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.
Commonwealth Bank landlord insurance policy
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.
Insured events | Building | Contents |
---|---|---|
Accidental glass breakage | ||
Animal damage | ||
Burning out of electric motors and power surge | ||
Earthquake | ||
Escape of liquid | $500 | $500 |
Explosion | $1,000 | $1,000 |
Fire | ||
Flood | ||
Legal liability | $20,000,000 | $20,000,000 |
Lightning | ||
Malicious act including vandalism | ||
Riot and public disturbances | ||
Storm | ||
Sudden impact | ||
Theft or attempted theft |
Insured events | Building | Contents |
---|---|---|
Accidental glass breakage | ||
Animal damage | ||
Burning out of electric motors and power surge | ||
Earthquake | ||
Escape of liquid | $500 | $500 |
Explosion | $1,000 | $1,000 |
Fire | ||
Flood | ||
Legal liability | $20,000,000 | $20,000,000 |
Lightning | ||
Malicious act including vandalism | ||
Riot and public disturbances | ||
Storm | ||
Sudden impact | ||
Theft or attempted theft |
Commonwealth Bank landlord insurance policies include more benefits including:
More benefits | Building | Contents |
---|---|---|
Alternative accommodation | Up to 52 weeks | Up to 52 weeks |
Contents in transit | ||
Damage by emergency services | ||
Demolition and debris removal costs | ||
Domestic pet cover | Up to $1,000 for veterinary expenses Up to $3,000 for alternative accommodation | Up to $1,000 for veterinary expenses Up to $3,000 for alternative accommodation |
Emergency work and temporary repairs | ||
Loss of rent | ||
Matching benefit | ||
Mortgage discharge | ||
Moving within Australia | No more than 14 days | |
Storage fees | Up to 120 days | Up to 120 days |
Temporary removal of your contents | 20% of your contents sum insured | |
Visitors' property | $2,000 |
More benefits | Building | Contents |
---|---|---|
Alternative accommodation | ||
Contents in transit | ||
Damage by emergency services | ||
Demolition and debris removal costs | ||
Domestic pet cover | ||
Emergency work and temporary repairs | ||
Loss of rent | Up to 52 weeks | Up to 52 weeks |
Matching benefit | ||
Mortgage discharge | ||
Moving within Australia | No more than 14 days | |
Storage fees | Up to 120 days | Up to 120 days |
Temporary removal of your contents | 20% of your contents sum insured | |
Visitors' property |
These are optional add ons you can pay extra for.
Optional Covers | Building | Contents |
---|---|---|
Accidental damage | ||
Domestic workers' compensation cover | ||
Loss of rent extra | ||
Malicious damage or theft by tenants | ||
Portable contents cover |
Optional Covers | Building | Contents |
---|---|---|
Accidental damage | No | |
Domestic workers' compensation cover | ||
Loss of rent extra | 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:
Cover type | Excess options |
---|---|
Building | $100, $200, $300, $500, $750, $1,000, $2,000, $5,000 |
Contents | $100, $200, $300, $500, $750, $1,000, $2,000, $5,000 |
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.
- If possible, have receipts.
- Submit your claim online or call 13 1361.
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
Compare other products from Commonwealth Bank
- Commonwealth Bank credit cards
- Commonwealth Bank home loans
- Commonwealth Bank savings accounts
- Commonwealth Bank term deposits
- Commonwealth Bank superannuation
- Commonwealth Bank personal loans
- Commonwealth Bank car loans
- Commonwealth Bank business loans
- Commonwealth Bank travel insurance
- Commonwealth Bank car insurance
- Commonwealth Bank life insurance
- Commonwealth Bank income protection
More guides on Finder
-
Is it make or break time for crypto?
Bitcoin could be on the cusp of its next big bull run - or it could not.
-
Compare internet plans faster than rebooting your modem
Aussies throw away $456 on average by not switching internet plans.
-
Financially flawed: 6.3 million Aussies go into debt trying to keep up with the Joneses
A worrying number of Australians are living beyond their means to improve their social status, according to new research by Finder.
-
Agreed or market value car insurance? Taking the short-cut could cost more
Agreed vs market value – it's a decision you make when getting car insurance and it can make a huge difference to your policy.
-
Plastic pain: 1 in 6 have had their cards skimmed in the past year
Millions of Australians have had their credit or debit card number stolen, according to new research by Finder.
-
Samsung’s new Galaxy S24 FE: Bigger, better and pricier
Prices start at $1,099.
-
Amex Gold Business Card Plus: 3 essential tools for SME growth
SPONSORED: With the launch of the American Express Business Gold Plus Card, you can unlock all sorts of B2B extras for your organisation.
-
eToro buys Aussie investing platform Spaceship
eToro has acquired local super and investing platform Spaceship in a deal believed to be worth up to $80 million.
-
AirWallex Business Saver
Read Finder's review of the AirWallex Business Saver. Learn more about this savings account for seniors.
-
Finder’s Money Confessions
Money messes, meet real talk — straight-up advice on your biggest financial dilemmas.