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Bank First Home Contents Standard is a renters’ contents policy distributed by Bank First, with insurance issued by Insurance Australia Limited under the CGU brand. Its published feature summaries describe cover for listed events and optional extras, but limits, exclusions and the terms in your own policy determine what a claim may pay. This review explains the features reported in those summaries and what to check in your quote and policy documents.
Who issues and distributes the policy?
Insurance Australia Limited is the insurer, trading under the CGU brand. Bank First (Victoria Teachers Limited) distributes the policy under its own Australian financial services licence and an agreement with CGU. Bank First says it receives commission when selling CGU insurance. Its product information is general information, not advice based on your individual objectives, financial situation or needs. Consider the applicable Product Disclosure Statement (PDS) and Target Market Determination (TMD) before deciding whether the policy suits you. Bank First’s home insurance page and disclosure index set out the relevant information.
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What does renters contents insurance cover?
Contents insurance is intended to protect your belongings, rather than the building owned by your landlord. It can also include legal liability cover. The Australian Government’s Moneysmart contents insurance guide explains why renters may need cover for their possessions and liability; a landlord’s home insurance generally covers the home, not a renter’s belongings.
Bank First’s product page says tenant contents cover includes reasonable extra rent costs for temporary accommodation, subject to limits, exclusions and conditions. CHOICE’s summary describes the policy as a sum-insured product: you nominate an amount, but definitions, sub-limits and settlement terms still affect the amount payable. CHOICE identifies it as supplied by Insurance Australia Limited and available in Australian states and territories. CHOICE’s policy summary is a feature overview, not the full contract.
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Events listed in the independent summary
CHOICE lists theft and attempted theft, fire and bushfire, flood and rainwater run-off, storm and cyclone, tsunami, explosion, earthquake, vandalism, impact damage, escape of water and breakage among the events covered. It also reports waiting periods of 72 hours for bushfire or grassfire and 14 days for flood. Event definitions and exclusions matter: check the PDS version applying to your quote before relying on any event being covered.
Legal liability
CHOICE reports legal liability cover up to $20 million for named policyholders and family members living with them, for incidents in Australia. This is a stated maximum, not an assurance that every incident or person is covered; the policy’s definitions, exclusions and conditions determine eligibility.
Optional cover and limits to check
Some features in the CHOICE summary are optional or capped. The figures below are features as reported by CHOICE, accessed in 2026; they are not guarantees for every claim or policy version.
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|---|---|---|
| Accidental damage | Optional on Contents Standard; described as covering accidental loss or damage, subject to exclusions. | Whether you selected it, which incidents qualify and how exclusions apply. |
| Portable contents | Optional; certain item groups, up to $10,000 per item, with a $250 excess and a combined worldwide limit of $10,000 outside Australia and New Zealand. | Covered categories, item limits, excess and geographic conditions for your belongings. |
| Jewellery, watches, artworks and collections | $2,500 overall sub-limit. | Whether an item falls within a category and whether it needs to be listed or separately insured. |
| Contents in the open air | Up to 20% of the sum insured. | What counts as open-air contents and which events and exclusions apply. |
| Temporary accommodation | Up to 12 months or 20% of the sum insured. | Which limit applies, what costs qualify and the conditions for payment. |
| Debris removal | Up to 10% overall. | How the limit is calculated and which removal costs are eligible. |
| Emergency storage | Up to 12 months. | When storage is covered and any applicable cost or other limits. |
| Motor burnout | Optional; motors up to 15 years. | Which motors and circumstances qualify, and whether the optional cover is on your certificate. |
| Spoiled food | Up to $500 overall. | Triggering event, evidence requirements and any exclusions. |
CHOICE also identifies conditions or exclusions involving action of the sea; certain theft by household members or people admitted with consent; certain animal damage; water leakage; accidental damage; and contents in use. That list is not exhaustive. Read the policy wording rather than interpreting a summary as cover for every loss.
How to assess the policy against your needs
Do not judge the policy by its headline sum insured alone. The following checks help make a like-for-like comparison with other renters contents insurance quotes.
- Premium and excess: compare your personal quote and excess against other quotes using the same sum insured and comparable optional covers. CHOICE says price data was not shared for its price score, so its feature summary does not establish a premium or value ranking.
- Valuation and settlement: check whether belongings are covered on a replacement or new-for-old basis, or another valuation method, and how settlement is calculated.
- Events and exclusions: compare event definitions, waiting periods and exclusions, especially for flood and escape of water.
- Liability: check the limit, who counts as an insured person and where incidents must occur.
- Optional and away-from-home cover: confirm whether accidental damage and portable contents are available on your quote, their cost, eligible categories and item limits.
- Sub-limits: look closely at valuables, open-air contents, accommodation and storage limits, not only the total sum insured.
- Changes in circumstances: find the rules for an unoccupied property, moving belongings and high-value items involved in a claim.
Moneysmart recommends getting quotes from more than one insurer. It also cautions that comparison websites may earn money from promoted links and may not include every option. Compare policy documents and quote details, not just the order in which results appear.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Documents to read before buying or renewing
Bank First’s disclosure index lists the Home Insurance PDS, Premium, Excess & Discounts Guide, Key Facts Sheet for Home Contents and TMD. Its index says customers whose policies were issued before 27 May 2025 should contact CGU for the corresponding older documents. Use the documents that match your policy date, and check that the options and limits shown on your Certificate of Insurance match what you intended to buy.
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To check whether your sum insured is adequate, Moneysmart recommends making an inventory using current replacement prices. Record useful details such as serial numbers, receipts, warranties and photographs, then review the cover at renewal. This can also help you identify belongings that may be affected by category or item sub-limits.
What the available information does not establish
A personal premium cannot be inferred from the feature summary: it depends on an individual quote, and CHOICE did not share price data for its price score. The available summary also does not establish a definitive value ranking or guarantee how a particular claim will be assessed. Those questions depend on your quote, policy version, selected options, certificate and circumstances.
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Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
