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Australian Military Bank’s Standard home insurance lists a broad set of insured events, but the comparison page is only a guide: the applicable policy wording and your Certificate of Insurance determine cover, limits and excesses. The key decision is whether Standard’s included cover suits your needs once you account for optional accidental damage and electrical motor burnout, contents sublimits, waiting periods and repair arrangements.
Who provides the cover, and what does Standard mean?
Australian Military Bank distributes the home insurance product, which is issued under the CGU brand. The bank offers Building Standard, Building Plus, Contents Standard and Contents Plus. This review focuses on Standard cover; Plus is relevant where its included benefits differ. Check the current Product Disclosure Statement (PDS), Financial Services Guide and your Certificate of Insurance for the precise legal roles and terms that apply to your policy.
The bank’s comparison page lists events such as fire, storm, flood or rainwater run-off, theft, escape of liquid, impact, earthquake, accidental glass breakage and liability across its cover types. That list is not the contract: definitions, conditions, exclusions and limits in the policy documents govern whether a particular loss is covered. See Australian Military Bank’s home insurance information.
What Standard includes—and what it leaves optional
According to the bank’s comparison, accidental damage at home and electrical motor burnout are included with Plus but optional with Standard. Contents policies can also offer optional Portable Contents cover for items taken away from home and Valuable Contents cover for specified items kept at home. Availability and terms can depend on the cover type and risk; confirm them in the quote and policy schedule.
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The bank illustrates accidental damage with mishaps such as a child breaking a television or someone putting a foot through the ceiling. These are examples, not guarantees: the selected benefit, policy definition and exclusions still determine eligibility. If you are weighing Standard against Plus, compare the quoted premium with the cost and availability of adding the relevant optional benefits to Standard, rather than assuming the tiers are otherwise interchangeable. Check the bank’s cover comparison.
How contents limits and cover away from home work
A contents sum insured is a maximum, not an automatic payment for every item or loss. The CGU Home Contents Key Facts Sheet, prepared 24 February 2025, gives examples of sublimits and conditions; it also says it is a guide, not an insurance contract. Check the current PDS and Certificate of Insurance for item eligibility, declared values and limits.
General, Valuable and Portable Contents
- General contents: movable belongings kept in or around the home.
- Valuable contents: specified high-value categories covered subject to applicable limits.
- Portable contents: eligible belongings taken outside the home, where the optional cover is selected.
The 2025 Key Facts Sheet states an example total limit of $2,500 for jewellery and watches as general contents. Optional cover may increase limits for some items. The bank also describes works of art and collections among categories subject to a general contents limit. Do not assume that an item is fully covered simply because its value is below the overall contents sum insured; check the applicable category, sublimit and schedule. The bank’s contents cover information explains the categories.
Storage and water damage
CGU may cover general contents in storage if it is notified before items are moved and accepts the arrangement. Valuable Contents are not covered while in storage, according to the bank’s information. Contact the insurer and obtain confirmation before relying on cover for stored belongings. For escape of liquid, the 2025 Key Facts Sheet says the policy does not pay to repair the item from which the liquid escaped; other leakage sources and resulting damage may have separate limitations in the current policy wording.
Waiting periods, exclusions and example limits to check
The Key Facts Sheet prepared 24 February 2025 highlights these conditions. They are examples, not a complete list of policy terms, and should be checked against the current PDS and your schedule.
- Flood or rainwater run-off: a 14-day waiting period after cover starts.
- Storm: a 72-hour waiting period after cover starts.
- Bushfire and grassfire: a 72-hour waiting period after cover starts.
- Actions of the sea: ordinary waves and normal sea-level movement, including high or king tides, are excluded unless caused by storm surge.
- Theft or malicious damage: the sheet says damage by the policyholder, family or people who normally live in the home, including a tenant, is not covered as described there.
- Tools of Trade: the sheet gives an example maximum payment of $5,000 in total under contents cover. Confirm the policy definition and whether it applies to your policy.
- Legal liability: the sheet states a $20 million limit for contents-policy liability. Do not assume this amount or scope applies to every policy type.
The same sheet describes a 21-day cooling-off period after issue if no claim has been made. Read the policy documents for the full terms and any other limits or exclusions that affect your circumstances. Australian Military Bank’s home insurance page links to product information.
Choose sums insured carefully
Australian Military Bank says customers are responsible for selecting enough building cover to meet the home’s full replacement value. It also says that if the selected building sum insured exceeds the actual cost to repair, replace or rebuild, CGU pays only the actual cost. The bank’s online calculator is a guide, not a guarantee that a selected amount will be adequate. Read the bank’s building sum insured guidance.
For contents, the Key Facts Sheet advises valuing belongings at replacement cost and warns that an inadequate sum insured can leave you underinsured. A room-by-room inventory can help you account for everyday belongings as well as higher-value items; separately check relevant sublimits and optional benefits. Use the current policy wording and your insurer’s guidance when settling on amounts.
How claims and repairer choice work
Australian Military Bank says claims can be lodged online at any time or by calling CGU Claims on 13 24 80. Customers may choose their own home repairer, but the service arrangements differ:
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- CGU partner repairer: CGU offers a lifetime workmanship guarantee for repairs by partner repairers.
- Non-partner repairer: the bank says CGU will not guarantee workmanship or manage repair timing and quality, and will pay only what it considers the fair and reasonable repair cost.
Those are general descriptions of the arrangements, not a prediction of how an individual claim will be handled. Review the claim terms and discuss repair options with CGU before authorising work. See the bank’s claims information.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to assess a quote without guessing at value
The reviewed official materials do not establish a standard premium or excess. Your quote and Certificate of Insurance show the amounts that apply to your circumstances, so a price judgment requires a like-for-like comparison rather than a general estimate.
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- Match building and contents sums insured, contents values, optional benefits, excesses and payment frequency.
- Compare Standard with Plus on the quoted cost and availability of accidental damage and electrical motor burnout, and check whether Portable Contents or Valuable Contents cover is selected.
- Read the PDS for waiting periods, event definitions, exclusions and limits relevant to your location and belongings.
- Compare claims access and repair arrangements, including the distinction between partner and non-partner repairers.
- Record the quote date and check the Certificate of Insurance for the final premium, excesses, benefits and endorsements.
The Key Facts Sheet notes that different excesses may apply and that choosing a higher excess may reduce premiums. It does not state the excess or premium for an individual customer.
Is Standard a fit for your household?
Standard may suit someone whose priorities match its listed cover and who is comfortable either going without accidental damage and motor burnout cover or checking whether the optional benefits are available and worthwhile on their quote. Its fit depends on more than the event list: contents sublimits, the value of belongings taken away from home, storage plans, sums insured, waiting periods, exclusions and repair preferences all matter.
Before deciding, read the current PDS alongside your quote and Certificate of Insurance. The bank also lists fortnightly, monthly and quarterly payment options at no extra cost, and says policies purchased or renewed after 16 June 2025 can be changed online for certain adjustments, including excess or optional benefits; other changes can be made by phone. These servicing details can change, so confirm them with the bank.
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Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
