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Bank First’s Home Insurance Standard is a CGU policy distributed by Bank First, not insurance issued by the bank itself. Its headline cover can include buildings, contents, or both, but the applicable Certificate of Insurance and Product Disclosure Statement (PDS) determine what a particular customer actually has. The main point to check before choosing Standard is accidental damage: Bank First says it is optional on Standard and included in Plus.
What Bank First Home Insurance Standard is
Bank First distributes the policy under an agreement with CGU. The insurer is Insurance Australia Limited, which issues it under the CGU brand. Bank First discloses: “Bank First receives commission when selling CGU insurance products.” Bank First’s insurance disclosure explains the relationship.
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“Buildings and contents” does not necessarily mean every customer has both types of cover. Confirm whether the quote and Certificate of Insurance are for buildings, contents, or a combined policy. The query can also refer to a separate strata-owner contents product; that is not the same as cover for a standalone house’s building structure. Check the product name and insured property on the documents rather than relying on a search-result label. Bank First’s Home Insurance overview describes its current options.
Standard versus Plus
The distinction surfaced in Bank First’s overview is accidental damage. It can be added to Standard, while Plus includes it. Do not assume accidental damage is part of Standard unless the policy documents show that the option was selected. The overview is a summary, so check the PDS for the precise scope and exclusions of the benefit. Bank First’s current overview describes this difference.
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What the cover is described as protecting
Buildings
Building insurance is described as covering repair or rebuilding after a covered incident, up to the selected sum insured. Bank First lists events and benefits including theft and vandalism, flood, storm and storm surge, fire, temporary accommodation, and liability. Those labels do not establish that every loss is covered: definitions, conditions, exclusions, limits and excesses in the PDS and Certificate of Insurance govern a claim.
Bank First’s building sum-insured calculator is a guide, and the customer remains responsible for insuring the full replacement value. Conversely, insuring for more than the likely cost does not mean a claim will pay more than the actual repair, replacement or rebuild cost. The product overview explains the calculator qualification.
Contents and items away from home
Contents cover is described for belongings in the home. Portable Contents is an optional benefit for certain items taken away from home. Bank First says portable cover applies in Australia and notes different limits outside Australia or New Zealand; consult the policy wording for the applicable territory and conditions.
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- Works of art, collections, jewellery and watches share a combined $2,500 limit unless higher cover is arranged through the additional Valuable Contents benefit.
- Portable items have a $10,000 limit per item unless separately listed.
These are product limits stated on Bank First’s overview, not a substitute for checking whether an item qualifies, how it must be listed, or what other conditions apply. Bank First’s contents information sets out the summary limits.
Important exclusions and claim considerations
Bank First’s overview says CGU does not cover actions of the sea, such as tides and waves. It also flags limits or exclusions for sporting equipment, musical instruments, firearms and other property while in use. The exact meanings and exceptions are governed by the PDS, so check the wording against the activity and item you need insured rather than treating these summary statements as complete clauses. The overview’s exclusions summary is a starting point.
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You can choose a repairer, according to Bank First. If you do not use a CGU partner repairer, CGU says it does not guarantee the workmanship or repairs and will not manage repairer timeframes or quality; it will pay only what it considers the fair and reasonable repair cost. Consider that process as well as the amount of cover when assessing whether the policy suits you. Bank First’s repair information describes this arrangement.
Which documents determine your cover?
The website overview is not the full contract. Bank First directs customers to their Certificate of Insurance and PDS for the actual terms, conditions, limitations, exclusions and excesses. Its Home Insurance page links to the current PDS, Premium, Excess & Discounts Guide, Home Building and Home Contents Key Fact Sheets, and Target Market Determination. The disclosure index says customers seeking documents for a CGU policy issued before 27 May 2025 should contact CGU; do not assume current wording applies to an older contract.
Exact current premiums, excess amounts, eligibility criteria and all sublimits are not established by the product summary. Read the documents that apply to your policy and quote, and ask the insurer or distributor about terms that remain unclear.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Is it good value?
A value verdict is not supported without comparable premiums and policy details. A lower premium alone would not show that two policies protect the same risks or property. For a useful comparison, request quotes using the same property address and risk details, building replacement estimate, contents sum insured, options, excesses and specified high-value items. Then compare flood and storm treatment, temporary accommodation limits, portable cover, exclusions and the claims repair process using each policy’s documents.
The available CHOICE search listing says its related strata-owner contents policy is scored on cover because price data was not shared; it does not establish a price or value ranking for this Bank First buildings-and-contents policy. CHOICE’s strata-owner contents comparison concerns a distinct product category.
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Standard may merit a quote if you want buildings cover, contents cover, or both and are comfortable deciding whether to add accidental damage. Before settling on it, verify the cover type and sum insured, check whether costly belongings need to be listed or covered through Valuable Contents, and assess the exclusions and repairer arrangement against your needs. The policy cannot be judged from the word “Standard” alone; your selected options and contract documents matter.
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