All CGU Home & Contents Insurance policies include new-for-old replacement cover, which means that items claimed upon are replaced with the nearest equivalent new item.
Your jewellery, watches, items containing gold or silver, collections of stamps, coins and medals, cameras, sporting gear and battery-operated electronic equipment are all classed as valuable items.
Depending on the level of cover you choose, the total amount of valuables insured varies as follows:
- CGU Accidental Damage Home Insurance automatically covers valuable items worth up to 20% of the contents sum insured, or up to $7,500 whichever is higher.
- CGU Listed Events Home Insurance automatically covers valuable items worth up to 20% of the contents sum insured, or up to $5,000 whichever is higher.
- CGU Fundamentals Home Insurance automatically covers valuable items up to $2,000.
Additional cover for valuable items is available as an extra cost option (not available for Fundamentals Home Insurance).
CGU's home insurance policies will automatically include flood cover with all new policies and renewals from 1 February 2012. Our no opt-out flood cover solution provides customers with certainty and clarity when water damage occurs.
We understand that the majority of Australian properties are in areas where floods do not occur. These customers will not experience any increase in premium due to flood cover.
For properties in areas where the risk of flood is low, there may be a minimal impact on premiums. While, for customers with properties in medium to high-risk flood areas, premiums are likely to increase significantly.
For more details, please download the CGU flood cover customer information sheet.
All CGU Home & Contents Insurance policies also include these special benefits:
- Cost of alternative accommodation during the repair or rebuilding of your home following a loss.
- Electronic equipment – such as computers, TVs, videos and sound systems – are covered up to $20,000 per item.
- Paintings, tapestries and other works of art are covered up to $20,000 per item.
- Up to $10,000 cover for office and surgery equipment used in earning an income while at home. ($2,500 limit applies to Fundamentals Home Insurance.)
- Automatic indexing of your sum insured to cover the effects of inflation.
Additional special benefits are outlined in the . The amount of cover you receive will depend on the cover you select.
All CGU Home Insurance policies automatically include extensive liability cover of up to $20 million.