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Bank First says its Contents Plus policy automatically includes accidental damage cover and may cover reasonable temporary accommodation for an owner-occupier whose home is in a strata or similar scheme. But its public information does not establish whether a particular fixture or lot-owner improvement is insured. Before relying on the policy, check the current PDS and your certificate against the owners corporation’s building policy.

What Bank First Contents Plus includes

Bank First’s Home and Contents page says accidental damage is automatically included with Contents Plus. Contents Standard offers it as an optional benefit. Bank First gives accidental breakage of a television as an example; the policy’s definitions, exclusions and claim conditions still govern whether a particular loss is covered.

The same page describes general contents as items kept in and around the home that are not permanently attached to the structure. It describes valuable contents as part of general contents and states a combined $2,500 coverage limit for works of art, collections, jewellery and watches unless the customer selects the Valuable Contents additional benefit for higher amounts. Confirm the applicable limit and any item-specific requirements in the current PDS and certificate.

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Optional portable contents and storage conditions

Portable contents is optional. Bank First says it covers portable items for loss, theft and accidental damage up to $10,000 per item unless an item is separately listed for more. Geographic limits apply outside Australia or New Zealand, and exclusions include certain sporting equipment while in use. Check the policy documents for the full conditions and exclusions before assuming an item is protected away from home.

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Bank First also says general contents in storage may be covered only if CGU is told before the items are moved and CGU’s acceptance criteria are met. Valuable contents are not covered in storage, according to the public page.

What the strata wording does—and does not—confirm

For an owner-occupier whose home is part of a strata or similar scheme, Bank First says CGU covers reasonable temporary accommodation costs. It also says additional limits, exclusions and conditions apply. The public description does not specify those details, so use the current PDS and certificate to establish when the benefit applies and what it pays.

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That statement is not confirmation that Contents Plus insures the building, a particular fixture, or an improvement made to a lot. Bank First’s general description distinguishes contents from things permanently attached to the structure, but the public material does not settle the boundary between contents, lot-owner fixtures or improvements, and the owners corporation’s building insurance. Do not assume either policy covers an item based on its everyday description alone.

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Compare the policies item by item

  1. Ask the owners corporation or strata manager for the current building policy and the relevant definitions of insured property.
  2. Check the Contents Plus PDS and your certificate for how the item is defined, whether it is included, and any limits, exclusions or conditions.
  3. Compare the wording for the specific fixture or improvement across both policies. If neither document makes responsibility clear, ask the insurer or strata manager for written clarification before relying on cover.

Who issues the cover and where to verify terms

Bank First identifies Insurance Australia Limited, trading under the CGU brand, as the insurer. Victoria Teachers Limited, trading as Bank First, arranges the cover under its own Australian financial services licence and an agreement with CGU; Bank First says it does not act as the customer’s agent and receives commission when it sells CGU products. These roles matter when deciding whom to contact about policy terms or a claim.

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Bank First’s disclosure page lists a Home Insurance PDS, a Premium, Excess & Discounts Guide, Key Facts Sheets for Home Building and Home Contents, and a Target Market Determination. The current PDS text and version date are not established by the public information cited here. Bank First says documents for policies issued before 27 May 2025 should be requested from CGU. Make sure the documents you use match your policy and are current.

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What to check before deciding

  • Eligibility and insured amount: Confirm the policy suits your circumstances and that the contents sum insured reflects what you need to insure.
  • Valuables: Check the limit for the relevant category and whether the optional Valuable Contents benefit or separate item listing is needed.
  • Portable items: Confirm whether optional cover is selected, how per-item limits work, and which location-based restrictions or exclusions apply.
  • Temporary accommodation: Read the current limits, exclusions and conditions rather than relying only on the summary wording.
  • Cost and claim terms: Compare your premium and excess, and read the exclusions and claims conditions in the current documents.
  • Strata property boundary: Compare the building policy with your certificate and PDS for each fixture or improvement you are concerned about.

Bank First cautions that its website information is general and directs customers to consider their circumstances and the PDS and Target Market Determination. The public descriptions provide useful signposts, but they are not enough to recommend this cover for an individual or to confirm cover for a particular strata fixture.

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