Life is often unpredictable but there are a few things we can do to protect ourselves against the unexpected. Home insurance is one of them. With home insurance you get the reassurance of knowing that if disaster strikes, you’ll have the money you need to repair or rebuild your property.
Home insurance is even more critical if you live somewhere that’s prone to natural disasters like floods or bushfires. In fact, you may need to take out extra cover as flood damage and other natural disasters are generally not included in your typical home insurance policy.
What does home insurance have to do with my home loan?
Like most lenders, we require you to have home insurance before you can get a home loan. It’s also part of your loan agreement that you renew it each year and send us a copy of the renewal. This is to protect us against losses if your home is badly damaged or destroyed and you’re unable to pay your mortgage.
In the event of a fire, flood or other disaster at your property, we’ll work with you and your insurer to get your claim processed and any repairs made (and paid for!) as quickly as possible. Because we’re the legal custodians of your property, your insurance company will need to get in touch with us before they can approve your claim.
How we’ll help you through your home insurance claim
If you have a home loan with Bluestone, we’ll coordinate your home insurance claims and talk to your insurance company on your behalf. We have a simple four-step process:
- Email us at customerservice@bluestone.com.au and we’ll send you a form to complete.
- We’ll forward your claim information and supporting documents to the insurer who will run a title search on your property to check that we’re the legal custodians.
- We’ll liaise with the insurance company and let you know if we need any extra photos or documents to support your claim.
- If the insurance company declines your claim, we’ll appeal it if we can. If the insurer approves your claim they’ll pay it to us and we’ll make it available through your redraw facility so you can pay your contractors.
Once paid, the funds will go into your redraw facility where they’ll be held for essential repairs. After these have been made, you can send us the invoices and we’ll pay the contractors directly.
Common questions about making a home insurance claim
Why can’t I have my claim paid to me directly?
Under the terms of your home loan, your claim will be paid to us. This is because we have a responsibility as legal custodians of your property to make sure all the necessary repairs are carried out and the funds are used for their intended purpose.
What if I’ve already paid for the repairs?
If you have already paid for any of the necessary repairs related to the claim, we can reimburse you once your claim has been approved – we’ll just need a copy of your repair receipts and some photos to show the work has been carried out.
Want to know more?
Get in touch at customerservice@bluestone.com.au if you have any questions about making a home insurance claim.
