Woolworths Landlord Insurance

Woolworths is a provider of landlord insurance as well as car insurance, home & contents insurance, credit cards, home loans, travel insurance and life insurance.

Landlord insurance caters to the needs of landlords, providing a home insurance product specifically designed to provide property owners with protection against the financial loss that may result from owning a rental property.

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Please note the products and Star Ratings displayed are based on a house in NSW.

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What landlord insurance policies does Woolworths offer?

Woolworths offers three landlord insurance policies – building & contents insurance, buildings insurance, and contents insurance.

The building & contents policy covers several key risks in order to ensure peace of mind for both tenants and landlords, including:

  • Cover for loss of rent – both for inhabitability after an insured event and if your tenant defaults on their payment.
  • Damage to property – including the building, shed, garage and fence – caused by natural disasters or malicious acts.
  • Accidental glass breakage
  • Legal liability – for damage to third parties occurring on your property.
  • Theft or malicious damage caused by the tenant/their guests or other people on your property.
  • Contents including furniture and furnishings
  • Keys and locks

Exclusions may apply when it comes to making a landlord insurance claim.  Some common exclusions include:

  • Gradual deterioration, neglect, lack of maintenance, structural failure or general wear and tear
  • Pre-existing damage
  • Any costs associated with the cleaning up or removal of asbestos
  • Vermin or insects
  • Invasion or war
  • Any bushfires, storms, floods or rainwater damage that occurs within the first 72 hours of taking out a policy
  • Erosion or landslides
  • Any damage done during repairs or alterations being carried out on the house

For a detailed look at what may not be covered under a Woolworths landlord insurance policy, see Woolworths’ Product Disclosure Statement.

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Woolworths FAQs

Woolworths’ home & contents landlord insurance policy may protect you from a loss of rental income due to a variety of factors, including:

  • Inhabitability after an insured event such as a fire, flood, storm, tsunami or riot
  • If your tenant defaults on their payment (available as an optional extra)

See the PDS for more information on possible exclusions.

See this article for a quick guide to what landlord insurance is and what it may cover you for.

A landlord insurance policy may provide you with some cover should damage be caused to your rental property by tenants or their guests.

Under Woolworths’ building & contents landlord insurance policy, cover is included for the following:

  • Damage caused to any buildings, sheds, garages or fences within the property line
  • Damage caused by natural disasters such as fires, floods, and storms
  • Damage caused by riots or civil commotions
  • Theft
  • Damage caused by malicious acts on the part of either a tenant or their visitors

See the PDS for more information on possible exclusions.

Landlord insurance can also protect property owners against damage  to the contents they own in their investment home.

While Woolworths’s building and contents landlord insurance policy is the most common option for landlords, Woolworths also offers building cover and contents cover as separate policies. For more information about the different policies, look at the Woolworths website.

See the PDS for more information on possible exclusions.

In insurance terms, a ‘defined event’ (also known as a ‘listed event’) on a policy is a damage-causing event which you’re insured for under that policy.

Under Woolworths’ landlord insurance policy, you will generally be covered for the following defined events:

  • Storm
  • Flood
  • Explosion
  • Lightening or thunderbolt
  • A falling tree or branch
  • A riot or civil commotion
  • Earthquake
  • Fire
  • Malicious damage
  • The impact of a machine such as an aircraft or vehicle

To see the full list of defined events and any excluded events, see the PDS.

Flood damage can be treated as different to storm damage by certain insurers, and as a result you may not be automatically covered for it.

Woolworths’ building & contents landlord insurance does offer cover for flood damage, however please consult the PDS for information about exclusions and conditions that may apply.

Landlord insurance policies may offer additional optional benefits  to suit your unique needs as a landlord for an extra fee. Some of the additional benefits you may be able to add to your Woolworths landlord insurance policy include:

  • The contents of a home office
  • Outdoor contents such as BBQs or garden furniture
  • Electrical motor burnout such as an air-conditioner or other device that is damaged by a fault electrical current

For a full list of additional and optional extras, consult the PDS.

Yes, Woolworths also offers home insurance as well as landlord insurance.

By signing up for both home and landlord insurance under Woolworths, you can also be eligible to receive up to a 15% multi-policy discount on your premium.

See the difference between home and landlord insurance here.

The table below displays a snapshot of Woolworths’ home and contents insurance policies on Canstar’s database. The Star Ratings are based on a policy holder under 50 years old in New South Wales for building & contents worth less than $550,000.

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You can purchase a Woolworths landlord insurance policy by comparing your options with Canstar and generating a quote on the Woolworths website. They will ask you some general questions about your personal details, the cover required, the details of the building, and any optional extras you might be after.

It shouldn’t take longer than 10 minutes.

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Woolworths are best known for their supermarkets, but they are also now the trusted insurer for many Australian drivers. Woolworths Insurance was founded in 2011, after the successful launch of Woolworths Money credit cards in 2008.

They have a car insurance claims app available on the Apple iTunes Store.

Woolworths Insurance products are underwritten by Hollard Insurance Company, one of the largest insurers in Australia.

https://www.youtube.com/watch?v=oaDdnECYY9E

Source: Woolworths Insurance

Woolworths Landlord Insurance

Canstar Research
Rating:
Award: Landlord Insurance 4-Star Rating

House

New South Wales

2017 Star Ratings Report

Written by: Regina Collins | Last updated: