Landlord insurance is different to regular building insurance because it can include landlord specific coverage, like loss of rent and malicious damage.
Landlord insurance can protect the building only, or you can opt for a contents policy too which would protect things like your oven, dishwasher and more.
There are ways to save on your policy. Either via discounts or other tips and tricks.
Compare landlord insurance policies
What does landlord insurance cover?
Every policy varies but typically, you can expect to find the following inclusions, exclusions and optional extras:
Event
Landlord building insurance
Landlord contents insurance
Landlord combined building and contents insurance
Storm damage
Fire damage
Earthquake
Theft (by someone other than your tenant)
Vandalism and malicious acts (by someone other than your tenant)
Legal liability cover
Impact damage
Escape of liquid
Lease break and loss of rent
Legal action against bad tenants
Movement of the sea
Falling trees (due to impact or storm damage)
Damage from vermin
War and uprising
Damage from renovations
Flood damage
Optional extra
Optional extra
Optional extra
Rent default
Optional extra
Optional extra
Optional extra
Motor burnout
Optional extra
Optional extra
Optional extra
Accidental damage and breakage to glass and ceramics
Optional extra
Optional extra
Optional extra
To see exactly what you’re covered for, read the product disclosure statement (PDS) on the provider’s website.
How to save on your landlord insurance policy
Whether you’re after a building only policy, contents only or combined policy, there are three main ways to save money.
Get quotes from at least 5 different insurers.
This will help you know what’s available to you and give you the knowledge you need to negotiate a better deal.
Get on the phone.
Insurers are usually happy to negotiate on price if you call them up to talk through your options. Saying something as simple as; “This quote is a bit out of my budget, is there any flexibility on that price?” can get them to reduce it on the spot.
Look for sign up deals and discounts.
Plenty of insurers offer sign up discounts to new customers. These can be pretty generous too! A 20% discount can save you hundreds.
"The insurance premiums on my investment property have been going up signifigantly year on year. This year it was crazy and prompted me to start getting quotes from other providers. By shopping around I managed to save a couple of hundred bucks each month! "
There are no legal requirements for landlord insurance in Australia but it’s certainly a good idea to consider it. A landlord building insurance policy can protect your investment from unexpected damages occurring from events like storms, fires and cyclones. Most landlord policies also have an option to include cover for loss of rent and malicious damage from tenants. A contents policy could protect items like the oven, dishwasher and more.
Yes. Landlord insurance can cover you for landlord specific things like loss of rental income, whereas a regular building insurance policy is designed for homeowners who are living in their home. Both types of insurance cover the actual building from unexpected damages like storms and fires but only landlord insurance will cover you for rental specific needs.
A landlord insurance policy could be suitable for your investment property, provided it is tenanted. Depending on the level of cover you buy, landlord insurance can include cover for; the building, the contents, rental specific needs like loss of rental income and malicious damage.
Peta Taylor is a publisher at Finder, working across all of insurance. She's been analysing product disclosure statements and publishing articles for over 2 years. Peta is passionate about demystifying complex insurance products to help users make well educated decisions with confidence. Peta is part of Finder's insurance awards team and works alongside editorial and insights experts to bring users the best insurance products every year. See full bio
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