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Compare landlord insurance brands in South Australia
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What does a landlord insurance SA policy cover me for?
Landlord insurance is available in three cover options:
Home insurance. Home insurance, or building-only cover, covers your home and other fixtures on your property against damage from fires, storms, theft and vandalism. Cover usually provides additional protection against loss of rent due to damage rendering the property uninhabitable or damage to shared areas such as pools and gardens.
Contents insurance. Contents cover protects any of your household possessions and any other property you have on site against the same risks as home insurance. Additional options are usually available for communal items like pool equipment or outdoor furniture.
Both home and contents insurance, bought as a bundle. Complete protection for your property and everything inside, this is the most comprehensive level of cover available to landlords and includes optional cover for both rental default and damage or loss caused by tenants or their guests.
What should a landlord insurance SA policy include?
This is what's typically included in a landlord insurance policy:
Storms
This can cover you for storms and storm-related damage. For example, if a storm causes a tree to fall which damages your property.
Fire
This can cover you for loss and damage caused by fire, including bushfires which are common across SA.
Contents
If you keep any furniture or items at the property, you can get contents cover. You can often add accidental damage cover as well.
Theft
This can cover your property if items are stolen or damaged from theft or vandalism.
Floods
This can cover you for flood damage. It's included as standard by some insurers; for others, you'll need to pay extra to have it included in your policy.
Loss of rent
This can cover lost income If your tenant stops paying rent or leaves without giving you sufficient notice.
Is landlord insurance compulsory in SA?
No, you aren't legally required to have landlord insurance in South Australia. However, as the landlord, you bear full responsibility in the event of damage or loss to your property or its contents.
Also, you need to set and adhere to lease terms, plus collect bond and rent for the property. Landlord insurance comes with legal liability if you get into a dispute with your tenant.
Who offers landlord insurance in SA?
Australian home insurance providers usually aren't state-specific, which means homeowners in South Australia can access cover from an extensive range of trusted insurance brands, including:
What else do I need to know about renting out a place in South Australia?
Wherever you are in Australia, landlord insurance is pretty much the same. However, each state differs a bit with regard to the around the rights and responsibilities of landlords and tenants, which could affect you when you need to make a claim:
Bond and advance rent. If the rent is $250 or less per week, you're allowed to request a bond equal to four weeks' rent. If rent is more than that, you can request a bond equal to six weeks' rent. You can also ask for two weeks' advance rent in each case.
Rent increases. You cannot increase the rent during the first 12 months of a tenancy. After that, you can increase rent once every 12 months as long as you've given a 60-day notice. You cannot raise the rent in the middle of a fixed-term lease unless it is written into the agreement about the possibility of an increase and the circumstances in which it would happen.
Ending a tenancy. To end a fixed-term lease, you have to let the tenant know 28 days in advance of the lease ending. If it's a periodic lease, you have to give them a 90-day notice unless you have a good reason (such as selling the house), in which case you can shorten the notice to 60 days.
Pets. Tenants will need your written permission if they want to keep a pet in your rental property.
Access for inspections. You're allowed to inspect once every four weeks, but you need to provide a written notice of between 7-14 days prior to each visit.
Gary Ross Hunter is an editor at Finder, specialising in insurance. He’s been writing about life, travel, home, car, pet and health insurance for over 6 years and regularly appears as an insurance expert in publications including The Sydney Morning Herald, news.com.au, The Telegraph, Explore Travel and Escape. Gary holds a Kaplan Tier 1 General Insurance (General Advice) certification and a Kaplan Tier 1 Generic Knowledge certification which meets the requirements of ASIC Regulatory Guide 146 (RG146).
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