Just wondering if the home contents insurance offered by the Banks are any good compared to Budget Direct, Youi, Allianz, etc.
Beyond the premium, would there be any significant difference in the features/offering or how they process claims?
Any recommendation on which company the best?
Just wondering if they offer accidental or theft damage outside the house?
I'm thinking I need cover in case my phone, tablet or laptop got stolen or dropped.
CBA was 300 more than NRMA for the same inclusions for me. I am so over reading PDSs :(
Generally speaking a lot of "the Banks" are reselling somebody else's product. Look at the website for something like "product issued by *****" and you should be able to figure out which of the big groups (e.g. IAG, QBE, Suncorp) is being resold. The price will probably differ between going direct vs through a 3rd party, and it could be favourable or unfavourable. No real way to tell that.
For example, from https://www.anz.com.au/personal/insurance/home-insurance/
ANZ Home Insurance is issued by QBE Insurance (Australia) Limited (ABN 78 003 191 035, AFSL 239 545) (QBE).
Isn't that the case for most insurers - especially car insurance. Even RACV just on sell insurance (I believe)
Very much so! There's some exceptions (afaik CommInsure are their own entity, or "wholly owned but non-guaranteed subsidiaries of the Commonwealth Bank of Australia") but there's a lot of conglomerating.
Good to know, but Westpac isn't though. How is Westpac compare to budget direct etc?
I've not read the Westpac policy, so I can't comment specifically.
Generally speaking, "Beyond the premium" there's huge variations between home insurance products - way more so than motor (most motor products boil down to "if you're in an accident, we'll fix your car, but it may be at one of our preferred shops. If you're at fault you'll pay an excess.")
Home products on the other hand have a lot more variation because they're are or aren't covering a lot more. Look for things like listed events (e.g. are there only certain things, like Fire, Escape of Water, Theft, etc, that are covered?) or accidental damage cover. Beyond those, look for things like additional benefits (e.g. if your home is unlivable, will they pay for temporary accommodation?)
Having a look at a site like https://www.canstar.com.au/home-insurance/ might be useful if you're still in the comparison stage.
Thanks mate! Very helpful.
If it's like complimentary travel insurance with credit cards, when you claim or got a question, you don't call the bank, you call the insurance.
One of Choice's recommendations was ANZ, which has QBE as the underwriter, and it had a couple of better features from memory than QBE's policy (remembering off the top of my head, it's been a bit since I read that report).
I have my h&c through CBA. My lender recommended them when i was buying my new house last year. The coverage is the same as my previous h&c insurance. The cost was ~30% less.
Obviously people need to read the pds and chose the policy that is most appropriate for them (e.g. i live on a hill near the sea so flood cover was totally unneccesary)