Budget Direct is good if you want an affordable policy with one of Australia's most popular insurers. It has very few complaints and covers you for the basics, though if you want to get covered for extras like tenant default, you'll need to pay extra.
Pros
Budget Direct combined home and contents insurance for landlords comes with a 30% online discount. That's about as good an online offer as you'll get, similar to other providers such as Virgin.
It gives you $1,000 towards replacing locks — that's $500 more than some insurers including Youi.
Cons
Its policies are underwritten by Auto & General Insurance Company Limited who also underwrite Virgin and Qantas, meaning they're quite similar.
Current offer for Budget Direct landlord insurance
Deal
30% online discount on new home and contents landlord insurance
Save 30% on your first year's premium when you purchase a new combined home and contents landlord insurance policy cover online. T&Cs apply.
There are three levels of landlord cover available with Budget Direct: building insurance, contents insurance, and combined building and contents insurance.
Here's some of the main events a policy can cover you for:
It's underwritten by Auto & General Insurance Company Limited and comes with a cooling-off period of 21 days. This means if you want to cancel within this timeframe from taking out a policy, you won't be charged, as long as you haven't made a claim. You'll also need to pay an excess when you make a claim.
We've highlighted some of the features that Budget Direct will cover you for if you make a claim for an insured event like a fire, storm or theft.
Open air contents cover
Replacement of locks and stolen keys
Lost rental income and damage to some contents
Modifications to your home to support paraplegia or quadriplegia
Food spoilage
Optional add-ons
Like many other insurers, Budget Direct lets you update your landlord cover for an additional fee with the following protections:
Tenant default
Flood cover
Theft and malicious damage by tenants
Sum insured safeguard
Motor burnout
Commercial storage
Exclusions
Budget Direct's general exclusions are similar to other insurers. Here's some of the main events you won't be covered for:
Action of the sea
Items covered by an insurance policy taken out by a body corporate or similar body
Wear and tear
A property that has been unoccupied for longer than 180 consecutive days
Inherent defects
Asbestos
Tree roots
Breaking the law
Make sure you read Budget Direct's PDS for a full list of general exclusions.
FAQs about Budget Direct landlord insurance
To be eligible, you need to be at least 16 years of age and have an Australian mailing address (or have one in the next 30 days) and reside or own property in Australia. Policies are generally not suitable for:
Homes in the Northern Territory or above the Tropic of Capricorn (excluding the Greater Rockhampton area)
Hotels and other multi-occupancy dwellings
Caravans, cars, trailers, mobile homes or shipping containers
Homes that have asbestos roofs
Homes that are under construction and not at lock-up stage
Anyone who has been convicted of arson or fraud or has had their previous insurance denied due to fraud
Yes. All policies have a limit of $20,000,000 from any legal claims and costs, and extends to your building if you are required to pay compensation for death or injury on your property, and landlord contents that cause death or injury.
Yes, Budget Direct landlord insurance offers flood coverage as an optional extra.
Once you have contacted any required emergency services and taken every precaution to prevent further loss, damage or injury, contact Budget Direct 24/7 either online or over the phone to begin the claims process and access your policy benefits.
Ph: 1800 069 336
Website: budgetdirect.com.au
For each claim you make you may be required to pay an excess (unless otherwise outlined in your policy). For example, if a fire has damaged your house, you would need to claim for the damage and pay an excess.
Gary Ross Hunter was 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, The Guardian and news.com.au. Gary holds a Kaplan Tier 2 General Advice General Insurance certification which meets the requirements of ASIC Regulatory Guide 146 (RG146). See full bio
Gary Ross's expertise
Gary Ross has written 648 Finder guides across topics including:
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