The Mutual Bank’s Home Buildings and Contents insurance is issued by Insurance Australia Limited under the CGU brand and distributed by The Mutual Bank under an agreement. Its Standard option lists cover for a range of insured events, but the policy’s definitions, limits, exclusions and excesses determine what a claim can receive. The main difference from Plus is that Plus adds a 25% building safety net and allows up to two years of temporary accommodation; Standard provides 12 months. Check the current policy documents and your certificate before choosing cover.
What the Standard policy is
This is a combined home buildings and contents product distributed by The Mutual Bank. The insurer is Insurance Australia Limited, trading under the CGU brand. The Mutual Bank describes its online information as general advice and points customers to the Product Disclosure Statement (PDS) and Target Market Determination (TMD) before deciding. The Mutual Bank’s product page links to those disclosures and other policy documents.
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The product page describes building repair or rebuilding for covered damage up to the building sum insured. That is not a guarantee that every loss, repair cost or item is covered: the applicable policy wording and the details on your Certificate of Insurance matter.
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What events are listed as covered
The official comparison lists the following event categories. Cover remains subject to the policy’s terms, exclusions, limits and excesses.
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- Accidental breakage of glass
- Animal damage
- Earthquake
- Escape of water or liquid
- Explosion
- Fire
- Flood or rainwater run-off
- Impact
- Lightning
- Riot or civil commotion
- Storm
- Storm surge or tsunami
- Theft or attempted theft
Water-related losses need particular care
The product page lists flood, storm surge and tsunami as event categories, but also says CGU does not cover actions of the sea, such as tides and waves. Those statements are not interchangeable definitions of water damage. Read the PDS definitions and exclusions for the cause of the loss you are concerned about rather than assuming every coastal, flood or storm-related loss is covered.
Standard and Plus compared
The Mutual Bank’s comparison identifies these differences between the two options. The selected cover and current policy documents should be checked when applying or renewing.
| Feature | Standard | Plus |
|---|---|---|
| Building safety net | No additional safety-net amount is listed for Standard in the comparison. | Additional 25% on top of the building sum insured for rebuilding or repair, subject to policy terms. |
| Temporary accommodation | Up to 12 months. | Up to two years. |
| Accidental damage | Optional according to the comparison. | Included as indicated in the comparison; verify the policy schedule. |
| Electrical motor burnout | Optional according to the comparison. | Included as indicated in the comparison; verify the policy schedule. |
| Food spoilage and landscaping | Limits are lower than Plus for some inclusions, according to the product page. | Higher limits for some inclusions, including food spoilage and landscaping. |
The comparison does not establish a premium, a specific excess for each option, or a universal best choice. Those depend on the quote and policy details. Do not treat the Plus safety net as a replacement for setting an appropriate building sum insured.
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Building sum insured and safety net
The Mutual Bank says choosing a sum insured is the customer’s responsibility and that its online calculator is a guide. Estimate the cost to rebuild the property rather than its sale price, and check what is included in the estimate against the policy wording. The Plus 25% safety net is an additional amount above the building sum insured for rebuilding or repair, subject to conditions; it does not remove the need to select a realistic base amount.
Temporary accommodation
The listed maximum period is 12 months on Standard and up to two years on Plus. The actual benefit is governed by the policy conditions and limits, so confirm what triggers it, what expenses qualify and how the time limit applies in the PDS.
Portable contents and motors
The product page says portable contents cover may apply to listed items taken outside the home, up to $10,000 per item unless the item is separately listed for a higher amount. Limitations apply outside Australia and New Zealand, and some items are excluded while in use. It also says motors are covered up to 15 years old if they are not under warranty or used for business. Check the specific definitions and conditions in the policy documents before relying on either detail.
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Legal liability
The Mutual Bank’s current product page lists legal liability up to $20 million. The applicable terms and exclusions still govern whether a particular liability claim is covered.
Excesses, exclusions and documents to check
The public overview does not provide enough detail to determine the excess that would apply to a particular claim or to establish every exclusion. Before taking out or renewing the policy, review the current PDS, TMD and Certificate of Insurance, including:
- the insured address, property type and the buildings and contents amounts shown on the certificate;
- whether accidental damage or electrical motor burnout is selected, especially if choosing Standard;
- the excesses that apply to each relevant claim type;
- limits, sub-limits, conditions and exclusions for the events or belongings that matter to you;
- how rebuilding costs and any safety-net benefit are calculated and settled;
- the definitions for flood, rainwater run-off, storm surge, tsunami and actions of the sea;
- whether a strata or landlord arrangement already insures any part of the property.
The official page links to the PDS, premium and excess guide, key facts sheets and TMD, but the overview alone is not a substitute for reading the current documents. For a separate contents-only strata-owner listing, CHOICE reports selected limits including temporary accommodation up to 12 months or 20% of the contents sum insured, debris removal up to 10%, and spoiled food up to $500. Those figures apply to that listing, not automatically to this combined buildings-and-contents policy. CHOICE’s contents-only listing also notes that its scores are available to members.
Who should investigate this policy further
This product may warrant a closer look if you want a combined buildings-and-contents policy and the listed event categories and options align with your needs. Compare the actual quote and policy schedule with other available cover for your address and circumstances. The public product page does not provide premiums, so it does not support a price or value ranking.
It may be unsuitable if the policy definitions, limits or exclusions do not address the risks you need covered, or if your strata or landlord arrangements already cover some property interests. Check the TMD and confirm eligibility and property-specific details directly in the current policy documents; the overview does not establish those answers.
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.
