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Bank First’s Contents Standard is a contents-insurance option, but its public summary does not settle which parts of a strata apartment are insured as contents rather than building property. Check the current Product Disclosure Statement (PDS), your Certificate of Insurance and your strata records before deciding whether the cover matches your situation. Contents Standard does not automatically include accidental-damage cover; Bank First describes that as an optional benefit.
What Bank First says Contents Standard covers
Bank First describes general contents as belongings kept in or around the home that are not permanently attached to the structure. That is a useful starting point, not a complete policy definition: the detailed terms in the current PDS and the cover shown on your Certificate of Insurance determine how the policy applies.
The public contents information also describes valuable contents as a subset of general contents, including art, collections, jewellery and watches. Those categories share a stated $2,500 combined limit unless additional Valuable Contents cover is selected. Check the policy documents for the exact categories, conditions and available limits that apply to your policy.
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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchDoes Contents Standard include accidental damage?
No, not automatically according to Bank First’s public description. Accidental-damage cover can be added as an optional benefit to Contents Standard; Contents Plus includes it automatically. Confirm the option shown on your quote or Certificate of Insurance, and check the PDS for the events, exclusions and conditions that define the cover.
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How strata building cover differs from your contents policy
Owning a strata unit does not by itself show which fixtures, fittings or other property belong under a contents policy rather than the strata building insurance. Bank First’s public page does not define that boundary. Review the current PDS alongside your owners corporation or body corporate insurance documents, strata plan and relevant records. If a particular item is unclear, ask the insurer and strata manager to identify how it is treated under the applicable documents.
Bank First says that for contents insurance, if an owner lives in a home that is part of a strata or similar scheme, CGU covers reasonable temporary-accommodation costs. The statement is subject to additional limits, exclusions and conditions; use the PDS and your Certificate of Insurance to check when the benefit applies and what it pays.
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Portable contents, valuables and storage
Portable contents
Portable contents is optional. Bank First says portable items are covered for loss, theft and accidental damage, up to $10,000 per item unless separately listed for a higher amount. Other limits apply outside Australia or New Zealand. The public page also identifies limitations, including scratches and dents, items being cleaned or repaired, and certain sporting or other equipment while in use. Check the PDS for the full terms and confirm that the option and any separately listed items appear on your policy documents.
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Valuable items
The public description’s $2,500 limit is combined across the listed valuable-content categories, not a separate allowance for each category. If the value of your jewellery, watches, art or collection is higher, check whether additional Valuable Contents cover is available and how items must be described or listed. The current PDS and Certificate of Insurance govern the limits and requirements for your cover.
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Items in storage
Bank First says general contents in storage may be covered if you tell CGU before moving the items and CGU’s acceptance criteria are met. Its public description says valuable contents are not covered in storage. Contact CGU before moving belongings and check the PDS for storage exclusions and conditions.
Documents and checks before choosing cover
Bank First’s disclosure page lists the Home Insurance PDS, Premium, Excess & Discounts Guide, Key Facts Sheet Home Contents and Target Market Determination, and advises customers to consider the relevant PDS before acquiring the product. Review the current versions and your Certificate of Insurance rather than relying on the product webpage alone.
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- Establish which apartment items are strata building property and which you need to insure as contents, using your strata documents and the policy wording.
- Check your contents sum insured and the policy’s definitions, insured events, exclusions, claim conditions and excesses.
- Confirm whether accidental-damage cover, portable contents and any additional Valuable Contents cover are selected.
- Check how the policy treats belongings away from home, items kept in storage and temporary accommodation.
- Use a current quote and your Certificate of Insurance to confirm the premium, selected options and policy-specific excesses.
The current Bank First page says customers with older policies issued before 27 May 2025 should contact CGU for the relevant documents. The retrieved public information does not establish the current PDS version or effective date, detailed policy wording, actual premium or policy-specific excesses; obtain the documents that apply to your policy.
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Who provides the insurance, and what the advice means
Bank First says Insurance Australia Limited issues the insurance under the CGU brand. Bank First arranges it under an agreement with CGU, not as the customer’s agent, and receives commission when selling CGU insurance. Bank First describes its information as general advice that does not take your objectives, financial situation or needs into account; it directs prospective customers to consider the PDS and their own circumstances.
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Sources: Bank First home insurance; Bank First important insurance information.
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