Cheap landlord insurance

Increase the returns on your rental property with cheap landlord insurance.

Sick of paying too much for landlord insurance? You’ll be glad to know it’s possible to save money on landlord insurance without putting your property at risk. It just takes a little bit of smart shopping, and we’re here to help you do just that.

Get quotes and save on landlord insurance

Details Features
Landlord Insurance
Landlord Insurance
Save 15% when you purchase online.
  • Tenant default cover if tenant stops paying rent
  • Optional cover for theft or malicious damage by tenant
  • Cover for fire, storm or rainwater damage
  • Cover for loss of rent if home is not fit to live in following an insured event
Go to site More info
Landlord Insurance
Landlord Insurance
Buy online and save up to 10%.
  • Flood, fire, theft, and storm cover
  • Cover for loss of rent
  • Optional theft and malicious damage by tenants
  • Cover for your own landlord contents
Go to site More info
Landlord Insurance
Landlord Insurance
15% off for your first year. Promo code: COVER
  • Flood, fire, theft, and storm cover
  • Cover for burnout of electric motors
  • Optional theft and malicious damage by tenants
  • Optional cover for loss of rent
Go to site More info
Landlord Insurance
Landlord Insurance
Save up to 10% when you purchase cover online.
  • Cover for malicious damage and theft by tenants
  • Up to $20,000 rent default and legal expenses
  • Cover for natural disasters and impact
  • Cover for damage caused by burst or leaking water
Go to site More info
Home and Landlord Insurance
Home and Landlord Insurance
15% online discount. Earn 5,000 Velocity Points when purchasing a new eligible policy by 14/01/19. T&C’s apply.
  • Cover for loss of rental income
  • Cover for loss or damage to fixtures and fittings
  • 21 day money back guarantee if a claim has not been made
Go to site More info
Landlords Insurance for Strata
Landlords Insurance for Strata
Landlord insurance tailored to apartments, units and townhouses
  • Cover for loss of rent and rentable value of your proprerty
  • Cover for tenant theft and/or malicious damage
  • Cover for accidental loss and damage to landlord contents
  • 10% discount before December 31
Go to site More info
Landlord Insurance
Landlord Insurance
Cover for investment property from fire, theft and numerous weather events.
  • Cover for loss or damage by theft, attempted theft
  • Storm, including lightning, wind, hail and snow cover
  • Cover for burnout of electric motors
  • Cover for loss of rent
Go to site More info

apartment

What’s the cheapest type of policy?

There are three types of policies that make up landlord insurance: those that cover the building, those that cover your contents and those that protect you from problem tenants.

You can purchase any combination of these, but it’s not really useful to decide which of these you want based on which ones are cheaper. Since each covers something totally different, you don’t want to buy the cheaper one if you don’t need it, while skipping out on the useful one because it cost more.

So you really need to decide which of these would be most useful to you:

  • Building insurance: Covers the physical building, such as a house.
  • Contents insurance: Covers everything in the house that’s not bolted down
  • Tenant protection: Covers you for tenant-related risks like loss of rent and damage your tenant creates on purpose.

After you’ve decided which are the most appropriate for you and you still want to get your costs down, you can decide to pass on any of these that are less useful to you than the others.

How much does landlord insurance cost?

We got quotes for 8 Aussie landlord insurance brands to see how they all compare cost-wise. We found that costs can differ by hundreds a year, even though you're insuring the exact same property!

Monthly Yearly

Allianz

$201.65 $2,179.88

Budget Direct

$155.39 $1,574.54
coles logo

Coles

$276.60 $3,234.76

GIO

$253.70 $2,718.28
Suncorp logo new

Suncorp

$269.88 $2,682.11
virgin money logo

Virgin

$158.48 $1,609.78
Westpac car insurance

Westpac

$190.65 $2,287.84

Woolworths

$194.85 $2,152.13

How to compare landlord insurance to find a cheap but effective policy

A lot of times, getting a cheaper policy comes down to being smart about your search. To increase the chances that you will save on landlord insurance, just follow these simple steps:

  1. Decide just how much cover you actually need.

Do you need building insurance, contents insurance, or both? If you’re paying strata fees, there’s a good chance the building is already covered through strata, so you can cross that off your list. Do you have any furnishings in the place? Then you may want contents insurance. Are your tenants generally trustworthy? If not, additional tenant protection will cover you if the tenant purposely causes damage.

  1. Beef up the security and disaster resistance.

Insurers like it when they get to insure a place that is less likely to experience a claim. A great way to make it that way is by beefing up the security and making the place more resistant to disaster. You can install security systems to scare away thieves, smoke alarms to reduce the risk of fire and storm shutters to make it less likely that you’ll experience storm damage. If you take these simple steps, you’re more likely to be rewarded with lower insurance premiums.

  1. Shop around.

You’ve spent all that time deciding what you want out of a landlord home insurance policy, so it only makes sense to identify a few insurers who offer what you need. Then you can compare quotes and choose one that offers what you need at the lowest rate.

  1. Pay for a year up front.

By now, you should be pretty confident that you’ve found a policy that works for you and that offers a competitive rate. You may be able to reduce the rate even more by paying for a full year upfront, rather than paying monthly like most people do.

  1. Keep an eye out for discounts.

It’s not uncommon for insurers to offer discounts to their loyal customers. Maybe you use the same insurer for your personal home insurance. In that case, see if they offer a multi-policy discount. Have you been with your insurer for a few years? Ask if that entitles you to a discount. After all, their competitors would do anything to lure you away. Don’t be afraid to ask them to reward your loyalty.

Does it cost more to insure a house or a unit?

It will cost you more to ensure a house than it would a unit, because with a unit, you won’t need to insure the building - your strata will take care of that.

If it’s a standalone home, you will need building insurance. The building is most likely much more valuable than its contents - worth hundreds of thousands, if not millions of dollars. If it all goes up in flames and you’re uninsured, you will eat that entire loss.

The other two pillars of landlord insurance, tenant protection and contents insurance, are equally relevant whether you rent out a house or a unit.

Can you save money by purchasing only building insurance?

You could save money that way, but why put yourself at risk? It’s true that building insurance is arguably the most important part of landlord insurance, since your building is probably worth more than the contents you have in it.

But did you know that even with building insurance you wouldn’t be covered if your tenant destroyed your home on purpose? The loss would be just as great but you wouldn’t be able to replace your home.

If you provide a washing machine, dryer, dishwasher or anything else not bolted onto the home, you probably shouldn’t skip out on contents insurance either. Building insurance alone won’t help you replace those if they are lost or destroyed, but contents insurance would.

What company has the cheapest landlord insurance cover in Australia?

When an insurer calculates your landlord insurance rates, you can be sure it’s a highly individual process. Each insurance company will consider a multitude of factors like where the rental property is located, how many claims you’ve had in the past, how old the home or unit is, whether or not you allow pets and numerous other factors.

So the great rate you found on a policy may not be so great for another landlord and vice versa.

That said, we can’t leave you hanging. So we pulled together some rates based on a hypothetical example using different locations throughout Australia..

Every landlord’s situation is different so what’s cheaper for you might be more expensive for the next person. To find the cheapest landlord insurance for you, it's a good idea to compare a few policies. Here are a few companies offering landlord insurance in NSW to get you started:

  • Terri Scheer
  • EBM
  • Allianz
  • AAMI
  • Coles
  • NRMA
  • Budget Direct
  • RACV
  • Suncorp
  • APIA
  • Woolworths
  • ANZ

Your insurance prices will vary based on your unique situation, so there’s no one insurer who will be the cheapest across the board. Your best bet at saving money is by getting quotes from a few of these companies who offer insurance in VIC:

  • Terri Scheer
  • EBM
  • Allianz
  • AAMI
  • Coles
  • Budget Direct
  • Suncorp
  • APIA
  • Woolworths
  • ANZ

Finding a cheap policy is a highly individual process since everyone’s situation is different. So to find the one that’s cheapest for you, it’s a good idea to compare policies from a few of these companies offering landlord insurance in QLD:

  • Terri Scheer
  • EBM
  • Allianz
  • AAMI
  • Coles
  • NRMA
  • Budget Direct
  • RACV
  • Suncorp
  • APIA
  • Woolworths
  • ANZ

There’s no single insurer that can be considered universally cheaper than all the others because each insurer has a different way of considering each application. So one company might be cheaper for you but more expensive for someone else. To find the cheapest policy for you, it’s a good idea to compare policies from a few of these companies offering landlord insurance in SA:

  • Terri Scheer
  • EBM
  • Allianz
  • AAMI
  • Coles
  • Budget Direct
  • Suncorp
  • APIA
  • Woolworths
  • ANZ

Each landlord’s situation is different, so the policy that ends up being cheaper for you might be the more expensive one for someone else. So the only way to find the cheapest policy for you is to compare policies. Here are a few companies offering landlord insurance in WA to get you started:

  • Terri Scheer
  • EBM
  • Allianz
  • AAMI
  • Coles
  • Budget Direct
  • Suncorp
  • APIA
  • Woolworths
  • ANZ

Picture: Unsplash

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