Need landlord insurance to protect your investment property? Compare cover options from SGUA in this comprehensive review.
If you need insurance cover to protect your investment property, SGUA’s suite of policy options is worth a closer look. An underwriter that specialises in providing insurance for residential investment properties, SGUA is based and operated in Australia and has been offering insurance to Australian landlords since 1991.
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Read on to find out more about the policies and benefits SGUA provides.
SGUA landlord insurance cover options
SGUA’s landlord insurance policies are split into two levels of cover: Value and Value Plus.
Value options include the following:
- Landlord Protection. This is SGUA’s base-level landlord insurance policy. It covers your building and contents against loss or damage due to fire, explosion, theft, storm, flood and a wide range of other risks. It also covers your legal liability. Other optional benefits that are available include cover for damage and theft by a tenant and for tenant default.
- Landlord Extra Protection. If your building is insured elsewhere, SGUA’s Landlord Extra Protection provides $30,000 cover for your contents. The policy includes cover for loss or damage due to fire, theft, water damage, storm and more as well as cover for loss of rental income, damage and theft by tenant, tenant default and legal liability.
- Holiday Home. Designed to cover your second home which is occupied occasionally for recreational purposes, Holiday Home insurance from SGUA protects your building and contents against an extensive range of events. It also covers scorching damage by tenants and up to $20 million of legal liability.
- Holiday Unit. SGUA Holiday Unit insurance covers a unit in a resort that is owned by you, but let out to others by the resort’s management. It protects your contents against storm, flood, fire, theft, water damage and more. It also covers scorching damage by tenants and up to $20 million of legal liability.
If you select Value Plus cover, the following policies are available:
- Landlord Protection Plus. This high-level policy protects your building and contents against accidental damage as well as against fire, theft, storm and a wide range of insured events. It also covers your legal liability for causing bodily injury or property damage to someone else. Optional additional cover includes loss of rent, strata title mortgagee protection, damage and theft by tenants, and tenant default.
- Landlord Extra Protection Plus. SGUA Landlord Extra Protection Plus insurance covers your building and contents against accidental damage and includes up to $60,000 cover for your contents against a wide range of defined events. Other benefits include cover for loss of rent, tenant default and court legal expenses.
What’s covered by SGUA landlord insurance?
Some of the benefits provided under SGUA’s landlord insurance policies include the following:
- Defined events cover. SGUA provides cover for fire, explosion, lightning, earthquake, tsunami, theft, water damage, glass breakage, malicious damage, accidental damage, storm, flood, impact, riot, civil commotion and electrical breakdown/fusion.
- Loss of rental income. This benefit covers loss of rent if the building or property is uninhabitable due to a defined event.
- Temporary removal. This benefit covers contents while they are temporarily stored at other premises.
- Fees. You’ll be covered for the cost of architect and surveyor’s fees and the removal of debris following an insured event.
- Underground services. This benefit covers the cost of repairing accidental damage to water pipes, gas pipes and electricity cables caused by a defined event.
- Damage and theft by tenant. You’ll be covered for deliberate damage, theft and accidental damage caused by tenants or their guests.
- Tenant default. SGUA covers you for lost rent due to an absconding tenant, a defaulting tenant (by court order or termination notice), death of a tenant, failure to give vacant possession and more.
- Legal liability. Up to $20 million cover is available for your legal liability as the property owner for causing bodily injury or property damage to someone else.
Your SGUA landlord insurance claim will not be paid if it’s for loss, damage or liability in the following situations:
- The damage is to artificial turf.
- The damage is to lighting or heating elements, fuses or protective devices.
- The claim is for an amount that can be recovered under a manufacturer’s or retailer’s guarantee or warranty.
- The damage is caused by gradual deterioration, such as rust or wear and tear.
- The damage is caused by mould, mildew, rot or rising damp.
- The damage is caused by lack of maintenance.
- The damage is caused by inherent defects or faults, faulty workmanship, structural faults or faulty design.
- The damage is caused by the roots of trees, plants, shrubs or grass.
- The damage is caused by animals, birds, insects, rats or mice (however, this exclusion does not apply to any liability arising from any animal or bird you keep as a domestic pet).
- The damage is caused by an intentional act committed by you, your family or anyone acting with your consent.
- The damage is caused by actions of the sea.
- The damage is caused by a bushfire, grassfire, named cyclone or flood that occurs within 72 hours of the start of cover.
- The damage is caused by water seeping through a wall or floor.
- The claim is for mechanical, electronic or electrical breakdown or malfunction.
Read the product disclosure statement closely for a full list of exclusions that apply to your SGUA landlord insurance policy.
How much does SGUA landlord insurance cost?
There are several factors that can have an impact on the cost of SGUA landlord insurance, including the following:
- The type and level of cover you select
- The size and type of property you own
- Where the property is located
- The value of your building and contents
- The age and construction materials of the building
- How secure the property is
- Your previous claims history
For an accurate idea of how much your premiums will be, click one of the “Go to site” links on this page. You’ll be taken to the SGUA website where you can apply for a personalised quote.
SGUA landlord insurance excess
Check the tables below for details of the excess that may apply to claims on your SGUA policy.
|Landlord Protection||Landlord Extra Protection||Holiday Home||Holiday Unit|
|Loss of rent||$0||$0||$0||$0|
|Deliberate damage by tenant||$0||$0||$100||$100|
|Theft by tenant||$250||$250||-||-|
|Strata title mortgagee protection||$0||$0||$0||$0|
Value Plus policies
|Landlord Protection||Landlord Extra Protection|
|Loss of rent||$0||$0|
|Deliberate damage by tenant||$0||$0|
|Theft by tenant||$250||$250|
|Strata title mortgagee protection||$0||$0|
How to save on your SGUA landlord insurance policy
Want to save money on your SGUA landlord insurance premiums? The following are several simple things you can do to reduce the cost of cover:
- Choose a lower level of cover. If you don’t need the comprehensive protection provided by a high-end policy, select a lower level of cover to enjoy reduced premiums.
- Don’t add optional extras you don’t need. This will ensure that you only pay for cover you actually need.
- Secure your home. Adding a back-to-base security alarm to your property can help lower your premiums.
- Look for discounts. Keep an eye out for discounts and special offers that could allow you to access cheaper cover.
Making an SGUA landlord insurance claim
If you need to make a claim on your SGUA landlord insurance policy, you can do so in two ways:
- Online. Search for the relevant claim form on the SGUA website and fill it out online.
- Download a claim form. Download a claim form from the SGUA website, fill it out and then return it to the insurer.
You’ll also need to submit any required documentation listed in the claim form as soon as possible.