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P&N Bank’s Standard home buildings and contents insurance combines cover for a home and its contents, but the public feature list is only a summary—not a promise that a particular loss will be covered. The insurer is Insurance Australia Limited under the CGU brand; P&N Bank distributes the policy. To judge whether Standard suits your property, check the applicable Product Disclosure Statement (PDS), Key Facts Sheets, your Certificate of Insurance and a quote.
Who provides the policy, and what does “Standard” mean?
P&N describes this as a combined Building and Contents policy with Standard and Plus cover levels, calling Plus its highest level. Insurance Australia Limited (AFSL 227681) issues the insurance under the CGU brand; Police & Nurses Limited (P&N Bank), acting under its own Australian financial services licence and an agreement with the insurer, distributes it. P&N says its product-page information is general advice and does not consider a customer’s objectives, financial situation or needs.
The page does not establish a premium, an underwriting decision or whether Standard is good value for a particular household. Those depend on your address and property details, the cover selected and the insurer’s quote. Treat the public summary as a starting point, not the contract.
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What does P&N say the Standard policy covers?
P&N’s online summary highlights the following benefits for the combined policy. They are subject to policy definitions, limits, excesses, exclusions and conditions; the PDS and Certificate of Insurance set the applicable terms.
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- Theft and vandalism, including stolen keys.
- Flood, rainwater run-off, storm, storm surge and tsunami.
- Repair or rebuilding after a covered event, up to the insured amount.
- Fire, including bushfire.
- Temporary accommodation if the home cannot be lived in after a covered event.
- 24/7 emergency repairs.
- Visitors’ belongings, up to $2,500, excluding money.
- Legal liability up to $20 million in some situations.
The page says Building cover applies at the home and Contents cover can apply away from home while still in Australia. It also says CGU does not cover actions of the sea, such as tides and waves. So the summary should not be read as saying every kind of flood or water damage is covered. Check the policy’s definitions and exclusions for the event and circumstances involved.
Temporary accommodation is also conditional. P&N’s footnote distinguishes tenants, owner-occupiers and strata situations and refers to additional limits, exclusions and conditions. The public summary does not establish a payment amount or duration for a specific claim.
What changes with optional benefits?
P&N lists accidental damage, valuable contents, motor burnout and portable contents as optional benefits. It says accidental damage can be added to Standard and is automatically included in Plus. Its page does not establish that every other benefit is included in either level, so verify each selection on the quote and Certificate of Insurance.
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1Fix the driver behind crashes, sound loss and screen glitches2Repair Windows errors before they cause bigger problems3Scan for outdated or missing drivers - takes under a minute| Benefit | What P&N’s page describes | What to verify |
|---|---|---|
| Accidental damage | Examples include a child knocking over a television or accidentally putting a foot through a ceiling. It can be added to Standard and is included automatically in Plus. | Whether you selected it, the policy definition, exclusions and applicable excess. |
| Valuable contents | An option to increase cover for some art, jewellery and collectables. | Which categories qualify, item and total limits, and whether specific items must be listed. |
| Motor burnout | Cover for electric-motor burnout in fixtures and appliances, including parts and labour. The page says motors are covered up to 15 years after manufacture if they are not under warranty or used in a business. | Current wording, eligibility, exclusions and whether the benefit appears on your cover selection. |
| Portable contents | Cover for items such as glasses, jewellery, laptops and phones taken outside the home. | Geographical restrictions, item limits, listed-item requirements and exclusions for how an item is used or treated. |
For portable contents, P&N says the limit is $10,000 per item unless the item is separately listed for more. It describes restrictions outside Australia or New Zealand and exclusions involving scratches and dents, items being cleaned or repaired, listed equipment while in use, and bicycles used in competitive races or time trials. Confirm the current PDS wording before relying on cover for an item or activity.
Can I insure for more than your online building and contents calculator says?
P&N says its calculator is a guide and that customers are responsible for insuring for the full replacement value of their buildings and contents. It also says that if the sum insured is higher than the actual cost to repair, replace or rebuild, payment is limited to that actual cost. A calculator result is therefore not a guaranteed estimate of what a claim will cost or a substitute for choosing an appropriate sum insured.
Review the assumptions behind your building and contents amounts, including what would need to be replaced or rebuilt. Check the PDS for any relevant safety-net provisions and their conditions, and confirm the final sums insured on your Certificate of Insurance. Excesses, exclusion periods, limits and conditions apply.
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What should you compare before choosing Standard?
Compare Standard and Plus against the same household needs and property details. In particular, check whether accidental damage and any other benefits you need are included or separately selected, then compare the actual limits, exclusions and excesses—not just the level names.
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- Events and water damage: Read the definitions of flood, storm, storm surge and tsunami, and check exclusions such as actions of the sea.
- Sums insured: Check building and contents amounts against replacement or rebuilding needs, including the assumptions and conditions for any safety net.
- Items and away-from-home cover: Review category, per-item and aggregate limits, requirements to list valuable items, portable-cover geography and use exclusions.
- Other benefits: Check temporary accommodation, emergency repairs, liability and visitors’ belongings for their applicable limits and conditions.
- Excesses and exclusions: Compare the standard and event-specific excesses, exclusion periods and policy conditions shown for your cover.
- Repair arrangements: P&N says customers may choose a repairer, but its lifetime workmanship guarantee and repair-management assistance apply to authorised or partner repair arrangements as described on the product page. Check those terms if repairer choice matters to you.
- Price: Obtain quotes using the same address and property details, sums insured, excesses and optional benefits. No current premium can be inferred from the public summary.
P&N links a Premium, Excess & Discounts Guide, but the guide and underlying policy wording should be read alongside the quote and Certificate of Insurance. A comparison based only on the webpage cannot establish which level offers better value.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Which documents determine the exact cover?
Use the P&N insurance product disclosure statements page to find the PDS, premium and excess guide, and Key Facts Sheets. Check that the documents match the policy version and the cover being quoted. The Certificate of Insurance records your selected cover and sums insured; review it for optional benefits and excesses rather than assuming they were added.
P&N says customers with policies issued before 20 May 2025 need to contact CGU for the applicable PDS, Target Market Determination or Key Facts Sheet. If you already hold cover, ask for the documents that apply to your policy’s issue date, not simply the latest documents displayed online.
For the current product summary, see P&N Bank’s Home building and contents insurance page. Its home insurance page is another entry point to P&N’s home cover information.
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The P&N page gives a useful outline of highlighted events and optional benefits, but it does not resolve the complete scope of cover, exclusions, limits, claim conditions or the premium for your property. Those require the relevant policy documents and a quote. A claim outcome also depends on the policy terms and the insurer’s assessment of the circumstances; a listed feature alone does not guarantee acceptance.
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