From 1 December 2026 we’re changing our Household Contents Policy wording to make it clearer, simpler and easier to understand.
Household Contents Wording Effective for new policies, items or renewals from:
Why we’re making this change
We’re making our Household Contents wording easier to understand, especially when it comes to Specified Items, policy limits, and how much you can expect for a repair, replacement or payout for an item if you make a claim.
A Specified Item is a contents item that is individually listed on your policy, typically because its value exceeds the standard policy limits and requires additional cover.
Please read your Household Contents Policy and Policy Certificate at renewal.
Together, they form your insurance contract with us. The policies and benefits we agree to provide are listed on your Policy Certificate. If there are any inconsistencies between FMG Policy wording and what is on your Policy Certificate, it’s your Policy Certificate that will apply.
What existing clients with a Household Contents Policy need to know
| If you already have a Household Contents Policy with FMG. | The change will apply when your policy renews (from 1 December 2026). |
| If we need to talk with you or need you to take any action. | We’ll contact you before you receive your renewal documents. Expect an email or letter confirming what you need to know and do. We’ll call clients we need to talk with ahead of renewal. |
| Reasons we’ll contact renewing clients. | We’ll contact you where we need more information about an item, if the value is above a policy limit, the cover for an item is changing, or a policy that only covers specified items is no longer available. |
| If your policy is affected and we’re unable to reach you. | Please review any communications from us and get in touch if we ask you to. If we don’t talk with you, some items may not be insured or appropriately covered. |
Household contents changes FAQs
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We’re making it clearer and simpler, particularly around Specified Items, policy limits, and how items may be settled if you make a claim.
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Items under $10,000 (excl. GST) no longer need to be specified. Some items above this amount that previously didn’t need to be specified may now need to be, for example, books, magazines, handbags, recorded media, grand pianos and clothing.
At renewal, your policy will move to the new Household Contents Policy wording. Under this wording, most items will be covered for Nominated Replacement, while some items may still be settled for their Present-Day Value if you make a claim.
Portable electronic devices (including cellphones), computers and home computers will be covered for Nominated Replacement provided they are not more than five years old. Items over five years old will be covered for Present-Day Value. Cover is up to a maximum of $10,000 (excl. GST) per item, unless the item is specified for a higher amount.
To make it easier to understand what is and isn’t covered under the policy, we've added new definitions, including for portable electronic devices, consumables, collections, medical aids, furniture, furnishings, and home appliances.
We’ve expanded cover for certain family members’ contents to include belongings kept in retirement homes, rest homes, hospices, nursing homes, or similar care facilities. This is only provided when items are not covered by any other insurance and is limited to a maximum of $10,000 (excl. GST) for contents and $1,000 (excl. GST) for money.
We’re removing the Valuation Clause Imposed Term. This means you’ll no longer need to provide a valuation to specify an item. However, you will still need to provide proof of purchase and/or proof of ownership in the event of a claim.
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- Previously specified items between $5,000 and $10,000 (excl. GST) will be added to your overall Household Contents Sum Insured.
- Some items will still need to be specified to make sure the right level of cover applies.
- Some items may be subject to updated policy limits or settlement rules.
- Some items may no longer be eligible for cover under our Household Contents Policy.
- Household Contents policies that only cover Specified Items will no longer be available.
- The Valuation Clause Standard Imposed Term will be removed at renewal.
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Yes. Items under $10,000 (excl. GST) no longer need to be specified and will be covered under your Household Contents Sum Insured (subject to the Policy wording and any limits that apply). Some items above this amount that previously didn’t need to be specified may now need to be, for example, books, magazines, handbags, recorded media, grand pianos and clothing. It’s important to refer to the Policy Wording to see how the changes may impact your cover.
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No. Items over $10,000 (excl. GST) need to be specified to ensure appropriate cover.
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If we need to talk with you before your policy renews, we’ll send you an email or letter confirming what you need to know and do and then call you. If we’re unable to reach clients we need to talk with, some items may not be insured or appropriately covered.
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Yes, you can change what items you specify, and your Sum Insured when you log in to FMG Connect. You can also check your premium and that we have your most up to date contact details.
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You’ll no longer need to provide a valuation to specify an item. However, you will still need to provide proof of purchase and/or proof of ownership in the event of a claim.
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Your premium may change depending on your cover, your Sum Insured, and any changes made to your policy. We’ll provide information relevant to your policy at renewal or contact you directly if we need to discuss options with you. Please review your Policy Certificate, Sum Insured and premium when you receive your renewal documentation.
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In most cases, if you need to repair or replace your item, we will pay the Nominated Replacement cost to repair it as nearly as practicable to the condition it was in when new, or, if it cannot be repaired, replace it with an equivalent item. We may, at our discretion, choose to cash-settle your claim. If you choose not to repair or replace the item, we will pay you the Present-Day Value.
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Present-Day Value is either the market value immediately before loss or deterioration, putrefaction or contamination, or replacement cost less an allowance for age and wear and tear. The present-day value is the value calculated by us, using whichever method we believe to be appropriate in the case.
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What we will pay in the event of an accepted claim depends on the item and your individual policy. In general, we will cover items for Nominated Replacement, except for the items listed below.
These items are covered for Present-Day Value:
- Books and magazines
- Clothing and footwear
- Computer software, including gaming software, gaming cartridges and programmes
- Employee personal items
- Handbags and wallets
- Home computers and computers that are more than five years old
- Household linen
- Portable electronic devices that are more than five years old
- Recording media including video and audio tapes, records, CDs and DVDs
- Ride-on mower
