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Landlord contents insurance protects the items you own and keep at your rental property. If they're damaged or destroyed by an insured event, such as a fire, storm or malicious damage by your tenant, it can pay to repair or replace them.
It's designed to help you avoid a hefty replacement bill if you're the landlord of a furnished property and the contents get damaged.
Most insurers offer new for old replacement. This means they will pay you for the cost of a new item, not your item's current value.
Why do I need landlord contents insurance?
Damage from unexpected events
For example, fires (including bushfires) storms, rainwater, floods, escaped water and lightning.
Unfurnished property
Even if you have an unfurnished rental, you might still need contents cover. Items like carpets, blinds, some air conditioning units and white goods such as washing machines are generally included in contents insurance. If your property is ruined by a natural disaster, insurance can replace all of these furnishings and fittings.
Costs can add up!
Many property managers recommend that furnished rentals come equipped with basics like plates, bowls and glasses. Individually, these may not cost much – but if something serious like a fire, cyclone or storm hits and the whole property is damaged, you could be looking at hundreds of dollars in replacement costs.
3 common landlord contents
Carpets
Appliances such as white goods
Blinds and curtains
What is covered in landlord contents insurance?
Landlord contents insurance covers the items you own and keep at the property. If an insured event occurs, it can cover:
Lost or damaged contents
Accidental and malicious damage by tenants
Motor burnout
New for old replacement
Storage of undamaged contents
An "insured event" is a broad term that encompasses a wide range of situations. These include:
Flood
Storm
Cyclones
Earthquakes
Tsunamis
Fires
Bushfires
Lightning
Impact
Explosion
Theft or burglary
Malicious acts and vandalism
Escape of liquid
Animal damage
Civil unrest and rioting
What's excluded from cover?
Landlord contents insurance doesn't cover:
Regular maintenance
The building, for example the bricks and mortar
Your tenant's contents
Wear and tear to your items
Mouldy items (unless the mould was covered by an insured event)
Building defects
Damage to contents caused by vermin, insects or rodents
Damage to contents caused by movement of the sea
Make sure you take out landlord contents insurance before bad weather like a flood, storm or bushfire has become a known event. As soon as it's recorded by the BOM or on the news, you won't be able to make a claim for damage related to that event.
Gary Hunter is a writer at Finder, specialising in insurance. He’s been writing about life, health, travel, home and pet insurance for over three years, has pored over hundreds of product disclosure statements and written more than 500 insurance articles. Gary holds a Tier 1 General Insurance (General Advice) certification and is passionate about helping Aussies understand their policies so that they can get better value for their money.
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