliveable we will cover up to $5,000 (Essential Care) or up to 10% of the sum insured for up to 12 months (under Quality or Premier Care) for similar alternative accommodation. 

⁵ For holiday homes not all cover options are available. Building and Contents cover is available provided the home isn’t rented out to others. Choose from Essential Care and Quality Care (but not Premier Care). Optional Personal Valuables cover is not available.