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Bank of us Contents Standard may cover belongings and reasonable temporary-accommodation costs after an insured event when you own and live in a home in a strata or similar scheme. It is provided by CGU, with Bank of us acting as an intermediary. The product page describes some benefits and optional extras, but the policy’s current Product Disclosure Statement (PDS) and your Certificate of Insurance determine the actual cover, limits, excess and claim conditions.
What the policy is—and what this review can establish
Bank of us offers CGU Contents Insurance in Standard and Plus tiers. Bank of us says it distributes the insurance under its own Australian Financial Services Licence and an agreement with Insurance Australia Limited, trading as CGU. It also discloses that it receives commission on insurance products. The Bank does not guarantee claims or benefits. Bank of us’s insurance overview and its Contents Insurance page explain the relationship and product features.
This is a review of the features the Bank’s current public page describes, not a complete contract analysis. The linked PDS was not accessible for verification, and the public page itself says the policy is subject to its terms. Check the current PDS and your Certificate of Insurance for the binding wording, insured amount, excess, exclusions, definitions and claim requirements. The Bank’s disclosure documents index lists CGU disclosure documents.
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What the product page says may be covered
The overview names theft and vandalism, flood and rainwater run-off, storm, storm surge and tsunami, and fire including bushfire. It also describes temporary accommodation and food spoilage or prescription medicine following a covered event. These are product-page descriptions, not confirmation that a particular loss qualifies. The page specifically says CGU does not cover actions of the sea such as tides and waves. Read the PDS for the event definitions, exclusions and claim conditions.
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Temporary accommodation for an owner-occupier
For an owner who lives in a home within a strata or similar scheme, the Bank’s page says CGU covers reasonable temporary-accommodation costs after a covered event. It describes the duration as up to 12 months under Standard and up to two years under Plus. The exact applicable conditions and any monetary cap must be checked in the policy documents. The page distinguishes this from tenants, for whom it describes reasonable extra rent costs.
Standard and Plus: the differences the page identifies
| Feature | Contents Standard | Contents Plus |
|---|---|---|
| Accidental damage | Optional | Included automatically |
| Electrical motor burnout | Optional | Included automatically |
| Temporary accommodation for an owner-occupier in a strata or similar scheme | Up to 12 months | Up to two years |
| Food spoilage after a covered event | Up to $500 | Up to $2,000 |
| Portable contents and valuable contents | Optional benefits; check selection, item limits and listing rules | The accessible page extract does not reliably establish the tier treatment |
These durations and limits are stated on the Bank of us product page. Food spoilage is tied to a covered event; the stated limit does not mean food is automatically reimbursed whenever a refrigerator stops working. The accessible comparison-table extract does not reliably show every tier-specific cell, so do not infer additional differences from missing or malformed entries.
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Optional cover and item-specific limits
Accidental damage
The page gives examples such as a child breaking a television screen or accidentally putting a foot through a ceiling. Standard requires this benefit to be selected; Plus includes it automatically, according to the page. Whether damage to a ceiling, television or another item falls under contents, building or another part of a policy depends on the applicable contract and the insured property.
Electrical motor burnout
Motor burnout is optional with Standard and automatically included with Plus. CGU’s page describes cover for motors up to 15 years after manufacture, subject to the motor not being covered by a warranty and not being used in a business. Check the PDS for the precise definition and other conditions.
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Portable contents
Portable contents is optional. The page’s examples include glasses, jewellery, laptops and mobile phones taken outside the home. It describes cover for loss, theft and accidental damage, generally up to $10,000 per item unless that item is separately listed for a higher amount. This is not blanket cover for every item, location or circumstance.
- Other limits apply outside Australia or New Zealand.
- Scratches and dents are excluded, as are items being cleaned or repaired.
- Certain sporting, fishing, musical, drone and firearm items are not covered while in use.
- Bicycles are not covered while being used in a competitive race or time trial.
These restrictions are described on the product page; consult the PDS for their exact scope and any other conditions.
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Valuable contents
Valuable contents is an optional benefit for specified kinds of property kept in the home. The page gives art, jewellery and collectables as examples, but the accessible material does not establish category limits or which items must be individually listed. Confirm both in the current PDS and your Certificate of Insurance before relying on cover for a particular item.
Strata fixtures need a separate check
The product page’s comparison table includes a row called “Owner fixtures – Strata scheme,” but its accessible extract does not establish which tier includes the benefit or how fixtures are defined. That matters because the strata building policy and your contents policy may address different property. Check the body-corporate policy, your current CGU documents and the strata schedule to establish what is insured and whether you need cover for anything yourself. Do not assume a particular fixture is covered by either policy without checking the applicable wording.
A July 2023 CGU/ANZ PDS mentions a strata owner-fixtures benefit and examples such as built-in furniture, cupboards, stoves and shower screens. It is an older document for a different distribution arrangement, not proof of current Bank of us cover. It can only suggest items to ask about. Read the July 2023 CGU/ANZ PDS as historical context, not as the contract for this policy.
What to verify before choosing or claiming
- Get the current documents. Locate the applicable CGU PDS and Target Market Determination through the Bank’s disclosure documents page, then compare them with your Certificate of Insurance.
- Check your schedule. Confirm the insured amount, selected optional benefits, listed valuables and excess shown on your Certificate. CGU says the excess depends on that certificate.
- Map your strata cover. Review the body-corporate policy and ask which fixtures or other property it insures; compare that with the wording for your contents cover.
- Read the relevant conditions. For the event or item that matters to you, verify definitions, exclusions, limits, evidence requirements and the claims process in the current PDS.
- Compare tiers on your needs. Weigh automatic versus optional benefits and the stated durations and limits above, along with your selected cover and excess. The available product-page evidence does not establish premiums or which tier is better value.
The Bank’s page also says payment can be made fortnightly, monthly or quarterly without extra cost. It describes a lifetime workmanship guarantee for authorised repairs to the home; that is not a guarantee of contents replacement or claim acceptance.
Quick Recap
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.
