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Horizon Bank Home Contents Standard is a contents policy for strata owners, not a replacement for the building insurance arranged by an owners corporation. Whether it fills the gaps in your situation depends on what your strata policy covers, the belongings you need to insure and the exclusions, limits and excesses in your own quote and policy documents. CHOICE describes accidental damage as an optional extra, rather than standard cover.

Do strata owners need separate contents insurance?

Strata insurance generally concerns the building and shared property, while this product is described as contents insurance for strata owners. That distinction does not establish what a particular apartment’s strata policy covers: the available product information does not set out the terms of your owners corporation’s policy or determine which owner-installed fixtures it insures.

Check the strata policy and ask your strata manager or insurer what is covered before deciding what personal cover you need. Then consider your belongings and any fixtures or improvements you may be responsible for. Do not assume that the building’s insurance automatically covers your furniture, electronics or other personal possessions.

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What Horizon Bank Home Contents Standard says it covers

Horizon Bank says it works with CGU Insurance; Insurance Australia Limited is the issuer under the CGU brand. Its public product page describes cover and optional features, but also says limits, exclusions, excesses and conditions apply. The full terms must be checked in the applicable Product Disclosure Statement (PDS), Target Market Determination, Certificate of Insurance and your schedule.

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Feature What the public information says What to verify
Contents sum insured CHOICE describes a sum-insured policy, with the amount selected by the customer. Choose an amount that reflects what you need to insure, and check sublimits and rules for listed items in the PDS and schedule.
Insured events CHOICE’s comparison describes key perils including fire, theft, storm, impact and flood. Read the policy wording for definitions, exclusions, conditions and any limits that apply to a particular event.
Temporary accommodation and emergency repairs Both are listed among the features on Horizon Bank’s product page. Check when these benefits apply, how much is available and for how long.
Visitors’ belongings Horizon Bank describes cover up to $2,500. Check the conditions and exclusions; the stated maximum does not promise payment for every loss.
Legal liability CHOICE and Horizon Bank report cover up to $20 million. Check the policy’s liability terms, exclusions and conditions. The stated limit is not a guarantee that a particular claim will be paid.

Is accidental damage included?

CHOICE describes accidental damage as an optional extra for this product, and Horizon Bank also lists it as optional. Do not assume it is included in a standard quote: check whether it appears in your quote and Certificate of Insurance, and read the PDS for what counts as accidental damage and what is excluded.

Horizon Bank also lists valuable contents, motor burnout and portable contents as optional cover. Confirm which options you have selected and the terms that apply to each; their availability on the product page does not mean they are included automatically.

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Portable contents, valuables and motor cover

Horizon Bank says portable contents cover can include loss, theft and accidental damage, with cover up to $10,000 per item unless an item is separately listed. Territorial restrictions and exclusions apply. Check the schedule and policy wording for the items you want covered, any listing requirements and where cover applies.

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Horizon Bank says electric motors may be covered up to 15 years after manufacture, subject to warranty and business-use conditions. This is a conditional feature, not a blanket promise of cover for every motor or breakdown. Check the PDS and your schedule for the applicable terms.

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Unoccupied-home notification

CHOICE’s product entry says the policyholder must tell the insurer if the home will be unoccupied for more than 60 days. Check the applicable PDS and contact the insurer before an absence that may cross that threshold; the accessible product information does not establish all the conditions or consequences that may apply.

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What this review can—and cannot—establish

CHOICE’s accessible product entry says its cover score is based on cover because the insurer does not share price data; the complete rating and some comparison details are member-only. The accessible information does not establish a current premium, a complete public score or a matched quote against another insurer. It is therefore not enough to call this policy cheap, good value or top-rated.

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The public summaries are useful for identifying the main features and questions to check, but they are not a substitute for the policy wording. Before deciding, compare a quote for your address and chosen sum insured with alternatives on the same basis: premium and excess, covered events and exclusions, optional accidental and portable cover, valuables sublimits, additional benefits, liability, owner-installed fixtures, unoccupied-home conditions and claims settlement basis.

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Horizon Bank’s product information directs readers to the CGU PDS and Target Market Determination. Read those documents alongside your quote and Certificate of Insurance to confirm the terms that apply to you.

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