Westpac Building Only Insurance Review
Westpac is well known in Australia for its array of banking and financial products, with its sheer size making it one of Australia’s ‘big four’ banks. The Westpac Group has around 12 million customers around the world, and it has spread its operations from Australia to New Zealand, the Pacific and other global financial centres.
In addition to its banking products like home loans and credit cards, Westpac also offers a number of competitive insurance policies. It offers landlord insurance, life insurance, income protection insurance, car insurance and home and contents insurance.
It also provides building only insurance when you want to protect your biggest asset: your home. Also known as home insurance, this policy is available with three levels of cover to suit different needs and budgets, while it’s also backed by an efficient and friendly claims service. When storm, flood, lightning, fire, explosion or theft result in damage or loss to your home, this policy provides the financial protection you need.
Find Out More About Westpac Building Only Insurance
Levels of Cover offered under Westpac Building Only Insurance
What is considered a Building?
Building additional benefits to Consider
Tips to Save with Westpac Building Only Insurance
How to Make a Claim With Westpac
Levels of Cover offered under Westpac Building Only Insurance
Essential Care
This offers the most basic level of cover from Westpac and is therefore also the company’s cheapest policy. When incidents like fire, theft, storms, floods, explosions and malicious acts damage your building, this policy will cover the cost of the removal of debris. Emergency accommodation up to $10,000 is provided to help you find somewhere to stay until you get back on your feet, while there’s a safety net of up to 10% of the sum insured for your building when repair costs turn out to be more than originally expected.
Quality Care
Quality Care Building Only Insurance from Westpac offers a higher level of cover, but it’s not the most comprehensive option available. Removal of debris is once again covered, while protection against electrical motor burnout and accidental glass breakage are both added to the list of policy features. The safety net for when repair costs are higher than anticipated rises to 20% of the sum insured, while emergency accommodation is covered up to 10% of the sum insured or for 12 months (whichever is less).
Premier Care
This is the most comprehensive option offered by Westpac. Removal of debris, electrical motor burnout and accidental glass breakage are all once again covered, while accidental loss or damage is also added to the list of features. Emergency accommodation is covered up to 10% of the sum insured or for 12 months (whichever is less), while the safety net for unexpectedly expensive repairs rises to 30% of the sum insured.
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What is considered a Building?
In order to assess what is covered under the policy, it’s important to ascertain what Westpac defines as a building. Under a Westpac Building Only Insurance policy, a building or home is a residential building including structural improvements, fixtures and fittings. This definition includes cover for:
Gates and fences
Decks, patios and balconies
Walls
Paths and driveways
Dishwashers installed in cabinets
Wall mounted air conditioners
Fixed floor and wall coverings (but not carpets)
Fixed external blinds, screens and awnings
Light fittings, alarm systems, kitchen and bathroom fixtures
Solar panels
Home offices
Garages, carports, sheds
Fixed swimming pools, saunas, spas, tennis courts
Wharves, pontoons and jetties
Water tanks
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Westpac Building Only Additional Benefits to Consider
Westpac insurance customers can also consider adding the following benefits to their Building Only Insurance policy:
Unsecured renovation materials. This benefit is available up to a $1,000 limit on a Quality Care policy, and a $2,000 limit on a Premier Care policy. Whenever you are renovating your building, this benefit ensures that any unsecured fixtures or fittings and materials due to be fitted to your building will be covered against loss or damage as a result of an insured event. However, materials like sand, gravel and soil are not covered.
Locks and keys. This benefit is also available up to a $1,000 limit on a Quality Care policy, and a $2,000 limit on a Premier Care policy. In the event that your keys are stolen, Westpac will cover the cost of replacing or modifying your building's external locks. Note that this also includes cover for any electronic keys and garage door openers.
Sum insured automatic indexation. Whenever your Building Only Insurance policy is renewed, Westpac will automatically adjust your sum insured to make sure that it keeps pace with inflation. This protects you against the increased costs of construction materials and goods, and it's designed to prevent you from being underinsured.
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Tips to Save with Westpac Building Only Insurance
No claim bonus. If you do not make any claims on your policy for one year or more, you'll be able to take advantage of a no claim bonus.
If you select a higher excess on your policy, you can reduce the cost of your premium. Excess options you can choose from are $250, $500, $1,000, $2,000 or $5,000.
Choosing a lower level of cover from Westpac will obviously also result in cheaper premiums. For example, you may choose to downgrade from Premier Care to Quality Care in order to save money.
You may also qualify for a discount if you are aged between 50 and 59 years, or if you are 60 years or older.
If you also hold a Westpac Premier Advantage Package home loan, you will also be eligible for a discount on your Westpac Building Only Insurance premium.
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How to Make a Claim With Westpac
In some circumstances you may need to call the police, such as if you need to report malicious damage, theft or a break in.
Once these steps have been taken care of, phone Westpac on 1300 369 989 to notify them of your claim. Westpac can be contacted 24/7 so you can relay the full details of your claim. Westpac will then need to be given access and a suitable amount of time to the site to assess and inspect the damage. You'll need to provide things like proof of ownership, evidence of the value of the property and the costs of rectifying the loss or damage in order to ensure the smooth processing of your claim.
In some cases further information or investigation may be required, but otherwise your claim will be approved or denied. Westland will then pay out a claim no greater than the sum insured shown in your policy schedule.
Building Only Insurance from Westpac offers a range of competitive and flexible features, with the policy designed to offer crucial financial protection for your most important asset. However, it's important that you compare the benefits and limits of this policy with those of other products on the market before you select the right one for you.
The best way to start the process is to make use of the comparison tools at finder.com.au. We've got all the tools you need to help you track down the home insurance policy that matches your cover needs and your budget.
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