Bank of Melbourne Landlord Insurance

Bank of Melbourne’s landlord insurance policies can protect you from a loss of rental income due to a variety of factors:  

• Your tenant leaving before the end of the tenancy period without notice (available as an optional extra) 
• Your tenant being legally evicted (available as an optional extra) 
• Inhabitability after an insured event such as a fire, flood, storm, tsunami or riot (on Quality Care policies) 

• If your tenant defaults on their payment (available as an optional extra) 

The maximum amount Bank of Melbourne will compensate you for loss of rent is the lesser of the following: 

• 10% of your sum insured  
• 12 months’ rent 

Many of these are only covered if added to your policy as an optional extra. See the PDS for more information on possible exclusions.  

See this article for a quick guide to what landlord insurance is and what it may cover you for.  

A landlord insurance policy may provide you with cover should damage be caused to your rental property by tenants or their guests.  

Under Bank of Melbourne’s building & contents landlord insurance policy, cover is included for the following:  

• Damage caused to any buildings, sheds, garages or fences within the property line 
• Damage caused by natural disasters such as fires, floods, and storms 
• Damage caused by riots or civil commotions 
• Damage caused by accidental glass breakage 
• Theft (not by the tenant)  

See the PDS for more information on possible exclusions.  

Landlord insurance can also protect property owners against damage to any contents they own in their investment home.  

While Bank of Melbourne’s building and contents landlord insurance policy is the most common option for landlords and has contents cover included, Bank of Melbourne also offers building cover and contents cover as separate policies. For more information about the different policies, look at the Bank of Melbourne website.  

See the PDS for more information on possible exclusions.  

In insurance terms, a ‘defined event’ (also known as a ‘listed event’) on a policy is a damage-causing event which you’re insured for under that policy.  

Under Bank of Melbourne’s landlord insurance policy, you will generally be covered for the following defined events:  

• Storm  
• Flood 
• Explosion  
• Lightening or thunderbolt  
• A falling tree or branch 

• A riot or civil commotion  
• Earthquake  
• Fire 

To see the full list of defined events, see the PDS.  

Flood damage can be treated as different to storm damage by certain insurers, and as a result you may not be automatically covered for it.  

Bank of Melbourne’s building & contents landlord insurance does offer cover for flood damage, however please consult the PDS document for information about exclusions and conditions that may apply.  

Landlord insurance policies may also offer additional benefits that can be added to suit your unique needs as a landlord for an extra fee.. Some of the additional benefits you may be able to add to your Bank of Melbourne landlord insurance policy include: 

• Theft or malicious damage cover caused by the tenant or other people on your property.  
• Rent default payments  
• Damage caused by pets 
• Legal expenses  
• Denial of access to tenant by government authority  

For a full list of additional and optional extra, consult the PDS.  

Yes, Bank of Melbourne also offers home insurance in addition to landlord insurance. At the time of writing, the Bank of Melbourne website has a 15% discount in the first year of taking out landlord insurance, as well as a further 10% multi-policy discount when you combine your policy with home and contents insurance.   

See the difference between home and landlord insurance here. 

You can purchase a Bank of Melbourne landlord insurance policy by comparing your options with Canstar and generating a quote on the Bank of Melbourne website. They will ask you some general questions about your personal details, the cover required, the details of the building, and any optional extras you might be after.  It shouldn’t take longer than 10 minutes.

Founded in 1989, Bank of Melbourne has 106 branches exclusively in the state of Victoria. Bank of Melbourne has twice been recognised as the Regional Bank of the Year by the Financial Review Smart Investor Blue Ribbon Awards, most recently in 2015. 

Customers can choose which community groups Bank of Melbourne will support each financial year through The Local Project grants, which are offered to the projects that win the most votes. You can also apply for a community grant through the Bank of Melbourne Neighbourhood Fund. 

Bank of Melbourne is also helping to combat homelessness in Victoria by sponsoring the Sleep at the Gfundraising event for Melbourne City Mission. Their parent company, Westpac, has lent more than $1.05 billion to the social and affordable housing sector as of 2016. 

Check out their Melbourne Made ad campaign that celebrates the Victorian people and businesses who bank with them: 

https://www.youtube.com/watch?v=zCgZFkYrsmk 

Source: Bank of Melbourne 

Parent company Westpac is committed to sustainability and protecting our environment through their own operations and the work of their subsidiary brands such as Bank of Melbourne. The 2016 Interim Sustainability Report from Westpac lists contributions such as: 

• Carbon neutral as of 2013 and maintaining that status. 
• Halved electricity usage in commercial and retail sites from 2015 levels. 

• Halved total greenhouse gas emissions in commercial and retail sites from 2015 levels. 
• More than $6.3 billion lent per year to the CleanTech and environmental services sector.