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A simpler approach to home insurance with CommInsure

28 August 2007

CommInsure today announced substantial enhancements to their home insurance product providing a simpler, more flexible and straightforward approach to insurance. The simpler approach offers two insurance packages, a Residential Home Package and an Investment Home Package, which allows customers the option of tailoring their insurance to their needs. With certain cover components customers can decide what they want to be covered for.

Simon Swanson, Managing Director, CommInsure said the level of flexibility provided by this product is a distinguishing feature.

"CommInsure’s new home insurance solution gives customers the option of removing insured events such as fusion and power surge, theft and accidental glass breakage from their cover if they do not believe they require it. This allows customers to better tailor the policy to their circumstances, and only pay for the cover needed", Mr Swanson said.

"At the same time, customers who need it can add the option of accidental damage to their cover for an additional premium. Landlords can also add features such as malicious damage or theft by tenants and loss of rent extra at an additional cost," Mr Swanson added.

CommInsure’s new home insurance product was created in response to customer feedback that requested more flexible home insurance cover options and types.

"At CommInsure, we are continually looking for ways we can improve our products and our services and a big part of this is listening to what our customers have told us. We’ve incorporated their feedback into this latest home insurance range to ensure it is more flexible," Mr Swanson added.

CommInsure’s Residential Home Package includes three types of cover; building, contents and personal valuables cover. The Investment Home Package offers building and contents cover. Each type of cover within the two packages can be taken out separately or in combination. For example, it is possible to take out Residential Home Package with building and contents cover or just for building cover. You can now also take out personal valuables cover in combination with buildings and contents or as a stand alone policy.

Mr Swanson said: "Customers will find the new home insurance product simpler to understand without having to wade through booklets of information. It also gives them a level of comfort knowing that they’re only paying for the cover needed."

 

-ENDS-

 

Facts about CommInsure

  • CommInsure has over three million customers across its Life and General Insurance businesses.
  • CommInsure is the fifth largest home insurer in Australia with approximately 5% of the home insurance market
  • CommInsure is Australia’s largest life insurer with a 14.2% market share.
  • Both Residential Home and Investment Home Packages include in their building cover, Total Building Replacement Cover, which offers protection for most people in the event of a total loss for the full replacement value of their building, regardless of their nominated sum insured.
  • CommInsure is a registered business name of Colonial Mutual life Assurance Society Limited ABN 12 004 021 809 which is the provider of CommInsure Life Insurance.
  • More information can be found at CommInsure’s website: www.comminsure.com.au
  • CommInsure is owned by, but is not guaranteed by, the Commonwealth Bank of Australia

CommInsure is a registered business name of Commonwealth Insurance Limited ABN 96 067 524 216 and is the issuer of CommInsure Home Insurance.  Residential Home Package and Investment Home Package are part of CommInsure Home Insurance. The Product Disclosure Statement (PDS) for CommInsure Home Insurance is available from any branch, at comminsure.com.au or by calling 13 24 23. A person should consider the PDS before deciding to acquire or hold this product.

Media Contact

Casey Van Liessum
Media and Communications Manager
Commonwealth Bank
Marketing and Communications
P: (02) 9303 6412
M: 0403 119 671