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Coles Landlord Insurance Review

A lifetime guarantee on repairs and a monthly payment option are some of the reasons Coles landlord insurance could be good for you.

Gary Ross Hunter

Updated

Feb 5, 2024

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Our Verdict

It's good for peace of mind. Coles landlord insurance policies come with a Lifetime Guarantee on all building repairs they authorise and arrange.
It's good if you want to pay monthly. Unlike some policies, you won't be charged extra.

You get up to $500 towards replacing locks and keys — Budget Direct, Virgin and Qantas all offer $1000.

_{Review by our insurance and innovations editor Gary Ross Hunter}

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What does Coles landlord insurance cover?

Coles landlord insurance can cover the building, contents or both. Here's some of the main insured events it can cover:

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Fires

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Theft

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Escape of liquid

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Storms

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Malicious damage

Coles landlord insurance is backed by Insurance Australia Limited (IAG) – one of the biggest insurance companies in Australia. It has an above-average cooling off period of 30 days (you'll be refunded if you don't make a claim within this time) and like all insurers, you'll need to pay at least one excess when you make a claim.

What do I get with a Coles landlord insurance policy?

Standard features
Optional add-ons
Exclusions

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Standard features

Here are some of the main features that Coles will cover you for an insured event such as a fire, storm or theft occurs.

Accidental glass breakage
Bursting, leaking, discharge or overflowing
Animal damage
Removal of debris
Keys & lock replacement
Legal liability

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Optional add-ons

Coles offers a few add-ons. However, some, such as loss of rent, are covered automatically by other landlord insurers.

Motor burnout. This covers any reasonable cost to repair or replace an electric motor. Cover limit is up to $3000 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.

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Exclusions

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 programming
Asbestos or derivatives

For a full list of exclusions, make sure you take a look at Coles's PDS.

Coles landlord insurance complaints

We looked at home insurance complaint data from the Australian Financial Complaints Authority (AFCA) between July to December 2020. The data breaks down different underwriters and compares their business size to the number of complaints processed.

When comparing insurers, keep in mind that insurers with a larger market share serve more customers so can potentially get more complaints.

Here's an overview of how Coles (which is underwritten by Insurance Australia Limited) did. It includes other brands underwritten by Insurance Australia Limited so keep in mind that the total number of complaints is not necessarily all for Coles:

Here are some things we noticed about Coles Home Insurance and Insurance Australia Limited.

Insurance Australia Limited has a higher percentage of claims that were resolved directly with its customers compared to other similar-sized providers.

Insurance Australia Limited had a higher percentage of complaints that had to be escalated through to the AFCA than other providers, meaning many of the complaints it received could not be resolved internally.

Bottom line about Coles landlord insurance

Coles is good if you want a well-known insurer, to pay monthly at no extra cost and a lifetime guarantee. However, loss of rent isn't covered automatically – you'll need to pay extra for it.

If you're not ready to take out a policy, you can compare other landlord insurers side-by-side on our homepage here.

FAQs about Coles landlord insurance

The main eligibility criteria for a Coles landlord insurance policy includes:
- The type of home you own. It must be a free standing house, townhouse, villa or duplex, semi-detached house or terrace. It's not suitable for body corporate buildings and houseboats.
- How you use the property. It must be rented out to tenants or a short-term rental agreement of more than 1-month.
- The condition of your home. The home needs to meet acceptable dwelling criteria. For example, it should be secure, watertight, structurally sound and well maintained.
The excess is the amount you have to pay to contribute towards the cost of your 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. There are 5 types of excesses with Coles: a standard excess, a nominated excess, a damage caused by tenants excess, a tenant's rent default excess, and a loss of rent excess.