Bank of us contents plus for renters key cover details

Bank of us Contents Plus for renters includes key cover as an optional extra, but the exact terms, limits, and conditions depend on the policy document you receive at quote time. This article explains what key cover typically includes, what to check before you buy, and how it compares with alternatives, so you can decide whether it is worth adding to your renters insurance.

Formula

The calculator estimates the total cost of replacing a set of keys. The formula is:

Total cost = Number of keys × Cost per key replacement

Where:

• Number of keys – how many keys you need to replace (no unit).
• Cost per key replacement (AUD) – the average cost to cut and program one key, in Australian dollars.

This gives you a rough figure to compare against the annual premium for key cover. Actual costs vary by locksmith, key type, and whether the key has a transponder chip.

Worked Example

Using the default values: 2 keys at $150 each.

1. Multiply: 2 × 150 = 300
2. The estimated total is $300.

That matches the calculator output. If you only need one key replaced, the total would be $150. If your key is a modern car key with a chip, the cost could be $300 or more per key, so adjust the input accordingly.

What Is Contents Plus for Renters?

Bank of us is a Tasmanian customer-owned bank that offers home and contents insurance, including a policy tailored for renters. Contents Plus typically covers your personal belongings inside the rented property—furniture, electronics, clothing, and similar items—against events like fire, theft, storm, and accidental damage (depending on the level you choose).

Key cover is often sold as an optional add-on to contents insurance. It covers the cost of replacing locks and cutting new keys if your keys are lost, stolen, or accidentally broken. It may also cover the cost of rekeying the property if a key is stolen and you need to secure the home.

How Key Cover Works

When you add key cover to your Contents Plus policy, you are essentially buying an extension that responds to a specific set of events. Typically, the cover includes:

• Replacement of lost or stolen keys (house keys, car keys, office keys, etc.)
• Cost of a locksmith to change locks if a key is stolen and you need to re-secure the property
• Replacement of electronic key fobs or transponder keys, up to a limit

You usually need to make a claim within a certain time after the incident, and you may need to provide a police report for stolen keys. The insurer will reimburse you for reasonable costs, but there is often a per-claim limit (e.g., $500 or $1,000) and a sub-limit for each type of key.

Key Details to Check in the PDS

Before you add key cover, read the Product Disclosure Statement (PDS) and look for these specific points:

• Excess amount – the excess you pay per claim. If the excess is $200 and your key replacement costs $150, it may not be worth claiming.
• Sub-limits per key type – some policies cap the amount per key (e.g., $250 per key, $500 total).
• Coverage for car keys – not all policies cover car keys, especially if the car is not insured under the same policy.
• Replacement vs. reimbursement – does the insurer pay the locksmith directly, or do you pay and get reimbursed?
• Conditions for stolen keys – you may need to show that you took reasonable care (e.g., you didn’t leave keys in the door).
• Geographic limits – cover may only apply within Australia.

If the PDS is not clear, call the bank and ask for a copy of the relevant section. Do not rely on the salesperson’s summary alone.

Common Mistakes and Misconceptions

A common mistake is assuming key cover is automatic. In many policies, it is an optional extra that increases your premium. Another is thinking that car keys are always covered—often they are not, or they have a low sub-limit. Also, some renters believe that if they lose keys, the landlord is responsible for rekeying. That is usually not the case; the tenant is responsible for the keys they were given.

Another misconception is that key cover is the same as “lock replacement” cover. Lock replacement may be included for damage from a break-in, but key cover is for lost or stolen keys. Check which events trigger each type of cover.

Finally, be aware that if you have a high excess, a small key claim may not be worth submitting, as it could affect your no-claim bonus and raise your future premiums.

Costs and Alternatives

The cost of adding key cover to a renters policy is usually modest—often between $20 and $50 per year—but it varies by insurer and the level of cover. Compare that with the cost of replacing a standard house key (about $5–$20) or a chipped car key (upwards of $200). If you only have simple house keys, key cover may not be worth the premium. If you have expensive transponder keys, it could be worthwhile.

Alternatives to key cover include:

• Standalone key replacement insurance – some locksmiths or auto clubs offer key replacement plans, but these are rare.
• Paying out of pocket – for simple keys, this is often cheaper than the insurance premium.
• Including key cover in your car insurance – if you have comprehensive car insurance, it may already cover lost car keys, but check the terms.
• Landlord’s insurance – the landlord’s policy may cover the building locks, but not your personal keys.

Always compare the annual premium against the realistic risk of losing keys and the cost of replacement.

How to Make a Claim

If you lose your keys and have key cover, follow these steps:

1. Check your policy documents to confirm key cover is included and note the excess and limits.
2. If the keys were stolen, report it to the police and get a report number.
3. Contact the insurer (Bank of us) within the required time frame, usually 24–48 hours.
4. Get quotes from a locksmith or dealer for replacement keys and locks.
5. Submit the claim with the quotes, police report (if applicable), and any other required documents.
6. If approved, you may need to pay the excess and then get reimbursed, or the insurer may pay the locksmith directly.

Keep copies of all correspondence and receipts.

Frequently Asked Questions

Does Bank of us Contents Plus automatically include key cover?

No, key cover is typically an optional extra. You need to select it when you purchase the policy or add it later. Check your policy schedule to see if it is listed.

Are car keys covered under renters key cover?

Sometimes, but often with a sub-limit. Some policies cover car keys up to a certain amount, while others exclude them entirely. Read the PDS or call the insurer to confirm.

What is the typical excess for a key claim?

Excesses vary, but they are often in the range of $100–$300. If your key replacement cost is less than the excess, it may not be worth claiming.

Can I claim for a locksmith if I lock myself out?

Key cover is usually for lost, stolen, or broken keys, not for being locked out. Being locked out is often considered a “call-out” cost and may not be covered. Check the PDS for “lockout” coverage.

Do I need to provide a police report for stolen keys?

Yes, most insurers require a police report for theft claims. The report number is usually needed to process the claim.

How long do I have to make a claim?

Most policies require you to notify the insurer within a certain period, often 24 to 48 hours after the incident. Delays can result in a declined claim.

Related

• 1080p vs 4K: Is 1080p Still the Sweet Spot?
• Polestar AI Upgrades: What Future Cars May Get
• Raspberry Pi PoE Injector: What You Need to Know

in t | Number of keys | - | 2 | 1 | 10
in c | Cost per key replacement (AUD) | AUD | 150 | 10 | 500
out total | Estimated key replacement cost | AUD | t * c | 2