CGU Landlord Insurance Review

CGU has been around for more than 165 years as part of Australia's largest insurance parent, Insurance Australia Group (IAG). It provides all kinds of insurance, including CGU landlord insurance.

CGU landlord insurance policies

CGU offers a few different types of landlord insurance policies tailored to different property owners' needs.

Building and contents
This covers residential buildings including outbuildings such as a garage and shed, swimming pools and your belongings like white goods, carpets and more. If something happens, for example, a fire, accidental breakage or even damage caused by your tenant's pets, a CGU building and contents policy can reimburse you for the costs.

Contents cover
This is probably best suited to landlords whose building is already insured by strata. It can cover you for loss or damage to the items you have at the property including swimming pools and spas (that aren't built-in) carpets, rugs, curtains, blinds, white goods and more.

Buildings coverIf your property is unfurnished, then buildings cover might be ideal for you. It looks after the actual building itself so if a storm, fire or tenant does damage to the property, a CGU buildings cover policy can pick up the bill.

CGU landlord insurance comparison table

We've looked through the CGU landlord insurance PDS so that you can see exactly what benefits you're entitled to with each policy.

On top of these insured events, CGU landlord insurance can cover your property against these expenses.

Adding on optional extras to your landlord insurance helps you customise your insurance, giving you more ideal cover for your property.

What excess do I need to pay with CGU landlord insurance?

An excess is the cash that you need to contribute towards the cost of a claim. Whenever you make a claim, you generally need to pay an excess. With CGU landlord insurance, the amount you need to pay will be laid out when you buy a policy.

If you need to make a claim for loss or damage that occurs as a result of an earthquake or tsunami, you'll have to pay an additional excess of $250 on top of the basic excess. Additional excesses generally apply for claims related to tenant damage and loss of rent as well.

How to make a claim with CGU landlord insurance

To make a CGU landlord insurance claim, follow these steps:

• Get in touch with the claims team. The CGU landlord insurance contact number is 13 24 80. You'll be assigned a claims specialist and they can talk you through the process.
• Collect evidence of what happened. This can include photos, receipts, quotes and information such as the brand, model and serial number of the damaged items.
• Prevent further damage. It's always advisable to try and prevent further damage from occurring if it's safe to do so.
• Submit a claim. Your CGU claims specialist can collect all this information and submit the claim for you.

Who is eligible for a CGU landlord insurance policy?

The main eligibility criteria for a CGU landlord insurance policy includes:

• The type of property 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 property. The home needs to meet acceptable dwelling criteria. For example, it should be secure, watertight, structurally sound and well maintained.

Frequently asked questions

• Who took over CGU insurance?

  CGU Insurance was acquired by IAG, a big Aussie insurance company, back in 2003. So, if you have a CGU policy, it's an IAG policy under the hood. If you've had that policy a long time, since before 2003, your coverage and contact details should have stayed the same.

• Is it worth getting landlord insurance?

  Depends on your rental situaion! Landlord insurance can be your lifesaver if tenants skip rent, cause damage, or sue you. If you're worried about those nasties, it's worth the peace of mind. But, if you've got rockstar tenants and a solid lease agreement, you might be able to skip it.

• Who is CGU insurance underwritten by?

  Nowadays, CGU policies are underwritten by IAG companies like Lumley Insurance and Insurance Australia Limited.

• Is landlord insurance separate from building insurance?

  Yep, landlord insurance and building insurance are different beasts! Landlord insurance protects you from tenant-related stuff, while building insurance covers the actual bricks and mortar of your property. You can get either one or both, depending on your needs.

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Written by

Gary Ross Hunter

Editor, Insurance

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

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