Introducing the new GIO Home and Contents Insurance Product Disclosure Statement (PDS) for policies renewing on or after 22 March 2021. The PDS is an important legal document that contains details of the product you purchase so you need to read it carefully.

The purpose of this page is to advise you of some changes that we have made to our GIO Home and Contents Insurance PDS.

We’ve changed the layout of the PDS to help make it easier to understand. We have also made other changes to the policy – we have updated some of the wording to make it clearer and we have added and changed some covers, conditions and exclusions.

Below are some of the sections in the PDS where we have made changes (and some sections have new titles):

Summary of changes:

Important things to know upfront

What we cover

Things we don’t cover

Additional cover that comes with your policy

Optional cover that you can pay extra for

Making a claim

Important things to know – our contract with you

For full details, please refer to your PDS.

The information above is not a complete list of the changes to GIO Home and Contents Insurance. For full details of what is and isn’t covered, please read the GIO Home and Contents Insurance Product Disclosure Statement (PDS). Consider the PDS before making a decision about this insurance.

EXTRA SUPPORT (new section in your PDS)

Sometimes your circumstances might mean you need additional support or assistance in dealing with us. If you are comfortable, you can tell us about your situation, and we will work with you to arrange support.

YOUR RESPONSIBILITIES

We have updated the term ‘take reasonable precautions’ with ‘take steps to prevent loss or damage’. Ensuring there are working smoke detectors in the home or unit is given as an example of how you can take steps to prevent loss, damage or legal liability.

WHEN YOU NEED TO CONTACT US

Additional situations for when you must contact GIO have been included in the PDS. For example, you must tell us as soon as possible if:

  • you have been charged with or convicted of, a criminal act or offence;
  • you have had another insurer cancel or decline an insurance policy, impose specific conditions on a policy or refuse a claim;
  • you start to operate or intend to operate a business at your insured address.

EXCESSES THAT APPLY TO YOUR CLAIM

You can now choose how to pay your excess, from the options we offer.

SOME CHANGES TO CONTENTS COVER

We have removed limits for home office equipment. The limits for jewellery & watches has been increased for Classis & Classic Extras Content Cover. We have removed cover for cash, smart cards, phone cards and documents able to be cashed or traded.

STORM SURGE

We have created a standalone “storm surge” insured event to increase transparency, for loss or damage caused by storm surge that happens at the same time as other insured damage caused by storm. 

FIRE

We have added further details to what is covered in the event of a fire, including cover for certain extra costs, in the event of a bushfire.

We will cover loss or damage caused by heat, ash, soot and smoke that is the direct result of a fire within 100 metres of the insured address

HOME, UNIT OR CONTENTS THAT ARE NOT IN GOOD CONDITION

Changes have been made to the exclusion ‘Home, unit or contents not being in good condition’ in order to improve transparency. An example in the general exclusion has been updated to ‘the roof leaks when it rains’ and a fresh example ‘the home or unit (including all sheds, outbuildings and any other structural improvements at the insured address) is not structurally sound or is unsafe to live in’ has been added.

NEW EXCLUSION - WHEN OTHER PEOPLE ARE LIVING IN THE HOME OR UNIT (TENANTS, PAYING GUESTS, BOARDERS)

We will not cover any loss, damage or liability caused by, connected with or arising from a tenant, paying guest or boarder. This change is relevant to you if you rent out a room in your house or unit. We also will not cover your legal liability for injury to or death of tenant or paying guest who is staying short term, or for holiday purposes or as part of a house sharing arrangement (for example, Airbnb or Stayz guests).

CHANGE TO TEMPORARY ACCOMMODATION COVER

A monetary limit only applies now, not a time limit.

MATCHING UNDAMAGED PARTS

When a claim for loss or damage to your home or contents is covered and new materials cannot be matched to undamaged parts, there is some limited cover to repair, replace or rebuild certain undamaged parts of the home or contents in order to achieve a uniform appearance, up to $1,000 per incident.

EXCESS-FREE GLASS COVER (HOME COVER ONLY)

This optional cover will apply in addition to the ‘Accidental breakage of glass’ additional cover. You can add Excess-Free Glass cover to cover accidental breakage of fixed glass in windows, doors, skylights, shower screens as well as mirrors fixed to your home and other fixed glass. We cover the cost to replace that glass without you having to pay an excess.

GIO HOME ASSIST

You can add GIO Home Assist as an optional cover, being an emergency assistance service that provides you with plumbing, electrical, locksmith or carpentry services in the event of a home emergency. It is not a general maintenance or preventative service (for example, it doesn’t cover painting, or replacing light bulbs or tap washers) or a disaster response service.

HOW WE SETTLE YOUR CLAIM

We’ve made a range of changes to this section to better explain what you must do when making a claim and how we settle your claim, for example, that we will aim to use a member of our building supplier network to repair or rebuild your home, and how we may pay you an assessed amount if a member of our supplier network is unable to repair or rebuild your home or you want a cash settlement.

Refer to the PDS for more details.

LIFE TIME GUARANTEE ON HOME REPAIRS

We have removed our guarantee on the quality of materials – we continue to offer a guarantee on the quality of workmanship for repair or rebuilding work to the property that we authorise, arrange and pay the builder or repairer directly for.

OUR RIGHT TO RECOVER FROM THOSE WHO ARE RESPONSIBLE

We have added examples of the assistance that may be required from you if we take action against a party for the recovery of your loss.

JOINT POLICYHOLDERS

During the period of insurance, we might ask all joint policyholders first before we action a request or direction in relation to your policy (e.g. before we cancel your policy, reduce your cover or remove another policyholder). This way we can help protect the interests of all policyholders.

NEW SECTION - CONDUCT OF OTHERS

When we consider a claim, we will have regard to any prejudice suffered by you due to the conduct of others and we may meet the claim when we are not legally required to do so.

REMOVED - CANCELLATION FEE

If you decide to cancel your insurance cover with GIO, you will no longer be charged a cancellation fee.