Overwhelmed by the number of landlord insurers out there? We've put together a quick review of some of the landlord insurance companies out there.
When it comes to insurance, there are a million policies on offer. Sorting through them can be exhausting at best and an expensive nightmare at worst if you purchase one that doesn't provide the cover you need.
Even though you have other people living in your building, it's still your responsibility to safeguard yourself against any damage that may occur. Here's a guide on how to sort through policies on offer with an expert eye.
Quick reviews of some landlord insurance policies
Budget Direct Landlord Insurance
- Relatively wide cover for an economical price.
- Up to 30% off your first year's premium when purchasing online.
- Sum insured safeguard of up to 25% if your cover isn't enough to replace your investment property.
Virgin Money Landlord Insurance
- Save 15% when you purchase landlord insurance online and receive 5,000 Velocity Frequent Flyer Points.
- Lock replacement if keys are lost or stolen, cover up to $500.
- Option to increase cover from potential theft by tenants.
Real Landlord Insurance
- Save up to 15% when you buy combined landlord home and contents insurance online.
- Motor burnout cover can be added.
- Cover for impact damage to your property.
CHU Landlord Insurance
- Cover specifically for strata buildings – apartments, villas, townhouses and units.
- Motor burnout cover for household equipment and appliances under 10 years old.
- $500 excess discount if your building is also insured by CHU.
- If your belongings and the building are both damaged in the same event, you'll get speedy repairs by a tradesman of your choice.
Westpac Landlord Insurance
- Save up to 15% when you purchase landlord insurance online. A further 10% discount applies when combining building and contents insurance under a single policy.
- Premium cover option including increased contents cover, motor burnout and accidental glass breakage.
- Up to $1,000 for the replacement of locks and keys.
Youi Landlord Insurance
- Cover included for counselling costs if you need support after making a claim.
- Automatic inclusion of motor burnout, accidental glass or ceramic breakage, lock replacement and up to $10,000 for furnishings provided to the tenants cover.
- Flexible excess allows you to adjust your premiums.
Terri Scheer Landlord Insurance
- Save 5% on your first year's premiums when buying online and a further 10% if you combine your home and contents insurance.
- Up to $500 for removal of goods from the property.
- Up to $1,000 for damage caused by emergency services entering the property.
- Tax audit costs covered up to $1,000.
EBM Landlord Insurance
- Offers three different levels of landlord insurance depending on your needs, including short-term rentals for holiday homes, corporate leasing and strata insurance.
- Covers damage up to $65,000 from your tenant's pets.
- Extensive flood cover up to and including the entire sum insured.
AAMI Landlord Insurance
- Offers new for old replacement for landlord's contents as well as guaranteed quick repair or replacement.
- Optional strata insurance covering up to 10 residential units in a single block.
- Flexible excess, allowing you to raise your excess to lower premiums.
Allianz Landlord Insurance
- Save up to 10% when you purchase your policy online.
- 30% scaling discount if you don't make any claims.
- Continued cover for your building even when it is being sold.
What do I need to look for when comparing landlord insurance reviews?
With so many features, details and caveats included with every landlord insurance policy, it can be hard to differentiate one from the other. Here are some important questions to keep in mind when you're shopping around:
- Is my building covered? Some insurers, for example, don't cover strata buildings like apartments or units. Ensure that your building qualifies.
- How much is the excess? Usually, you can lower premiums by raising your excess. Know how much you'll have to pay on a claim.
- What does the policy actually cover? Some policies include cover for rent loss from tenants automatically, some include it as an optional extra and some may not offer it at all. Don't assume that one policy includes a benefit automatically just because others do.
- What does the policy exclude? Equally as important as knowing what's covered is knowing what won't be. Common exclusions include natural wear and tear or damage involving extensions, but check the details of your policy to be sure.
- Is total replacement included? If the damage to your property is so extensive that it needs to be completely rebuilt or replaced, some policies will only cover you up to the sum insured rather than the full cost of repairs.
- What dangers am I likely to face? If your property is in an outback area, it could be wise to make sure you're covered for bushfires. If you're near the coast, you probably want flood cover. Get protection against the most likely threats.
- What's the cost? Depending on what you're buying, the price of premiums can vary hugely. Check you're paying only for what you need and look for discounts for things like purchasing online.