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Landlord Insurance

Renting out a property? Protect your investment and compare landlord insurance policies today.

When you’ve worked long and hard to purchase an investment property and have sunk a sizeable proportion of your hard-earned cash into it, the last thing you’d want is for your money to be wasted. However, damage caused by fire, theft, storms and even bad tenants can lead to costly repair and leave you significantly out of pocket.

With this in mind, it’s important to take out financial protection for your investment property in the form of landlord insurance. As the name suggests, this type of cover is suitable for people who are renting out a house, unit or flat they own. Every landlord would be well aware that renting property out to tenants is not without its risks, so it’s important that you take out appropriate protection to guarantee your own peace of mind.

Compare landlord policies from Australian brands and apply securely

Details Features
Landlord Insurance
Landlord Insurance
Protect your rental property from financial loss from fire, theft, storm or damage from tenants. Save 15% when you purchase Smart Home or Smart Contents 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
Cover for investment property from fire, theft and numerous weather events. Cover can be tailored further with additional options.
  • Cover for loss or damage by theft, attempted theft
  • Storm, including lightning, wind, hail and snow cover
  • Optional burnout of electric motors cover
  • Optional accidental damage cover up to $5,000
Go to site More info
Home and Landlord Insurance
Home and Landlord Insurance
Add optional Landlord cover to protect against damage caused by tenants. Save 15% and receive 5,000 Velocity Frequent Flyer Points when you buy new Virgin Home Insurance Price Saver online. T&Cs 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
Landlord Insurance
Landlord Insurance
Receive standard protection for your home for a number of benefits including.Provides optional protection in case of Tenant Default and Theft & Malicious Damage by Tenants.
  • Cover for loss of rent if home not fit to live in following insured event
  • Cover for loss
  • Optional cover for tenant default
  • Optional cover for theft and malicious damage by tenants or visitors
Go to site More info

Why do I even need landlord insurance?

A rental property is an important investment, so you need to protect yourself from any financial losses that may arise from your investment.

  • Common risks to properties. There are normal risks that affect any residential property, including fire, flood, storm damage, lightning, explosion, escape of water or oil, theft and malicious damage. All of these perils can cause significant damage to your rental property and end up being quite expensive to repair.
  • Risks from tenants. Landlords also need to contend with the financial risks posed by tenants. Tenants or their guests could cause malicious damage to the property, steal from you, default on their rent, or lodge a claim for legal liability against you.

All of these risks can end up being incredibly costly if you don’t have the best landlord insurance policy for you in place.

What does landlord insurance actually cover?

What am I covered for?
In most cases, landlord insurance covers the following:

  • accidental glass breakage  
  • loss or damage caused by earthquakes
  • loss or damage caused by fire
  • loss or damage caused by lightning
  • loss and damage caused by storms, rainwater and run-off
  • loss or damage caused by the impact of road vehicles, rail vehicles, watercraft, external aerials, animals, falling trees and aircraft
  • tsunami 
  • explosion
  • liability, including for a claim against you by the tenant, and for property damage and injury claims lodged by a third party
  • malicious acts, vandalism and intentional damage to the property
  • riot or civil commotion
  • theft and burglary
  • water and other liquid damage 
  • loss of rent if the tenant defaults on their payments

What aren't I covered for?
Regardless of whether you purchase cheap landlord insurance or an expensive policy, there are certain situations and events which your policy will typically not cover. These include loss, damage or injury arising from:

  • tenant neglect, poor housekeeping or unhygienic living habits
  • wear and tear, rust and corrosion
  • mould
  • depreciation
  • subsidence or landslide
  • extreme temperatures
  • vermin or insects
  • tree lopping
  • tree roots
  • the lawful seizure of your rental property
  • any act of terrorism
  • any act or intentional omission by you, or by someone who acts with your consent
  • mechanical, structural or electrical failure of an item
  • business interruption costs
  • settling, shrinkage or expansion of buildings
  • you breaching the rental agreement
  • your failure to maintain your rental property in good condition
  • faulty design or workmanship that you knew about
  • repairs carried out by the tenant or anyone else acting on their behalf

What should I be looking for in a policy?

No two insurance policies are the same. Some landlord insurance cover is designed to be taken out in unison with your home and contents insurance. Other policies are more comprehensive and do not require this.

There are some general ground rules to look out for. The best landlord insurance policy should offer adequate coverage for each type of situation. Ensure you have cover for:

  • Malicious damage. Most policies will cover you for malicious damage caused to the property by your tenants and their guests, but you may have to pay an extra premium for this feature.
  • Fixtures and fittings. Check exactly what fixtures and fittings are included in your property cover. Most policies will generally offer protection for damage to things like pipes and cables, fixed appliances, sheds, exterior blinds and awnings and in-ground swimming pools.
  • Possessions. If you choose a landlord policy that also covers some of the contents of the property, look closely at the fine print to see what is included in your policy. Note the coverage of carpets, blinds, furnishings, and light fittings.
  • Tenant default. The best landlord insurance policies will cover you when tenants default on their rent. This may happen because of a tenant’s financial difficulties, if a tenant is evicted due to a court order or if a tenant dies unexpectedly.

Are there any additional options to consider?

Many landlord insurance policies will offer the following options for an additional cost:

  • Rent default. This provides cover for when tenants experience financial hardship or die unexpectedly.
  • Theft by tenant. This is not always covered so be sure to read individual policies.
  • Legal expenses. If you lodge a claim for rent default or tenant theft you are able to cover the cost of legal expenses for recovering rental income owed to you.
  • Strata title mortgage protection. This is useful for properties that are units. If your insured building is part of a strata title development, has not been adequately insured by the strata and is totally destroyed by an insured event, your policy will cover your remaining mortgage.
  • Landlord workers’ compensation. This covers your liability if you employ a person to do work on your rental property and they are injured whilst working for you.

Compare quotes for landlord insurance online

* The offers compared on this page are chosen from a range of products finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your personal financial circumstances when comparing products.

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6 Responses to Landlord Insurance

  1. Default Gravatar
    mike | August 30, 2016

    landlord insurance with no agent

    • Staff
      Richard | August 30, 2016

      Hi Mike,

      Thanks for getting in touch. The two policies in the table above are direct landlord insurance products, meaning that they can be purchased online without the aid of an agent.

      Cheers,
      Richard

  2. Default Gravatar
    sarina | August 1, 2016

    I need quotes for landlords Insurance

    • Staff
      Richard | August 2, 2016

      Hi Sarina,

      Thanks for your question. finder.com.au is a comparison site and does not currently have the facilities in place to provide quotes for landlords insurance. However, if you would like to compare the products available from the insurance brands in our panel, please consult the comparison table at the top of the page.

      I hope this was helpful,
      Richard

  3. Default Gravatar
    Jo | June 15, 2015

    I currently have landlords insurance for contents only, can you provide me some quotes before I renew?
    Thanks
    Jo

    • Staff
      Richard | June 16, 2015

      Hi Jo,

      Thanks for your question.finder.com.au is a comparison service. If you would like to compare the options on offer through the providers in our panel, please consult the table above.

      I hope this was helpful,
      Richard

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