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Clear out junk files and repair common Windows errorsFree Scan →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →The Mutual Bank Home Buildings and Contents Plus combines building and contents insurance, with a 25% building safety net above the sum insured and up to two years of temporary accommodation after a covered event makes the home uninhabitable. Those features may be worth comparing, but they do not establish whether the policy is suitable or affordable for your household: that depends on the current policy documents and an address-specific quote.
Who issues the policy, and what does Plus mean?
The Mutual Bank markets the combined policy and says it acts under its own Australian financial services licence and an agreement with Insurance Australia Limited, which issues the insurance under the CGU brand. Check the current disclosure documents for the legal and policy details before applying. The Mutual Bank’s product page is the source for its published cover summary and quote information.
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The bank recommends selecting Building & Contents Plus when obtaining a quote if you want its highest level of cover. Plus is not a separate promise that every loss is covered: the policy’s definitions, exclusions, limits and excesses determine how a claim is assessed.
What are the main published Plus benefits?
Building safety net
The Mutual Bank describes Plus as providing an extra 25% above the building sum insured for repair or rebuilding after a covered event. CHOICE also characterizes it as a sum-insured policy with a 25% building underinsurance safety net. This is additional cover described in relation to the insured amount, not a substitute for setting a realistic sum insured. CHOICE’s policy comparison groups this cover with IAG policies sold under 17 other brands, while noting that prices can differ; that comparison does not establish identical prices, service experiences or suitability for every customer. CHOICE’s home and contents insurance comparison was last updated 19 May 2026.
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Temporary accommodation
The Mutual Bank says Plus provides up to two years of temporary accommodation if a covered event makes the home uninhabitable, compared with 12 months for Building and Contents Standard. These are stated maximum periods; the applicable conditions and limits are set out in the policy documents.
Events and accidental damage
The product summary lists categories including fire, theft, storm, flood or rainwater run-off, storm surge or tsunami, earthquake, impact, escape of water or liquid, explosion, lightning, riot or civil commotion, accidental breakage of glass, animal damage, and deliberate or intentional acts. The summary does not define the circumstances in which each category is covered. For Plus, the bank lists accidental damage at home and electrical motor burnout as included benefits. Read the PDS for the operative definitions and exclusions.
Optional cover and listed limits
Portable contents and valuable contents are listed as optional benefits, so check whether they appear on your quote. The bank describes portable contents cover for items such as glasses, jewellery, laptops and mobile phones taken outside the home. Its summary gives a general limit of $10,000 per item unless the item is separately listed for a higher amount. It also notes restrictions involving items in use—including sporting and fishing equipment, musical instruments and firearms—as well as limits outside Australia or New Zealand and exclusions for scratches and dents or items being cleaned or repaired. The current PDS sets the precise terms.
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The product page also lists up to $2,500 for visitors’ belongings, excluding money, damaged by a covered event in the home, and legal liability up to $20 million in some situations involving injury or property damage at the home. It highlights higher Plus limits for food spoilage and landscaping but does not state those limits in the published summary. Treat all these figures as subject to policy conditions, exclusions and excesses, not as guaranteed claim payments.
What the published summary does not settle
The accessible product summary is not enough to determine the full scope or cost of cover. Before deciding, use the current PDS, Certificate of Insurance and other disclosure documents to check:
- Definitions, exclusions, sublimits and any waiting periods that apply.
- Your excess and whether different excesses apply to different events or claim types.
- Eligibility rules and whether optional benefits are selected on your quote.
- The exact limits for food spoilage, landscaping and other benefits not quantified in the summary.
- Your address-specific premium, discounts and payment arrangement.
- Whether your building sum insured reflects realistic rebuilding costs for your property.
The bank says fortnightly, monthly or quarterly payments are available at no extra cost, but that does not tell you the premium for your address. Its building and contents calculator is a guide, not a personalized determination of rebuilding value or claim outcome.
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How to compare it with another policy
Compare policies on a like-for-like basis, rather than relying on the Plus label or one headline limit. CHOICE’s grouping of IAG policies indicates that similar cover can be sold under different brands at different prices, so compare the actual quote and documents you receive.
Do these 3 things before closing this tab:
1Scan for outdated or missing drivers - takes under a minute2Clear out junk files and repair common Windows errors3Fix the driver behind crashes, sound loss and screen glitches- Check whether you need building cover, contents cover or both, and which items or risks matter to your household.
- Compare Plus with Standard by identifying the specific differences in the current documents, including the stated accommodation period and optional benefits.
- Set the building sum insured carefully; the 25% safety net does not remove the need for a realistic base amount.
- Compare included and optional cover for accidental damage, electrical motor burnout, portable contents and valuable contents.
- Compare premiums and excesses alongside limits, exclusions and claims arrangements—not in isolation.
How claims and repairs work
The Mutual Bank says CGU handles claims and lists 13 24 80 as its 24/7 claims number. It says customers may choose their own repairer. However, the bank also says CGU’s lifetime workmanship guarantee applies to authorized repairs and that repairer support is tied to its partner network. If you use a repairer outside that network, CGU says it cannot guarantee or manage the work and will pay only the fair and reasonable repair amount. Check the current policy and claims guidance before choosing a repairer.
What to confirm before requesting a quote
- Use The Mutual Bank’s home insurance quote path and select the cover level and options you want priced.
- Check the building sum insured against a realistic estimate of replacement or rebuilding costs. The bank says it pays actual repair, replacement or rebuilding costs if the insured amount exceeds those costs; its calculator is a guide.
- Review the current PDS, Certificate of Insurance, Premium, Excess and Discounts Guide, key facts sheets and Target Market Determination for applicable terms.
- Compare the resulting premium, excesses, limits and repair arrangements with another policy on the same basis.
The Mutual Bank describes its information as general advice and directs customers to the PDS and Target Market Determination. A quote and those documents are necessary to assess the terms for your circumstances.
Quick Recap
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.
