GIO building insurance: what each policy covers, and who underwrites it
5 building policies from GIO. For each: how the building is valued, whether flood and accidental damage are covered, and what happens once the building is left empty, with the sentence from its own documents. Underwritten by AAI Limited.
- Website
- gio.com.au/
- What it is
- Brand
- Listed on
- Houses and rental properties, Apartment and unit buildings (strata), Business premises and property owners
- Underwriter
- AAI Limited
- APRA
- Authorised by APRA to write new general insurance (listed as AAI Limited)
Building policies
GIO Home & Contents Insurance (home building cover)
- Type
- Home building · Residential
- Sold
- Direct
- Levels of cover
- Classic, Classic Extras, Platinum
- Building valued as
- Sum insured, optional buffer
- Flood
- Included
- Accidental damage
- Optional extra
- Left empty
- Extra $1,000 excess after 60 days. Occupied means furnished, someone eating and sleeping there, and utilities connected.
- Who it is for
- Owner-occupied homes (principal residence or holiday home) with the insured address in NSW, ACT, VIC, WA or NT; not for landlords' tenanted properties.
- Sold in
- NSW, ACT, VIC, WA, NT
- Documents
- Home & Contents Insurance Product Disclosure Statement (prepared 31 January 2025) (31 January 2025) · Key Facts Sheet - Home Building (31 January 2025) · Target Market Determination - Home and Contents Insurance (27 June 2025) · Home & Contents Insurance Additional Information Guide (1 August 2026)
- Sum insured basis: you choose the home sum insured. Safety net home protection pays up to a further 25% (Classic, optional; Classic Extras, included) or 30% (Platinum, included) of the home sum insured and does not increase the sum insured.
- Accidental damage at home is optional on Classic and automatically included on Classic Extras and Platinum.
- Flood is an insured event in the PDS; the PDS does not offer removing it. Actions or movements of the sea and storm surge are not covered as flood.
- Building cover is sold within the Home & Contents PDS (home, contents or both).
The policy
“There are three levels of cover to choose from: Classic, Classic Extras and Platinum.”
Source: gio.com.au/content/dam/suncorp/insurance/gio/documents/home-and-contents/home/gio-home-contents-insurance-pds-12318-24-05-25-a.pdf · Confirmed on the insurer's page on 13 November 2026.
How it is sold
“distribution of this Product must be conducted through our policy administration system through the following distribution channels: – websites; – contact centres; – GIO Agencies;”
Source: gio.com.au/content/dam/suncorp/insurance/gio/documents/home-and-contents/home/gio-home-contents-insurance-tmd-31511-27-06-25-a-lr.pdf · Confirmed on the insurer's page on 13 November 2026.
How the building is valued
“Safety net home protection (Home building cover only) Optional 25% included 30% included”
Source: gio.com.au/home-insurance/home-building.html · Confirmed on the insurer's page on 13 November 2026.
Flood
“Loss or damage caused by flood.”
Source: gio.com.au/content/dam/suncorp/insurance/gio/documents/home-and-contents/home/gio-home-contents-insurance-pds-12318-24-05-25-a.pdf · Confirmed on the insurer's page on 13 November 2026.
Accidental damage
“Depending on the level of cover purchased accidental damage is optional or automatically included in this policy.”
Source: gio.com.au/content/dam/suncorp/insurance/gio/documents/home-and-contents/home/gio-home-building-kfs-g30033a-24-05-25-a.pdf · Confirmed on the insurer's page on 13 November 2026.
Left empty
“This excess applies in addition to any other excess if at the time of the incident covered by your policy, the home or unit hasn’t been occupied for more than 60 continuous days.”
Source: gio.com.au/content/dam/suncorp/insurance/gio/documents/home-and-contents/home/gio-home-contents-insurance-pds-12318-24-05-25-a.pdf · Confirmed on the insurer's page on 13 November 2026.
Left empty: the extra excess
“In addition to any other excesses applicable, an unoccupied excess of $1,000 will apply if at the time of the incident covered by your policy the home or unit hasn’t been occupied for more than 60 continuous days”
Source: gio.com.au/documents/home-and-contents/home/gio-home-contents-aig-16953-01-08-26-a-lr.pdf · Confirmed on the insurer's page on 13 November 2026.
Who it is for
“GIO products are also targeted at customers who have an insured address that is located within an acceptable State or Territory (NSW, ACT, VIC, WA and NT).”
Source: gio.com.au/content/dam/suncorp/insurance/gio/documents/home-and-contents/home/gio-home-contents-insurance-tmd-31511-27-06-25-a-lr.pdf · Confirmed on the insurer's page on 13 November 2026.
GIO Landlord Insurance (property cover)
- Type
- Landlord · Residential
- Sold
- Direct
- Building valued as
- Sum insured + 25%
- Flood
- Included
- Accidental damage
- Optional extra
- Left empty
- Extra $1,000 excess after 60 days. Occupied means furnished, someone eating and sleeping there, and utilities connected, so a vacancy between tenants counts.
- Who it is for
- Owners of an investment (tenanted) property; insured address must be in NSW, ACT, VIC, WA or NT.
- Sold in
- NSW, ACT, VIC, WA, NT
- Documents
- Landlord Insurance Product Disclosure Statement (prepared 31 January 2025) (31 January 2025) · Supplementary PDS - Landlord Insurance (prepared 2 July 2026) (2 July 2026) · Target Market Determination - Landlord Insurance (27 June 2025) · Landlord Insurance Additional Information Guide (1 August 2026)
- Sum insured basis with Safety net protection (property cover only): up to a further 25% of the property sum insured, which does not increase the sum insured. In the PDS it is listed with the additional covers, not the optional covers.
- Accidental damage at the property is an optional extra (extra premium).
- No cover for bushfire, storm, storm surge, flood or tsunami in the first 72 hours of cover (very limited exceptions).
The policy
“Landlord Property Insurance Covers the property and permanent fixtures and fittings.”
Source: gio.com.au/home-insurance/landlord.html · Confirmed on the insurer's page on 13 November 2026.
How it is sold
“distribution of this Product must be conducted through our policy administration system through the following distribution channels: – websites; – contact centres; – GIO Agencies;”
Source: gio.com.au/content/dam/suncorp/insurance/gio/documents/home-and-contents/landlord/gio-landlord-insurance-tmd-31513-27-06-25-a-lr.pdf · Confirmed on the insurer's page on 13 November 2026.
How the building is valued
“we’ll pay up to a further 25% of the property sum insured towards either:”
Source: gio.com.au/content/dam/suncorp/insurance/gio/documents/home-and-contents/landlord/gio-landlord-insurance-pds-22217-24-05-25-a.pdf · Confirmed on the insurer's page on 13 November 2026.
Flood
“Loss or damage caused by flood.”
Source: gio.com.au/content/dam/suncorp/insurance/gio/documents/home-and-contents/landlord/gio-landlord-insurance-pds-22217-24-05-25-a.pdf · Confirmed on the insurer's page on 13 November 2026.
Accidental damage
“Add optional covers for an additional premium, like motor burnout and accidental damage at the property”
Source: gio.com.au/home-insurance/landlord.html · Confirmed on the insurer's page on 13 November 2026.
Left empty
“This excess applies in addition to any other excess if at the time of the incident covered by your policy, the property or unit hasn’t been occupied for more than 60 continuous days.”
Source: gio.com.au/content/dam/suncorp/insurance/gio/documents/home-and-contents/landlord/gio-landlord-insurance-pds-22217-24-05-25-a.pdf · Confirmed on the insurer's page on 13 November 2026.
Left empty: the extra excess
“In addition to any other excesses applicable, an unoccupied excess of $1,000 will apply if at the time of the incident covered by your policy the property or unit hasn’t been occupied for more than 60 continuous days”
Source: gio.com.au/documents/home-and-contents/landlord/gio-landlord-aig-17169-01-08-26-a-lr.pdf · Confirmed on the insurer's page on 13 November 2026.
Who it is for
“GIO products are also targeted at customers who have an insured address that is located within an acceptable State or Territory (NSW, ACT, VIC, WA and NT).”
Source: gio.com.au/content/dam/suncorp/insurance/gio/documents/home-and-contents/landlord/gio-landlord-insurance-tmd-31513-27-06-25-a-lr.pdf · Confirmed on the insurer's page on 13 November 2026.
GIO Business Protect (Policy Section 1 - Property damage)
- Type
- Business property · Commercial
- Sold
- Direct
- Flood
- Included
- Accidental damage
- Optional extra
- Left empty
- No cover after 60 days. You must tell the insurer. Counts when unoccupied, or untenanted if you own the building. Unless GIO agreed in writing (may add premium, conditions or a higher excess).
- Who it is for
- Australian-based businesses with turnover under $10m a year, in occupations GIO accepts, that have buildings, contents or stock at the premises.
- Documents
- Product Disclosure Statement and Policy Wording (12 August 2024) · Flood Supplementary PDS (7 December 2023) · Target Market Determination (25 June 2025)
- Property damage is one policy section; buildings are covered only if the section is shown on your schedule and you are the owner or responsible for the building.
- Accidental damage is an insured event only where chosen on the schedule, up to $250,000 or the total sums insured, whichever is less.
- Flood is covered through the December 2023 Flood SPDS, with a 72-hour waiting period from policy start or from adding or changing Policy Section 1.
The policy
“Cover for property that can be insured and includes the buildings, contents and stock that the Customer uses or is responsible for as part of the Customer’s business.”
Source: gio.com.au/documents/business/business-protect/31458-25-06-25-gio-business-protect-tmd.pdf · Confirmed on the insurer's page on 13 November 2026.
How it is sold
“distribution channels: websites and contact centres;”
Source: gio.com.au/documents/business/business-protect/31458-25-06-25-gio-business-protect-tmd.pdf · Confirmed on the insurer's page on 13 November 2026.
Flood
“The following additional Insured Event is added under the heading ‘Insured Events’ in this Policy Section: 12. Flood We cover LOSS or DAMAGE caused by FLOOD”
Source: gio.com.au/documents/business/business-protect/32118-071223-a-gio-business-flood-spds.pdf · Confirmed on the insurer's page on 13 November 2026.
Accidental damage
“Where your policy schedule shows that you have chosen to insure for “Accidental Damage””
Source: gio.com.au/documents/business/business-protect/gio-business-protect-pds-120824.pdf · Confirmed on the insurer's page on 13 November 2026.
Left empty
“You are not insured while the building is unoccupied for a period of 60 days or more, unless we agree to insure you.”
Source: gio.com.au/documents/business/business-protect/gio-business-protect-pds-120824.pdf · Confirmed on the insurer's page on 13 November 2026.
Who it is for
“The GIO Business Protect Insurance Policy is designed for Customers who operate an Australian-based business with a turnover less than $10m a year.”
Source: gio.com.au/documents/business/business-protect/31458-25-06-25-gio-business-protect-tmd.pdf · Confirmed on the insurer's page on 13 November 2026.
GIO Retail Business Protect (Policy Section 1 - Property damage)
- Type
- Business property · Commercial
- Sold
- Direct
- Flood
- Included
- Left empty
- No cover after 60 days. You must tell the insurer. Counts when unoccupied, or untenanted if you own the building. Unless GIO agreed in writing (may add premium, conditions or a higher excess).
- Who it is for
- Australian-based retail, accommodation and food businesses with turnover under $10m a year that have buildings, contents or stock at the premises.
- Documents
- Product Disclosure Statement and Policy Wording (12 August 2024) · Flood Supplementary PDS (7 December 2023) · Target Market Determination (25 June 2025)
- Property damage is one policy section; buildings are covered only if the section is shown on your schedule and you are the owner or responsible for the building.
- Retail PDS lists a sub-limited accidental damage cover only for home buildings used for business; accidental damage is not recorded for commercial buildings.
- Flood is listed among the events covered by Property Damage on GIO's retail business page; a Flood SPDS (December 2023) also applies to this PDS.
The policy
“Cover for property that can be insured and includes the buildings, contents and stock that the Customer uses or is responsible for as part of the Customer’s business.”
Source: gio.com.au/documents/business/retailer/31461-25-06-25-gio-retail-business-tmd.pdf · Confirmed on the insurer's page on 13 November 2026.
How it is sold
“channels: websites; and contact centres;”
Source: gio.com.au/documents/business/retailer/31461-25-06-25-gio-retail-business-tmd.pdf · Confirmed on the insurer's page on 13 November 2026.
Flood
“Insured events include flood, fire, storm, impact, lightning, explosion and earthquake.”
Source: gio.com.au/business-insurance/small-business/retail.html · Confirmed on the insurer's page on 13 November 2026.
Left empty
“You are not insured while the building is unoccupied for a period of 60 days or more, unless we agree to insure you.”
Source: gio.com.au/documents/business/retailer/gio-retail-business-protect-pds-120824.pdf · Confirmed on the insurer's page on 13 November 2026.
Who it is for
“The GIO Retail Business Protect Insurance Policy is designed for Customers who operate an Australian-based retail or accommodation and food business with a turnover less than $10m a year.”
Source: gio.com.au/documents/business/retailer/31461-25-06-25-gio-retail-business-tmd.pdf · Confirmed on the insurer's page on 13 November 2026.
GIO Strata Insurance
- Type
- Residential strata · Residential
- Sold
- Direct
- Flood
- Included
- Accidental damage
- Included
- Left empty
- Extra $1,000 excess after 60 days. Applies only when 50% or more of the lots have not been occupied (furnished, lived in, utilities on).
- Who it is for
- Body corporates, owners corporations and strata companies (or an owner of a whole multi-dwelling residential building) wanting building and common property cover for small residential strata buildings.
- Documents
- Strata Insurance Product Disclosure Statement (31 January 2025) · Strata Insurance Target Market Determination (25 June 2025) · Strata Insurance Additional Information Guide
- Cover is for the strata building and common property, arranged by the body corporate, owners corporation or strata manager; it is not for individual unit owners' contents.
- Strata cover for flood, storm, storm surge and tsunami does not start until 72 hours after the policy begins (very limited exceptions).
The policy
“GIO Strata Insurance provides cover for townhouses, units, and duplexes under a strata, body corporate or community title, for incidents including theft, accidental damage, and damage from weather events like flood, storm and fire”
Source: gio.com.au/home-insurance/top-strata-residential.html · Confirmed on the insurer's page on 13 November 2026.
How it is sold
“Call 13 10 10 for a quote”
Source: gio.com.au/home-insurance/top-strata-residential.html · Confirmed on the insurer's page on 13 November 2026.
Flood
“the insured incidents listed in this policy like storms, floods, and fires (including bushfire)”
Source: gio.com.au/documents/home-and-contents/strata/gio-strata-insurance-pds-a05127-24-05-25-a.pdf · Confirmed on the insurer's page on 13 November 2026.
Accidental damage
“accidental damage not caused by or arising from any of the insured incidents listed in this policy.”
Source: gio.com.au/documents/home-and-contents/strata/gio-strata-insurance-pds-a05127-24-05-25-a.pdf · Confirmed on the insurer's page on 13 November 2026.
Left empty
“if at the time of the incident covered by your policy, 50% or more of the lots at the strata building at the insured address haven’t been occupied for a period of more than 60 continuous days.”
Source: gio.com.au/documents/home-and-contents/strata/gio-strata-insurance-pds-a05127-24-05-25-a.pdf · Confirmed on the insurer's page on 13 November 2026.
Left empty: the extra excess
“The unoccupied excess is $1,000”
Source: gio.com.au/documents/home-and-contents/strata/gio-strata-insurance-aig-17193-24-05-25-a.pdf · Confirmed on the insurer's page on 13 November 2026.
Who it is for
“Cover for loss or damage to an entire residential building that has multiple dwellings where it is for a body corporate, owners corporation, strata company or where there is no strata title entity, provided the owner owns the entire property”
Source: gio.com.au/documents/home-and-contents/strata/gio-strata-insurance-tmd-31515-25-06-25-a.pdf · Confirmed on the insurer's page on 13 November 2026.
Who underwrites and sells it
Underwriter
“When we say ‘we’, ‘us’, ‘our’, or ‘GIO’ we mean AAI Limited ABN 48 005 297 807 trading as GIO.”
Source: gio.com.au/content/dam/suncorp/insurance/gio/documents/home-and-contents/home/gio-home-contents-insurance-pds-12318-24-05-25-a.pdf · Confirmed on the insurer's page on 13 November 2026.
AAI Limited: licence
- AFS licence
- 230859 · AAI LIMITED
- ABN
- 48005297807
- Licensed since
- 8 November 2003
- Principal business
- Brisbane QLD 4000
- General insurance
- Licensed to deal in general insurance products
From ASIC's AFS Licensee dataset, release of 11 November 2026, Creative Commons Attribution 3.0 Australia.
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