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The Commonwealth Bank of Australia is the country's leading provider of financial services, offering a number of retail, premium, banking and superannuation products and services. It also provides a number of insurance products including home, car, travel, life and landlord insurance. Read on to find out more about the latter.
We don't currently have this brand on our panel. But don't fret! You can head to the Commonwealth Bank website or compare a bunch of other landlord insurance companies with Finder.
Here are the landlord insurance policies Commonwealth Bank offers, provided by Hollard:
Building and contents cover
This covers both your investment property and the contents that are kept at the property. You're insured against events including loss or damage caused by fire, flood, storm, theft, motor burnout and more. There's also several additional benefits available like emergency work, temporary repairs, mortgage discharge and more. You can also save up to 10% with a combined building and contents policy.
Building cover only
This covers your building from loss or damage caused by fire, flood, storm, theft, motor burnout and more. It doesn't include contents insurance but the building cover can include garages, sheds, granny flats and other outbuildings.
Contents cover only
For landlords who don't need building cover, this looks after the items kept at your building that you lease out to tenants, including furniture and white goods. It protects you from loss or damage caused by fire, flood, theft, storm, motor burnout and more.
Optional covers
You can increase your cover by adding accidental damage (this comes with building only), loss of rent (this cover is temporarily unavailable) or malicious damage or theft by tenants. To do this, you'll need to pay extra.
Commonwealth Bank policy benefits
The table below outlines the benefits you'll be covered for with each Commonwealth Bank policy.
Up to 16 times weekly rent Expenses to evict your tenant up to $1,500 Expenses incurred to re-tenant your insured address up to $500
Up to 16 times weekly rent Expenses to evict your 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
Commonwealth Bank landlord insurance excesses
An excess is an amount you have to contribute when the insurer agrees to pay your claim. The amount you need to pay can differ but the excess amounts should be outlined in your Certificate of Insurance. The following excess options are available with Commonwealth Bank:
You don't need to pay an excess for legal liability claims. Claims for portable contents cover and accidental damage to your building or contents may result in you having to pay additional excesses on top of the standard one.
Submitting a Commonwealth Bank landlord insurance claim
To submit a Commonwealth Bank landlord insurance claim, follow these steps:
Check your Certificate of Insurance to make sure you're covered for the incident.
Make sure you have your policy and personal details ready.
Have details of what happened and the damage caused, including photographs.
After this stage, Hollard will assess your claim and if it's for your building, it may arrange for an inspection to see the damage. For contents claims, Hollard will likely be able to assess the information you have provided.
Frequently asked questions
Hollard Insurance is the underwriter of Commonwealth Bank landlord insurance
Commonwealth Bank is not currently offering loss of rent on new policies at this time.
Yes. Commonwealth Bank offers several other types of insurance including home, car, life and travel insurance.
Gary Ross Hunter is an editor at Finder, specialising in insurance. He’s been writing about life, travel, home, car, pet and health insurance for over 6 years and regularly appears as an insurance expert in publications including The Sydney Morning Herald, news.com.au, The Telegraph, Explore Travel and Escape. Gary holds a Kaplan Tier 1 General Insurance (General Advice) certification and a Kaplan Tier 1 Generic Knowledge certification which meets the requirements of ASIC Regulatory Guide 146 (RG146).
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