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The cost of insurance can differ for every landlord based on the type of property, the sum you want to insure it for and where it is located. From our research, we found that landlord insurance costs $208 a month on average, but keep in mind that this is for a home that is worth $1,000,000, so your costs could be cheaper or more expensive, depending on how much your home is worth.
As of 18 January 2021, the following brands are still offering new landlord insurance policies. All existing policies should be respected, but it's best to check directly with your insurer.
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The cost of landlord insurance can vary based on where the property is located, the type of property you are renting (such as a house or a unit) and how secure the building is. Even your choice of insurer can have a dramatic effect on how much you pay.
The following table shows just how dramatically your landlord insurance costs can differ from one insurer to the next.
These prices are based on the same 3-bedroom house in NSW, but that doesn’t mean the more expensive insurers in this example will be the most expensive one for your particular property. Each property is different and each insurer has a different way of calculating risk.
Monthly | Yearly | |
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![]() | $155.39 | $1,574.54 |
![]() | $158.48 | $1,609.78 |
![]() | $190.65 | $2,287.84 |
![]() GIO | $253.70 | $2,718.28 |
![]() | $194.85 | $2,152.13 |
![]() | $269.88 | $2,682.11 |
Using the example from the table, you can get landlord insurance on a 3-bedroom house in Sydney, NSW for as little as $155.39 per month.
If you fetched $1,000 per week in rent, as per the example using the 3-bedroom home in Baulkham Hills, that would equal $4,345 per month in rental income.
So that means you would be paying 6.5% of your rental income on landlord insurance:
That’s a small price to pay considering how much you stand to lose if a fire destroys your entire home.
As a landlord, you have many of the same risks as other homeowners, plus a few more related to your tenants and your income. Landlord insurance can protect you for all of it. Here are some of the most common reasons you might claim, according to speciality landlord insurer, Terri Scheer:
Picture: Unsplash
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