BankSA Contents Insurance can protect an apartment owner’s belongings, but it does not replace strata building insurance. It is issued by Allianz and covers contents at the insured address against specified events, subject to the policy’s limits, excesses, conditions and exclusions. For a South Australian strata owner, the key first step is to check what the corporation insures and how the property’s title allocates building responsibility.
Does strata insurance cover your contents?
Usually, a strata corporation’s building insurance does not cover an owner’s personal belongings inside a unit. South Australia’s Law Handbook says a strata corporation must insure buildings and building improvements to replacement value, but its building cover will not usually extend to unit contents. Your furniture, clothing, appliances and other personal possessions may therefore need separate contents cover.
Building and contents policies protect different interests, and the boundary is not always obvious. The corporation generally maintains common property while unit holders maintain their own units, but the strata plan determines where those boundaries fall. The Law Handbook recommends checking both policies together for possible gaps, including items such as a carport.
Check your title and strata documents first
Do not assume that every apartment owner is responsible for the same building cover. South Australian government guidance distinguishes strata title from community title arrangements. In a community scheme, lot owners generally maintain and insure buildings on their lots; in community strata, buildings are generally common property that the corporation must maintain and insure. The corporation also insures buildings or structures in common areas in community schemes, according to SA.GOV.AU.
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These are South Australian descriptions, not a universal account of strata law across Australia. Before deciding what cover you need, check:
- Your title type and strata or community plan.
- The corporation’s current building policy, including its insured property and exclusions.
- Relevant by-laws and any responsibility assigned to you.
- Your BankSA policy schedule, which records your selected cover and options.
What BankSA Contents Insurance covers
BankSA Contents Insurance is provided by Allianz. The product page is a summary; the Home Contents Product Disclosure Statement (PDS) and Home Contents Key Fact Sheet contain the operative terms, limits, conditions and exclusions. Check the version available when you apply, as policy wording can change. BankSA’s contents insurance page also provides product information and a quote path. BankSA’s insurance disclosure identifies Allianz Australia Insurance Limited as issuer and says BankSA may receive commission on insurance sales.
The PDS describes contents as things you own or are legally responsible for. Examples include furniture, white goods, electrical appliances, clothing, linen, crockery, carpets, curtains and loose floor coverings. Cover is for specified insured events rather than every possible cause of loss. The PDS lists these event categories:
- Fire or smoke, lightning, explosion, and earthquake or tsunami.
- Storm and run-off, water or liquid damage, and flood.
- Theft or burglary, vandalism, and riot or civil commotion.
- Accidental breakage and impact.
Event-specific exclusions, waiting or exclusion periods, limits and excesses apply. Read the relevant PDS sections and your schedule rather than treating the event list as a guarantee that a particular loss is covered.
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Are belongings in a basement storage cage covered?
BankSA says contents kept in a locked basement storage cage in the basement of the insured strata apartment building are covered. That statement is specific to the described cage and insured address: confirm the applicable PDS wording and your schedule, and do not assume it extends to other storage arrangements or locations. See BankSA’s contents insurance information.
How to choose a sum insured and assess limits
Your contents sum insured should reflect the replacement cost of your own belongings, not the market value of your apartment. Make an inventory and estimate what it would cost to replace the contents you are responsible for. BankSA’s calculator can help as a guide, but it does not replace checking item limits, any requirements to list valuables, and the settlement terms in the PDS and schedule.
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When assessing whether the cover fits, compare the details that affect a claim and the premium:
- Which events are insured and what exclusions or special conditions apply.
- The sum insured and limits for particular items or categories.
- The basic excess and any excess specific to an event.
- Whether belongings kept outside the apartment meet the policy’s definition and location requirements.
- The cost and terms of any optional cover you might select.
A premium cannot be judged without a current quote based on your property and applicant details. The available information does not establish that this policy is the best-value choice for a particular owner.
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Optional covers and item-specific requirements
Portable Contents
This optional cover is for eligible belongings taken away from the insured address. The PDS says laptops, tablets, mobile phones, smart watches and other wearable technology must be specified as Listed Portable Contents to be covered under this option. BankSA says cracked screens alone are not covered. Check the item requirements and limits in the PDS and your schedule before relying on cover away from home.
Accidental Damage
Accidental Damage is optional cover for sudden, unforeseen and unintended events beyond the specified insured events. BankSA gives spilling red wine on a carpet or lounge as a contents example. Check the PDS and schedule for the precise terms and exclusions.
Motor burnout
BankSA lists motor burnout as an optional cover. The product summary does not establish which motors, conditions or exclusions apply to your circumstances, so consult the PDS and schedule before selecting it.
Prepare records in case you need to claim
The PDS advises keeping receipts or logging purchases in a tracking app, and photographing important contents. It says proof of value and ownership may include receipts, valuations, photographs and instruction manuals. Its claim guidance states: “We need proof that you own the items that you’re claiming on.” Keep an inventory and copies of relevant records somewhere you can access them if your belongings are damaged or lost; no particular record-keeping method is required. See the BankSA/Allianz PDS.
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