Honey Insurance, the smart home insurance provider, now available through Bank of Queensland

Those who bank with BOQ, rejoice! There’s an exciting new range of hi-tech home insurance products available to you exclusively from Australia’s first smart home insurance provider, Honey Insurance.

Home insurance has become a hot-button issue, especially after the recent Queensland and NSW flooding. However, with talk of rising premiums, this new partnership highlights a creative shift away from traditional forms of home insurance to something more digitally led, preventative, and accessible.

Let’s dive in!

Home insurance policies are generally split into a few categories: building, contents, and combined building and contents insurance. Building insurance covers the dwelling itself, while contents insurance covers everything inside (which makes it a great option for renters). 

Like most insurance policies, there are different levels of coverage, too, including:

• Basic and/or essentials.

• Comprehensive (with optional extras, usually for a fee).
  

If you’re not sure what’s covered in your home insurance policy, consult the Product Disclosure Statement (PDS) for more information. 

What you need to know about Honey Insurance

Honey Insurance innovates the playbook by including some unique, tech-led solutions in its services – some of which are firsts of their kind in Australia. 

(Psst: Honey made our Editor’s Pick for Best Home Insurance Providers, if you’d like to compare more award-winning policies from BudgetDirect, NRMA, and more).

The main attraction? Honey offers smart home sensors worth $250 to prevent avoidable household accidents that often lead to claims, such as fire, theft, and water damage. These smart sensors lower your overall risk, which means customers get an 8% discount on premiums every year – not just as a one-time sign-up bonus.

Honey also uses third party and satellite data to analyse your home, including size, number of rooms, etc. so they can tailor your coverage. According to Honey, this technology expedites the application process, meaning you can get insured in as little as 3 minutes. 

With east coast flooding on everyone’s mind, it’s important to know that Honey also offers coverage for flooding and storm surges (a waiting period of 3 days applies, however, among other T&Cs). Whenever considering a home insurance policy, make sure to thoroughly read the PDS to know what you are and are not covered for.

RELATED: Flood insurance: How to prepare for the worst

Honey offers insurance options for homeowners, renters, and landlords alike, giving customers the flexibility to suit their needs.

Honey Insurance products are now live on BOQ’s platforms. It’s the first bank to launch the smart home insurance brand as part of its retail banking services. 

“We love partnering with businesses that challenge the status quo,” says BOQ’s group executive, retail banking head Martine Jager. 

“Honey identified there was a need for an insurance product that provides a different kind of cover for Australian homeowners. We’re really proud to be the only bank in Australia offering this to our customers and look forward to working together to make a difference to our customers’ insurance experience.”

Looking for home insurance policies? Browse a selection below.