What the difference between CGU home & contents insurance

Building Sum Insured

The sum insured is the amount of cover required for the residential building. The Building sum insured applies to:

  • Residential buildings lived in including any professional offices or surgeries in those buildings.
  • Domestic out buildings.
  • Fixed coverings to walls, floors and ceilings. This excludes carpets, curtains and internal blinds.
  • Services which include the supply of electricity, water, etc.
  • Items built in, fixed to or on the buildings.
  • Blinds or awnings on the outside of the buildings.
  • In built swimming pools and spas.
  • Boat jetties or pontoons that you are legally responsible for.
  • Fences and gates (limits may apply).

Buildings are not:

  • Property that a tenant is liable for under the terms of a rental agreement.
  • Plants, shrubs, trees or grass.
  • Lawns.
  • Lose or compacted soil, gravel, pebbles, rocks or sand.
  • Dams.

Contents sum insured

Contents sum insured must be selected to allow cover for valuables. Contents are defined as:

  • Household goods that are not used for earning income.

  • Goods used for earning income while at the situation. These are covered up to the limits set in the Policy Wording.

  • Office and surgery equipment up to the limits set in the Policy Wording.

  • Carpets, curtains and internal blinds.

  • Furniture and furnishings that are not built in.

  • Portable domestic appliances that are not built in.

  • Swimming pools, saunas and spas that are not permanently installed.

  • Accessories for any swimming pools, saunas or spas.

  • Clothing and personal effects.

  • Valuable items while at the situation.

  • Items thinly covered with gold or silver that are not jewellery or watches.

  • Paintings and prints, tapestries, Persian or similar rugs, antiques and any other works of art.

  • Projectors and screens.

  • Equipment for developing and enlarging photographs.

  • Processed film, slides and prints.

  • Tapes, cassettes, cartridges and discs including computer software.

  • Money and negotiable documents up to the limits set in the Policy Wording.

  • Accessories and spare parts for motor vehicles, motorcycles, mini bikes, caravans, trailers and watercraft.

  • Landlords fixtures and fittings liable under the terms of a rental agreement, excluding fixtures and fittings insured by the Body Corporate.
  • Fixtures and fittings installed for the insured’s own use if they are a tenant, or the owner of a strata title unit, excluding fixtures and fittings insured by the Body Corporate.
  • Watercraft, depending on the policy type selected, which are either:
  • less than 3 metres long and not powered by a motor

  • less than 4 metres long and not powered by a motor or powered by a motor less than 10 hp.

  • Unregistered motorised golf buggies, ride on mowers and wheelchairs.
  • Surfboards, sailboards or surf skis.

Contents are not:

  • Unset precious and semi-precious stones.

  • Plants and trees growing outdoors. This does not include plants and trees growing in pots or tubs.

  • Animals, including birds and fish.

  • Pedal cycles while they are used for racing or pacemaking.

  • Motor vehicles, motorcycles, mini bikes, caravans, trailers or aircraft other than model or toy aircraft.

  • Watercraft more than 3 metres long (or more than 4 metres long depending on the policy type selected).

  • Watercraft that are powered by a motor (or watercraft less than 4 metres long that are powered by a motor of more than 10 hp).

The most any one item, pair, set, collection or system is covered for is $20,000.

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