GIO landlord insurance

GIO landlord insurance review: choose from building, contents and combined cover options.

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GIO has been a trusted insurer in Australia for over 90 years. These days, it's owned by one of Australia's largest insurers, the Suncorp Group.

If you're wondering whether GIO landlord insurance is right for you, continue reading for a breakdown of its policies, what they include, who they're suited to and more.

warningSome landlord insurance policies have temporarily removed benefits such as rent default and a few others because of the pandemic. Make sure to check this with the insurer before deciding on a policy.
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GIO landlord insurance policy options

Here's what you have to choose from with GIO landlord insurance:

Landlord Property Insurance
For those who don't want contents insurance, possibly because the property is unfurnished, this policy covers the building and any permanent fixtures and fittings including garages and sheds. You'll be covered for insured events like theft, vandalism and malicious damage including by tenants or guests and more.

Landlord Contents Insurance
This policy is suited to landlords with apartments and units who don't need to insure the building itself but still want to look after everything that's inside the property, from white goods to carpets and curtains. As well as the usual protection from fire, storms and accidental damage, it also covers loss of rent, tenant default, contents on common property (up to $1,000), and gives you the option of adding Strata Title Mortgage Protection.

Landlord Property & Contents Insurance
This policy covers you for both the property building and belongings. Some of the benefits include accidental glass breakage cover, $20 million legal liability cover if you're sued, cover for loss or damage caused by things like fires, storms and theft, and more. You can also get up to 15% off for this combined property and contents policy.

Here's a breakdown of the main policies GIO offers

We've trawled through the GIO landlord insurance PDS (product disclosure statement) and laid out what benefits it offers in the tables below.

Insured eventLandlord Property InsuranceLandlord Contents InsuranceLandlord Property & Contents Insurance
Flood
Storm
Lightning
Fire
Earthquake and Tsunami
Theft
Accidental glass breakage
Escape of liquid
Impact
Damage by an animal
Explosion
Riot, civil commotion or public disturbance
Malicious acts or vandalism

Here are some more benefits you can get with a GIO landlord insurance policy.

More benefitsLandlord Property InsuranceLandlord Contents InsuranceLandlord Property & Contents Insurance
Loss of rent10% of sum insured10% of sum insured10% of sum insured
Removal of debris10% of sum insured10% of sum insured10% of sum insured
Other repair/rebuilding costs10% of property sum insured
10% of property sum insured
Safety net property protection25% of property sum insured
25% of property sum insured
Environmental improvements$2,500
$2,500
Storage of undamaged contents
10% of contents sum insured10% of contents sum insured
Damage to gardens and plants$1,000
$1,000
Mortgagee's discharge costs$1,000
$1,000
Loss of rent – tenant defaultWeekly rent up to $5,000Weekly rent up to $5,000Weekly rent up to $5,000
Legal costs to recover unpaid rent$5,000$5,000$5,000
Loss of rent – prevention of accessWeekly rent up to $4,000Weekly rent up to $4,000Weekly rent up to $4,000
Damage from physical injury or incident$15,000$15,000$15,000
Lock replacement$800$800$800
Exploratory costs where leak is not covered under insured event "Escape of liquid"$1,500
$1,500
Contents on common property
$1,000$1,000
Legal liability$20,000,000$20,000,000$20,000,000

If you want cover for these optional add-ons, you need to pay a little extra.

More benefitsLandlord Property InsuranceLandlord Contents InsuranceLandlord Property & Contents Insurance
Motor burnoutLess than 11 years oldLess than 11 years oldLess than 11 years old
Accidental damage at the property
Strata title mortgage protection

GIO's excess options

An excess is an amount you need to pay each time you make a claim. The excesses can differ depending on what you're claiming for. With GIO, the excesses are as follows:

  • Standard excess. This applies to all claims unless GIO lets you know otherwise.
  • Theft or burglary by tenants or their guests excess. An additional excess of $500 generally applies on top of the standard one for claims made related to this.
  • Malicious acts or vandalism by tenants or their guests excess. This also comes with an additional excess of $500 on top of the standard one for any claims made related to this.
  • Loss of rent excess. For this, you'll usually have to pay a $500 excess instead of the standard excess.
  • Earthquake and tsunami excess. If there's a claim made for earthquakes or tsunamis, this usually applies on top of any other excess you need to pay.
  • Motor burnout excess. Motor burnout is an optional extra which has its own excess. You'll need to pay this instead of the standard excess.
  • Additional excess. There may be some circumstances where GIO will require you to pay an additional excess on top of your standard one. GIO will let you know about this in your certificate of insurance.
  • Unoccupied excess. If your property has been unoccupied for more than 60 continuous days, and you need to make a claim, you'll generally have to pay an unoccupied excess in addition to other excesses.

Making a claim with GIO

A claim with GIO should take you around 10 minutes. You can submit your claim online, through the Suncorp App or by calling on 13 14 46. To make a claim, you'll need the following information:

  • Your GIO insurance policy number
  • Details about the event (including photos), for example, when it happened, what happened, etc
  • Details of what has been broken or destroyed, for example, damaged roof
  • If possible, particularly for electrical items, details about the item make and model
  • Remember that if your claim is the result of theft, you will need to contact the police first and get a report from them.

    Frequently asked questions

    Where can I find the GIO landlord insurance PDS?

    You can find the GIO landlord insurance product disclosure statement (PDS) from the policy document section on GIO's website.

    Can you get GIO landlord insurance in NSW?

    Yes. GIO landlord insurance is available in all states.

    Who underwrites GIO landlord insurance?

    GIO is part of the Suncorp Network which is one of the largest insurance operators in Australia.

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