How To Get A Home Insurance Policy In Australia

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2 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.

3 HOME 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.

4 HOME 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) Residential Home Package Investment Home Package Building Contents Building Contents 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

5 Additional Benefits (PDS pages 55 to 67) Residential Home Package Investment Home Package Building Contents Building 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 Contents 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.

6 HOME 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

7 HOW DOES IT WORK? The following are examples of claims where Gap cover has been applied. EXAMPLE 1 The building is totally destroyed under the Insured Event Fire and you have Building cover. 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. Claim details Building cover Details Building Sum Insured (nominated by you) $500,000 Residential Home Package annual premium paid in full Yes Basic excess $300 We determine the building is a total loss We confirm the cost to rebuild (including demolition and debris removal) is Settlement calculation Yes $600,000 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 * The full amount of Gap cover is up to $125,000, however, only $100,000 is required to rebuild the home. EXAMPLE 2 The building is totally destroyed under the Insured Event Fire and you have Building cover. You have a mortgage over your building with a balance owing of $300,000. 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. Claim details Building cover Details Building Sum Insured (nominated by you) $500,000 Residential Home Package annual premium paid in full Yes Basic excess $300 We determine the building is a total loss We confirm the cost to rebuild (including demolition and debris removal) is Settlement calculation Yes $700,000 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

8 HOME 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 2014 CANSTAR awarded our Home and Contents cover the Outstanding Value award for the seventh consecutive year.

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10 CAR You never know what s around the corner. So how do you prepare for the unexpected on the road? Our Car Insurance has three levels of cover to suit your needs: COMPREHENSIVE. 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. 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 $4,000 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. THIRD PARTY PROPERTY DAMAGE. This covers damage to someone else s property (legal liability) caused by or in connection with your car. Up to $4,000 cover for your car if an accident occurs that 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: Year of manufacture of your vehicle Value of your vehicle, including modifications and accessories The sum insured you select (agreed or market value) Age and gender of declared drivers The place where your vehicle is kept overnight Whether you have finance over your vehicle Vehicle usage (business or private) Any policy options you select

11 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: provide us with the full details of the new car within 14 days of taking ownership; receive our agreement to cover your new car; and pay 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.

12 CAR CAR INSURANCE DETAILS. The following tables illustrate the Insured Events we cover, the Additional Benefits we provide and the Additional Coverage available. Insured Event (PDS pages 22 to 25) Comprehensive Third Party Property Damage, Fire and Theft Third Party Property Damage Loss of or damage to your vehicle caused by: Collision or impact Fire Theft or attempted theft Storm, hail or flood Vandalism or malicious act Theft of keys Up to $1,000 Liability for damage to other people s property caused by your vehicle Up to $20 million

13 Additional Coverage (PDS pages 26 to 33) Comprehensive Third Party Property Damage, Fire and Theft Third Party Property Damage Replacement of a new vehicle after a total loss Liability for damage to other people s property caused by a substitute vehicle Hire car following theft Up to $75 per day and $1,050 in total Maximum of 14 days Towing and storage costs Loss of or damage to a trailer or caravan Up to the lesser of $1,000 or market value Emergency repairs Up to $500 Loss of or damage to personal effects and clothing Up to $500 Transportation costs Up to $400 Emergency accommodation costs Up to $400 Accidental death Up to $5,000 Loss of or damage to baby capsules and child seats Up to $400 Uninsured motorist extension Up to $4,000 N/A Temporary cover for replacement vehicle Maximum of 14 days Policy limits and exclusions may apply and are detailed in the PDS.

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15 YOUR POLICY OPTIONS. The following policy options are available under Comprehensive cover for an additional premium: Hire car following an incident Removal of basic excess for windscreen and window glass claims Protected No Claim Discount available if your policy s No Claim Discount is 65% and above And for a reduced premium: Voluntary additional basic excess Restricted Driver option 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 Before taking out our Car Insurance you should refer to the Car Insurance Product Disclosure Statement (PDS) for more information.

16 Applying is easy: Log on to netbank.com.au and visit the Insurance tab under Offers & apply Visit: In branch Call: am-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 AFSL (CIL). CIL is a wholly owned non-guaranteed subsidiary of Commonwealth Bank of Australia ABN (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 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 CIL