Coles Landlord Insurance Review 2021 | finder.com.au
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Coles Landlord Insurance

Coles doesn't just sell milk and bread - it also sells landlord insurance! Do they have the cover you need for your investment?

Coles Home Insurance
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Coles Landlord Insurance allows you to insure only the building, or solely the contents, or take out a combined building and contents policy. Plus, Coles also offer a range of optional benefits specifically designed to meet the needs of landlords, offering cover from tenant-related risks such as damage caused by tenants and loss of rent.

warningSome landlord insurance policies have temporarily removed benefits such as rent default and a few others because of the pandemic. Make sure to check this with the insurer before deciding on a policy.
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What cover options do they have?

  • Building. If you’re just looking to protectm the building itself, including the driveway, common areas and permanent fixtures, then you needn’t look further than home insurance.
  • Contents. Got an expensive TV or furnishings that you want covered? Contents insurance will protect any non-permanently fixed items within your property,
  • Combined building and contents. You can cover both the house and everything in it with home and contents insurance, which combines the best of both worlds and makes sure you’re not out of pocket in an emergency. You can go even further and add extra cover to protect against loss of rent and tenant-based events (see below).

What events does a policy cover?

Contents OnlyBuilding Only
Fire
Flood
Storm
Accidental glass breakage
Lighting or thunderbolt
Theft or attempted theft
Earthquake
Impact
Bursting, leaking, discharge or overflowing
Vandalism and malicious acts
Animal damage
Explosion
Riots or civil commotion
Removal of debris
Professional fees
Keys & lock replacement
Legal liability

What additional cover options are there?

  • Motor burnout. This covers any reasonable cost to repair or replace an electric motor. Cover limit is up to $2000 per incident if your buildings are insured.
  • Damage caused by tenants. This covers your home and/or contents if your tenant or their guests cause damage to them. You are protected against any kind of legal liability as a result of neglect or poor housekeeping by the tenant.
  • Tenant’s rent default. You can get up to 10 weeks of rent or $5000 total, whichever is lesser, if your tenant leaves without notice, defaults on rent owed or is legally evicted from the property due to breach of lease.
  • Loss of rent. If your home is rendered uninhabitable, this option will cover a period of rent you would be paid. The period will extend to the end of a lease period or until the house if deemed habitable, whichever is shorter.

What's not covered?

Here are some general exclusions for Coles Landlord insurance policies:

  • Any natural event (bushfire, flood, storm, etc) within 48 hours of taking out a policy
  • Any earth movement not caused by an earthquake
  • Actions of the sea
  • Unlawful or deliberate acts by yourself or someone on your behalf
  • Construction, renovations or alterations
  • Non-compliance with government regulations
  • Errors in computing programing
  • Asbestos or derivatives

Exclusions in building only policies

  • Legal liability covers in connection with you owning your contents
  • Holiday rental properties
  • Short term rental properties

Exclusions in contents only policies

  • Professional fees
  • Keys and lock replacement
  • Legal liability cover in connection with you owning your building

What excess do I need to pay?

The excess is the amount you have to pay to contribute towards the cost of your Home claim. Increasing the excess you are willing to pay may reduce your premium. The excesses that apply to your individual policy will be shown on your schedule.

If you are claiming for home building and contents, and the excesses are a different amount, you will be required to pay the higher excess, not both excesses.

How do I make a claim?

If you need to make a claim on your Coles Home Insurance policy, contact the dedicated claims team as soon as possible – you can lodge a claim online 24/7. Provide full details of the incident and you will be given a claims number and advised of the next steps.

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