Bank of Melbourne Landlord Insurance
Landlord insurance caters to the needs of landlords, providing a home insurance product specifically designed to provide property owners with protection against the financial loss that may result from owning a rental property.
Compare Bank of Melbourne landlord insurance
The table below displays a snapshot of Bank of Melbourne’s landlord insurance policies on Canstar’s database with links to the provider’s website. Please note the products and Star Ratings displayed are based on a house in New South Wales.
What landlord insurance policies does Bank of Melbourne offer?
Bank of Melbourne offers three options for landlord insurance– building & contents insurance, buildings insurance, and contents insurance. On top of that, they then offer ‘Essential’ and ‘Quality’ care policies for both building and contents cover.
The buildings & contents policies covers several key risks to ensure peace of mind for both tenants and landlords, including:
- Cover for loss of rent – both for inhabitability after an insured event (on Quality Care policies) and if your tenant defaults on their payment (available as an optional extra)
- Cover for damage caused by natural disasters or malicious acts.
- Accidental breakage of glass (on Quality care policies)
- Motor burnout cover (on Quality Care policies)
- Legal liability – for damage to third parties occurring on your property.
- Furniture and furnishings
- Keys and locks (on Quality Care policies)
Exclusions may apply when it comes to making a landlord insurance claim. Some common exclusions include:
- Gradual deterioration, neglect, lack of maintenance, structural failure or general wear and tear
- Pre-existing damage
- Any costs associated with the cleaning up or removal of asbestos
- Vermin or insects
- Invasion or war
- Any damage done during repairs or alterations being carried out on the house
For a detailed look at the various landlord insurance exclusions and what can cause them, see Bank of Melbourne’s Product Disclosure Statement (PDS).
Bank of Melbourne FAQs
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:
- Lightening or thunderbolt
- A falling tree or branch
- A riot or civil commotion
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:
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.