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Figuring out if you need landlord insurance can be a little daunting at first. It often seems like there are lots of different types of cover and it's not always clear if you need them all.
Luckily, it's not actually that complicated. To find out if you need landlord insurance (and if so what type do you need) just ask yourself these 3 questions:
Strata insurance, sometimes called body corporate insurance, covers residential buildings, parking and shared areas. One policy is designed to cover multiple properties within one building or block of land.
If you fall into the second category, you will likely need landlord insurance – in particular, you will need landlord building insurance.
Strata insurance and landlord building insurance are both designed to cover the physical structure of the property. This can include:
The building itself
Pipes, cables and plumbing system
Some external structures such as built-in swimming pool
If you have a furnished property, you will need landlord contents insurance as well. It can pay to repair or replace any of your damaged or destroyed items you keep at the property.
Even if you have an unfurnished property, you might still need contents cover. For example, carpets, blinds, air conditioning units and white goods such as washing machines are generally included in contents insurance.
Here are some examples of what you will likely need, depending on the type of property you own:
For example, do you live in a flood-prone area or somewhere where bushfires or burglary are common? You'll want to make sure your policy covers the risks associated with your property. To help you work out what landlord insurance you need, here's a breakdown of what's commonly covered, available as an add-on (you'll need to pay extra for it) and always excluded.
Rent default and loss of rent are 2 different features of landlord insurance you might need.
Landlord contents insurance: You might not think you need it, until you do.
Compare landlord insurance policies and get covered for the things that matter to you.
Get plain English explanations of what is and isn't covered by landlord insurance.
We've done our best to explain how landlord insurance deals with subletting. It's a tricky one but here's what we know.
Your landlord insurance can only help in certain circumstances. Here's where.
Your guide to landlord insurance in South Australia.
Your guide to landlord insurance in Victoria.
Your guide to landlord insurance in Western Australia.
