HOME INSURANCE. CAR INSURANCE. - commbank.com.au

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is not your fault and the driver is uninsured. Your car insurance premium Below are some factors we take into consideration when determining your car insurance premium:
HOME INSURANCE. CAR INSURANCE.

WITH OUR INSURANCE YOU CAN BE READY FOR JUST ABOUT ANYTHING. Accidents, break-ins and extreme weather can happen at any time. But with the right insurance, you can be ready for just about anything. Our Home Insurance can help protect the value of your building and contents against events like fire and theft. With our Car Insurance, you can choose to cover your car in the event of an accident, as well as cover the cost of damage to other vehicles.

HOME INSURANCE. It can take many years just to save the deposit on a home. For most people, it’s the most valuable asset they have. So how do you protect your home and its contents against unforeseen events like break-ins, kitchen fires or natural disasters? With our Building and Contents insurance, you can be ready for just about anything. And if you purchase a combined Building and Contents policy at the same time, you will also receive a discount.

RESIDENTIAL HOME PACKAGE. Our Residential Home Package is available for homeowners and renters. It gives you the option to take out building cover, contents cover, portable contents cover, or a combination of all three, depending on your circumstances. Building cover insures the cost of repairing or replacing the building up to the sum insured if it’s damaged or destroyed as a result of an insured event. For Contents cover, there’s no need to list valuable items such as artworks, collections and antiques. Just include their value in your contents sum insured. You also get automatic cover for your jewellery and watches up to 25% of your contents sum insured. Additional jewellery and watches can be insured under Portable Contents cover. Portable Contents cover provides cover against accidental loss, damage or theft

for a range of portable items people typically carry, wear or take away from the insured address. These include items such as jewellery, cameras, clothing or sporting equipment. Cover is provided anywhere within Australia (including the insured address) and New Zealand, as well as worldwide for the first 30 days of any overseas travel. For a full list of the items we can insure under Portable Contents cover, please refer to the Product Disclosure Statement (PDS).

INVESTMENT HOME PACKAGE. Our Investment Home Package is available for investment property owners. It gives you the option to take out Building cover, Contents cover or both. Building cover insures the cost of repairing or replacing the building up to the sum insured if it’s damaged or destroyed as a result of an insured event. Contents cover provides cover for the cost of replacing contents items up to the sum insured on a new-for-old basis if they are damaged, destroyed or stolen as a result of an insured event. Contents items include curtains, carpets, internal blinds, lawn mowers and garden equipment. Please refer to the Home Insurance PDS for more information (including coverage and exclusions) on Building and Contents cover under the Residential and Investment Home Packages.

HOME INSURANCE.

RESIDENTIAL HOME PACKAGE AND INVESTMENT HOME PACKAGE. The following tables illustrate the Insured Events we cover, the Additional Benefits we provide and the Optional Covers available.

Insured Event (PDS pages 36 to 54)

Accidental glass breakage Animal damage Burning out of electric motors and power surge Earthquake Escape of liquid Explosion Fire Flood Legal liability Lightning Malicious act including vandalism Riot and public disturbances Storm Sudden impact Theft or attempted theft

Residential Home Package

Investment Home Package

Building

Building

Contents

Contents

Additional Benefits (PDS pages 55 to 67)

Residential Home Package

Investment Home Package

Building

Building

Contents

Contents

Alternative accommodation costs • Up to 52 weeks Contents in transit • Up to 20% of the contents sum insured Damage by emergency services Demolition and debris removal costs Domestic pet cover • Up to $1,000 for veterinary expenses • Up to $3,000 for alternative accommodation Emergency work and temporary repairs Loss of rent • Up to 52 weeks

*

Matching Benefit

*

Mortgage discharge

*

Moving within Australia Storage fees • Up to 120 days Temporary removal of your contents • Up to 20% of the contents sum insured Visitors’ property • Up to $2,000 *Strata Titled properties only

The following Optional Covers are available for an additional premium. Optional Covers (PDS pages 68 to 74)

Residential Home Package

Investment Home Package

Building

Building

Contents

Accidental damage Domestic Workers’ Compensation cover Loss of rent extra • Up to 16 times the weekly rent • Expenses to evict the tenant up to $1,500 • Expenses incurred to re-tenant your insured address up to $500 Malicious damage or theft by tenants Portable Contents cover Policy limits and general exclusions may apply and are detailed in the PDS.

Contents

HOME INSURANCE.

GAP COVER. Rebuilding after an event can be a major exercise. And if the cost to replace your contents and/or to rebuild is higher than the sum insured, you could be out of pocket. With Gap cover you’ll be covered for up to an additional 25% of the sum insured, which is payable in the event of a total loss claim. Gap cover does not apply to: • Portable Contents • Domestic Workers’ Compensation • Items with a maximum claim limit; and • Legal Liability

HOW DOES IT WORK?

Claim details – Building cover

Details

The following are examples of claims where Gap cover has been applied.

Building Sum Insured (nominated by you)

$500,000

Residential Home Package – annual premium paid in full

Yes

EXAMPLE 1

Basic excess

$300

The building is totally destroyed under the Insured Event ‘Fire’ and you have Building cover.

We determine the building is a total loss

Yes

We confirm the cost to rebuild (including demolition and debris removal) is

$600,000

Settlement calculation

Amount

Sum Insured

$500,000

Since the building is underinsured, Gap cover (maximum of 25% of sum insured applies)

$100,000*

We pay your credit provider

$300,000

Less basic excess

$300

We pay you (balance of sum insured plus Gap cover entitlement, less excess)

$299,700

You have a mortgage over your building with a balance owing of $300,000. The full amount of Gap cover is up to $125,000, however, only $100,000 is required to rebuild the home.

*The full amount of Gap cover is up to $125,000, however, only $100,000 is required to rebuild the home.

EXAMPLE 2

Claim details – Building cover

Details

The building is totally destroyed under the Insured Event ‘Fire’ and you have Building cover.

Building Sum Insured (nominated by you)

$500,000

You have a mortgage over your building with a balance owing of $300,000.

Residential Home Package – annual premium paid in full

Yes

Basic excess

$300

We determine the building is a total loss

Yes

We confirm the cost to rebuild (including demolition and debris removal) is

$700,000

Settlement calculation

Amount

Sum insured

$500,000

Since building is underinsured, Gap cover (maximum of 25% of sum insured) applies

$125,000

We pay your credit provider

$300,000

Less basic excess

$300

We pay you (balance of sum insured plus Gap cover entitlement less excess)

$324,700

In this example the building was underinsured by $200,000. The full amount of Gap cover provided was $125,000. This leaves a shortfall of $75,000. It’s important to nominate an accurate sum insured so you are not left out of pocket. We have calculators on our website to help you work out your sum insured.

HOME INSURANCE.

PAYING YOUR PREMIUM. You can choose to pay your premium in: • One annual payment; or • 12 monthly instalments We do not charge any additional premium if you select to pay your policy by the month.

You can pay your premium in the following ways: Method

Monthly

Annually

Direct debit from a bank account Credit Card by direct debit Cash or cheque at a Commonwealth Bank branch BPay® Telephone Internet banking For information on how we calculate your premium please refer to our Premium Excess and Discount Guide available to download at commbank.com.au Before taking out our Home Insurance you should refer to the Home Insurance Product Disclosure Statement (PDS) for more information.

In 2016 CANSTAR awarded our Home and Contents cover the Outstanding Value award for the ninth consecutive year.

HOME INSURANCE.

CAR INSURANCE. You never know what’s around the corner. So how do you prepare for the unexpected on the road?

THIRD PARTY PROPERTY DAMAGE.

Our Car Insurance has three levels of cover to suit your needs:

This covers damage to someone else’s property (legal liability) caused by or in connection with your car. Up to $5,000 cover for your car if an accident occurs that is not your fault and the driver is uninsured.

COMPREHENSIVE.

Your car insurance premium

Our highest level of cover, providing Comprehensive cover for your car up to the sum insured, including: legal liability to other people’s property, theft or damage to your car, storm and fire cover.

Below are some factors we take into consideration when determining your car insurance premium:

THIRD PARTY PROPERTY DAMAGE, FIRE AND THEFT. This provides cover for damage to someone else’s property (also known as legal liability) caused by or in connection with your car. Up to $5,000 cover for your car if an accident occurs that is not your fault and the driver is uninsured. Cover also includes protection for your car if it is stolen or burnt.

• Year of manufacture of your vehicle • V  alue of your vehicle, including modifications and accessories • T  he sum insured you select (agreed or market value) • Age and gender of declared drivers • T  he place where your vehicle is kept overnight • W  hether you have finance over your vehicle • Vehicle usage (business or private) • Any cover options you select

Q A

I am in the process of selling my car and purchasing a new car. What happens to my insurance cover during this period? When you purchase a new car during the period of insurance with us, we will provide temporary cover from the date of purchase to a maximum of 14 days, if you: • p  rovide us with the full details of the new car within 14 days of taking ownership; • r eceive our agreement to cover your new car; and • p  ay any additional premium required. The temporary cover type applying to the new car is the same as your existing cover type. Please refer to the Car Insurance PDS for more information about the cover available.

CAR INSURANCE.

CAR INSURANCE DETAILS. The following tables illustrate the Insured Events we cover, the Cover Benefits we provide and the Cover Options available.

Insured Event (PDS pages 21 to 30)

Comprehensive

Third Party Property Damage, Fire and Theft

Third Party Property Damage

Loss of or damage caused by: Collision or impact damage Damage from an uninsured driver

*

Fire damage Liability for damage to other people’s property caused by your vehicle (known as Legal liability) • Up to $20 million Storm, hail or flood damage Theft of keys • Up to $2,000 Theft or attempted theft Vandalism or malicious act * Included under the Insured Event ‘Collision or impact damage’. Please refer to page 22 of the PDS.

Cover Benefits (PDS pages 31 to 47)

Comprehensive

Third Party Property Damage, Fire and Theft

Accidental death • Up to $10,000 Loss of or damage to baby capsules and child seats • Up to $500 Domestic pets • Up to $1,000 Emergency accommodation costs • Up to $600 Emergency repairs • Up to $800 Hire car following theft •Up to $75 per day and $1050 in total •Maximum of 14 days Loss of or damage to personal items up to: • $1,000 for mobility devices/disability aids; and • $500 for other personal items Replacement of a new vehicle after a total loss Substitute vehicle • Legal liability up to $20 million Temporary cover for a replacement vehicle • Up to 14 days Towing and storage costs Loss of or damage to trailers and caravans • Up to $1,000 Transportation costs • Up to $500

Policy limits and exclusions may apply. Please refer to the full terms and conditions in the PDS

Third Party Property Damage

CAR INSURANCE.

YOUR COVER OPTIONS. The following cover options are available under Comprehensive cover for an additional premium: • Hire car following an incident • Removal of excess for glass damage • Protected No Claim Discount – available if your policy’s No Claim Discount is 65% and above

And for a reduced premium: • Optional additional basic excess • Driver age restriction – no cover for drivers under the age of 30

PAYING YOUR PREMIUM. You can choose to pay your premium in: • One annual payment; or • 12 monthly instalments We do not charge any additional premium if you select to pay your policy by the month. You can pay your premium in the following ways: Method

Monthly

Annually

Direct debit from a bank account Credit Card by direct debit Cash or cheque at a Commonwealth Bank branch BPay® Telephone Internet banking For information on how we calculate your premium please refer to our Premium Excess and Discount Guide available to download at commbank.com.au Before taking out our Car Insurance you should refer to the Car Insurance Product Disclosure Statement (PDS) for more information.

Applying is easy:

Log on to netbank.com.au and visit the Insurance tab under ‘Offers & apply’ Visit:

In branch Call:

13 24 23 – 8.00am-8.00pm Monday-Friday (AEST) 8.00am-5.00pm Saturday (AEST) Find out more:

Visit commbank.com.au/insurance

Things you need to know before you Can: Home and Car Insurance are provided by CommInsure, a registered business name of Commonwealth Insurance Limited ABN 96 067 524 216. AFSL 235030 (CIL). CIL is a wholly owned non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124 (The Bank). The Bank does not guarantee the obligations or performance of CIL or the products it offers. This information has been prepared without considering your objectives, financial situation or needs. You should, before acting on this, consider its appropriateness to your circumstances. A Product Disclosure Statement is available at all Commonwealth Bank branches, by downloading them from commbank.com.au or by calling 13 2423 and should be considered before making any decisions about this product. CommInsure is proud to be a signatory to the General Insurance Code of Practice, for more information on the Code visit www.codeofpractice.com.au  006-102 310317 (CIL4)

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