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How much does landlord insurance cost?

There can be a huge difference in the cost of landlord insurance policies, so be sure to compare.

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

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 property is worth. The insurer you opt for can also make a big difference, as you'll see below.

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.

Want to protect your investment?

Name Product Tenant Default and Damage Loss of Rent Accidental Damage Sum Insured Safeguard Cooling-off Period Cheapest way to pay
Budget Direct Landlord Home & Contents Insurance

Optional

10% of the sum insured amount of your property
21 days
Annually
Save 30% on your first year's premium when you buy a combined home and contents policy online. T&Cs apply.
Youi Landlord Building and Contents Insurance

Optional

The reasonable rental amount for up to 12 months
20 days
Annually
Cover for investment property from fire, theft and numerous weather events.
Seniors Landlord Home & Contents Insurance
The lesser of: 12 months rent, or 10% of your building sum insured, or the lost rent
14 days
Annually
Buy online and save up to 15% on landlord building and contents policies in the first year. T&Cs apply.
Woolworths Landlord Building and Contents Insurance
The lesser of: 12 months rent, or 10% of your building sum insured, or the lost rent
14 days
Annually
Qantas Landlord Home and Contents Insurance

Optional

10% of the sum insured amount of your property
21 days
Annually
Earn up to 20,000 Qantas Points when you apply. Points awarded will be based on your premium. T&Cs & exclusions apply.
Landlord Select Building & Contents Insurance
Landlord Select Building & Contents Insurance

Optional

Optional
21 days
Annually
CommBank Landlord Building & Contents Insurance
52 weeks
Optional
21 days
Monthly or Annually
Save 10% on a combined home and contents insurance policy
Over Fifty Landlord Building & Contents Insurance
Over Fifty Landlord Building & Contents Insurance

Optional

12 months
14 days
Monthly or Annually
Get 10% off your first year’s premium when you buy online.
Catholic Church Landlord Building & Contents Insurance
Catholic Church Landlord Building & Contents Insurance

Optional

12 months
14 days
Monthly or Annually
Sign up online and get 10% off your first year’s premium.
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Compare up to 4 providers

Brands still offering landlord insurance

As of 6 July 2022, 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.

ProviderAre they still offering landlord insurance?Are they offering tenant default options?Apply
Youi logo
  • Yes
  • Yes
Get quote
Qantas home insurance
  • Yes
  • Yes
Get quote
Virgin money landlord insurance
  • No
  • No
More info
Coles landlord insurance
  • Yes
  • Yes
More info
Westpac landlord insurance
  • Yes
  • Yes
More info
Picture not described
  • Yes
  • Yes
More info
Picture not described
  • Yes
  • Yes
More info
Allianz landlord insurance
  • Yes
  • Yes
More info
Picture not described
  • Yes
  • Yes
More info
Apia landlord insurance
  • Yes
  • Yes
More info
Budget direct landlord insurance
  • No
  • No
Get quote
CHU landlord insurance
  • Yes
  • Yes
More info
Picture not described
  • No
  • No
More info
NRMA landlord insurance
  • Yes
  • Yes
More info
RACV landlord insurance
  • Yes
  • Yes
More info
real insurance
  • Yes
  • No
More info
SGUA landlord insurance
  • Yes
  • No
More info
Suncorp landlord insurance
  • Yes
  • Yes
More info
Picture not described
  • Yes
  • In some cases
More info
Picture not described
  • Yes
  • No
Get quote

How much does landlord insurance cost?

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.

MonthlyYearly

Budget Direct

$155.39$1,574.54
virgin money logo

Virgin Money

$158.48$1,609.78
Westpac car insurance

Westpac

$190.65$2,287.84

GIO

$253.70$2,718.28

Woolworths

$194.85$2,152.13
Suncorp logo new

Suncorp

$269.88$2,682.11

How much is that as a percentage of your rental income?

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:

$155.39 ➗ $4,345 〓 3.6%

That’s a small price to pay considering how much you stand to lose if a fire destroys your entire home.

Frequently asked questions

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