The updated GIO Strata Insurance PDS
At GIO, we’re always looking for ways to improve. So, we’ve updated the language used in the GIO Strata Insurance Product Disclosure Statement (PDS) to make it easier to read by incorporating more plain English principles (like more descriptive headings).
A PDS is an important legal document that covers the details of the cover you’ve purchased. As it’s a legal document, it’s important you read it carefully. Know these changes relate to policies starting or renewing on or after 24 May 2025.
We’ve also made changes to the policy. This involved altering or adding covers, conditions and exclusions. We have listed some changes below. Given the below is just a summary we strongly encourage you to read the PDS to understand more about your cover.
GIO is committed to ensuring our products are not used for any form of financial abuse. You’ll see we have made clear our position that the use of our products for financial abuse is unacceptable.
We know sometimes your circumstances might mean you need additional support or assistance in dealing with us. If you’re comfortable, you can tell us about your situation, and we’ll work with you to arrange support.
We realise there may be some confusion on when and how to pay an excess. We’ve updated the PDS to clearly describe when and how we will do this.
Rest assured knowing we’ll always communicate when you need to pay any excess(es) to us. Alternatively, we’ll deduct the amount of any excess(es) from any cash payment we make.
There are a few changes to this section of the PDS around what we cover as the strata building, and what we don’t cover as the strata building.
Now, we cover any building under a strata scheme at the insured address which is used primarily for residential purposes and includes common property, and also the listed fixtures at the insured address if you own or are legally responsible for them.
We don’t cover as the strata building (including common property) any lot, property owned by a lot owner or lot occupier, or property for which a lot owner or lot occupier is legally responsible.
We have defined ‘strata scheme’, ‘common property’, ‘lot’, ‘lot owner’ and ‘lot occupier’ in the PDS. For full details on what is and isn’t covered and to see what else has changed regarding this section, go to the “What and where we cover – the basics” starting on page 19 of the PDS.
It’s important you check the information provided on your Certificate of Insurance. If any details are incorrect or have changed, you should contact us to update your details.
Also, when you hold a policy with us, there are other circumstances you need to tell us about during the period of insurance. These circumstances are set out in the ‘When you must contact us’ section of your PDS.
If you don't contact us when you should, we may either refuse or reduce payment of a claim. It may also lead us to cancel your policy.
We want to be upfront about things we don’t cover for loss or damage under your policy. There are some new and updated exclusions in the ‘General exclusions’ section, such as:
- building works (this used to be called building extensions, alterations or renovations)
- mould or mildew
- silicosis
- hacking, cyber-attack, or cyber incident (this used to be called computer virus or computer hacking), and
- rust or corrosion (this used to be part of wear, tear and gradual deterioration exclusion).
There are a number of changes to the Escape of Liquid clause, and we strongly encourage you to read this section of your PDS in full.
These changes include providing cover for sudden and unexpected loss or damage caused by liquid escaping from a number of listed items.
We now provide cover for loss or damage, caused by liquid escaping from the items listed in the PDS, that has occurred gradually when the loss or damage, that was occurring, wasn’t easily visible to a reasonable person in the circumstances.
There are also updates to the ‘We don’t cover’ section under Escape of Liquid too. Please read the new PDS to see that full scope of these changes, starting on page 45.
There are some changes to additional cover ‘Temporary Accommodation for lot owners’. For example, we’ve stopped using the term ‘unit’ and replaced it with ‘lot’ to align with strata property standards.
Plus, we’ve changed the limit for what we’ll pay for all claims under this additional cover i.e. up to the greater of $5,000 or 10% of the strata building sum insured for up to 52 weeks. Further temporary accommodation costs may be available during repair-related delays outside of your control.
Please see the PDS for more information on what’s changed.
We have removed the lifetime guarantee on authorised repairs from the PDS and now follow the General Insurance (GI) Code of Practice.
This code, which commenced on 1 July 2021, provides universal benchmarks to adhere by. For example, if we have selected and directly authorised a repairer to repair your damaged property, then we will accept responsibility for the quality of their work and the materials they use, based on the standards outlined in this code.
Some terms and words in the policy have a special meaning (definition) which applies to them. We do this to make sure the terms and words are accurate and consistent to all customers.
It’s important to read this section of the PDS because it gives the meaning which applies to those terms and words which can impact how your policy is interpreted.
There are new definitions in your PDS, including changes to existing ones such as:
We’ve updated this definition to include the word sudden.
This word means property in a strata scheme which is not a lot and which is vested in the body corporate or for which the body corporate is legally responsible under strata legislation.
This word means each volumetric space shown on any registered plan relating to your strata scheme.
This term means a person who is on legal occupation of a lot or who is permitted by a lot occupier or lot owner to be present on a lot.
This term means the applicable act or regulation governing strata title, community title or similar-type property in the state or territory where the insured address is situated, such as the Strata Schemes Management Act 2015 (NSW), Strata Schemes Development Act 2015 (NSW), Owners Corporation Act 2006 (VIC), Body Corporate and Community Management Act 1997 (QLD), Community Title Act 2001 (ACT), Strata Titles Act 1998 (TAS), Strata Titles Act 1985 (WA), Strata Titles Act 1988 (SA) or Unit Titles Scheme Act 2009 (NT), including all amendments thereto and all replacement, successor or functionally similar legislation.
This term means a strata scheme, strata plan (or similar statutory scheme or plan by whatever name) as defined in strata legislation, relating to the insured address.
