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Freedom251 › Blog › apartment insurance

GIO Platinum for Strata Owners: What the Listing Tells You

By Freedom251 Team · · 5 min read

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GIO Platinum (strata owners) is listed by CHOICE as contents insurance for strata owners, with sum-insured cover and accidental damage. That public summary does not establish the full policy terms, price, or an independent overall score. Most importantly, do not confuse this personal contents listing with GIO’s currently published Strata Insurance policy, which is generally arranged by an owners corporation or body corporate to insure the building and common property.

What GIO Platinum (strata owners) is—and what the public listing establishes

CHOICE classifies GIO Platinum (strata owners) as “contents insurance for strata owners.” Its public summary describes a sum-insured policy with accidental damage cover and says it is very similar to the equivalent Suncorp policy, with minor cover differences. Detailed scores and some feature information are gated to CHOICE members, so the public listing alone cannot support a complete assessment of the policy, its price, or its value.

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The name is not enough to identify the contract that applies to you. GIO’s current policy-document library lists Strata Insurance, not a current product named “Platinum.” GIO’s Home and Contents Insurance information also distinguishes home cover from strata cover. The available documents do not establish that the CHOICE-listed Platinum contents product and GIO’s current Strata Insurance are the same contract.

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Contents cover and strata building insurance protect different things

An apartment owner may need cover for personal belongings, while the owners corporation or body corporate generally arranges insurance for the strata building and common property. Those are separate insurance needs; one policy should not be assumed to replace the other. GIO’s guide to insurance for apartments explains this distinction.

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  • Personal contents: the CHOICE listing identifies GIO Platinum (strata owners) as contents insurance for strata owners. Its full terms and insured property details should be confirmed from the policy documents.
  • Building and common property: GIO’s current Strata Insurance PDS describes cover for the strata building, including common property. Optional cover for common contents is available under that policy.

Before relying on either description, check your certificate of insurance and the Product Disclosure Statement (PDS) that applies to your contract. For a strata title, also confirm what the owners corporation’s policy insures; do not infer that it covers your belongings.

What GIO’s current Strata Insurance documents say

The following details apply to GIO’s currently published Strata Insurance policy—not automatically to the CHOICE-listed GIO Platinum contents product. GIO says the PDS applies to new policies and renewals with start dates on or after 24 May 2025. The PDS is dated 31 January 2025. Check that date and product name against your own documents.

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Insured property and limits

The PDS describes cover for loss or damage to the strata building, including common property, and optional cover for common contents. The relevant building and common contents sums insured are those on the certificate, subject to policy wording. For legal liability covered by this strata policy, GIO states: “The most we’ll pay for all claims arising from one incident and in total during the period of insurance for legal liability covered by this policy is $20 million, including all associated legal costs.” This is the strata policy’s legal-liability limit, not a contents sum insured.

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Events, conditions and exclusions

The PDS summary identifies storms, floods, fire (including bushfire), and accidental damage among the events covered by the current strata policy. Cover is subject to its terms, limits and exclusions; the PDS specifically excludes wear, tear and deterioration. An event name in a summary does not by itself determine whether a particular loss is covered. Read the applicable wording and check the certificate for relevant limits and excesses.

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Excesses

For current GIO Strata Insurance, the Additional Information Guide lists standard excess options from $1,000 to $7,500. A $200 water damage excess applies in addition to other excesses for covered loss involving escaping or overflowing water, unless the policy says otherwise. Additional excesses may depend on factors such as claims history, location and building type; the certificate shows those that apply. These figures must not be attributed to GIO Platinum contents cover unless the policyholder’s own documents confirm the same wording.

Premium factors

GIO’s Additional Information Guide says the strata premium can reflect the building address and occupancy, sum insured, previous insurance history, construction and other building characteristics, chosen standard excess, whether common contents cover is included, instalment payments, and applicable taxes or charges. Premiums can change at renewal even if circumstances have not changed. These are factors for GIO Strata Insurance, not a quote or pricing schedule for the CHOICE-listed contents policy.

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How to assess the policy you actually have

Use your certificate and applicable PDS to identify the product before comparing it with another policy. Compare like with like: personal contents against personal contents, or strata building cover against strata building cover. Premium and feature comparisons are meaningful only when the risk details, location, cover period and policy versions match.

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  1. Confirm the product name and wording. Match the name on your certificate to the policy documents. GIO’s current Strata Insurance PDS applies to new policies and renewals starting on or after 24 May 2025; do not assume it governs an older or differently named contents policy.
  2. Identify the property insured. Establish whether the policy covers your personal belongings, the strata building, common property, or common contents. Ask the owners corporation or body corporate what its policy covers.
  3. Check the sums insured and sublimits. Look for the applicable limits on your certificate and in the wording, including any limits on particular property or types of loss.
  4. Read the accidental-damage and insured-event definitions. The CHOICE summary mentions accidental damage, but it does not provide the full terms. Confirm what counts as an insured event under the exact policy you hold.
  5. Review exclusions, excesses and settlement terms. Check what is excluded, which excesses apply to a claim, and how a covered loss is settled. Do not transfer excess figures or cover details from GIO’s current strata building documents to a contents policy without matching wording.
  6. Compare premiums on consistent details. Use the same location, insured property, sums insured, excess, cover period and payment frequency when comparing quotes.
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Documents to check

GIO also publishes a Supplementary Product Disclosure Statement dated 12 November 2012 containing historic product names. It is not current wording and should not be used to infer present-day cover.

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