- One of the cheapest insurers in Australia
- 15% off your first year's premiums when you buy online
- Good customer service and few complaints
Best landlord insurance
To help you find the best landlord insurance, we've broken down our top picks based on popularity, unique features and perks.
- The only insurer to offer total building replacement cover
- Prevents huge out of pocket expenses if your property is destroyed
- One of the most comprehensive policies in Australia
- One of the only insurers to cover short term rentals
- Covers accidental damage by tenants or paying guests
- Covers damage by tenants' pets
- Earn Qantas Points when you sign up
- Earn 1 Qantas points for every $1 of premiums
- Similar cover to Budget Direct but with points
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Most popular landlord insurance: Budget Direct
What we like about Budget Direct:
- It's the most popular landlord insurer on Finder – it had more clicks than any other landlord provider between December 2021 and May 2022.
- Its customer service. In the past 2 years, its underwriter Auto & General has received significantly fewer complaints to the AFCA than every other insurer on the market.
- You get 15% off your first year's premiums when you buy online – no landlord insurer on Finder offers a bigger discount.
- As the name implies, Budget Direct provides low-cost, no-frills policies. If you want a more comprehensive (and expensive) policy, it might not be for you. For example, you need to pay extra if you want cover for malicious damage and floods.
Top pick for total replacement cover: ANZ
What we like about ANZ:
- If your property is destroyed, ANZ will cover the entire rebuilding costs. It is the only insurer to include full building replacement as a standard feature across all home and landlord building insurance products.
- Its policy takes the onus off you as a landlord. With the majority of insurers, you need to estimate how much your property would cost to rebuild (the sum insured). This commonly leads people underinsuring their property (80% of homes in Australia are underinsured). For example, say you insure your property for 1 million but it costs 1.2 million to rebuild, you would be 200k out of pocket. With ANZ's full building replacement, this won't happen to you.
- It's one of the most comprehensive landlord insurance policies in Australia. It automatically covers events many others don't such as floods, malicious damage and electrical motor burnout and power surges.
- Because it's much more comprehensive, you'll likely pay more for an ANZ policy compared to the budget insurers.
Top pick for short term rentals: QBE
What we like about QBE landlord insurance:
- It's one of the only insurers in Australia to offer cover for short term rentals of less than 3 months – ideal if you're renting out your entire property or holiday home on Airbnb. You don't need to have a lease agreement in place to be covered, just some kind of booking record, such as one made through a holiday rental platform.
- QBE is the only insurer we found that will cover damage by tenants' pets for up to $4,000. It's also the only insurer we found that covers accidental damage by your tenants or paying guests.
- It's also our Green Insurer of the Year winner. It will replace your home and the items in it with eco-friendly upgrades if damaged or destroyed.
- Youi landlord insurance can also cover short term rentals. However, we selected QBE as our top pick because its product disclosure statement (PDS) provides much clearer information about what it will cover and the type of properties it will cover. Youi also doesn't specify it covers damage by tenants' pets.
Top pick for perks: Qantas
What we like about Qantas:
- Qantas is good because if you never have to make a claim, you're still getting something for your money. You earn 1 Qantas Point for every $1 you spend on your premium. You also get up to 20,000 points when you first sign up.
- Its policies are underwritten by Auto & General, the same company that underwrites Budget Direct. This means you get the same level of cover as a Budget Direct policy – but you also earn Qantas Points. It's the only landlord insurance that comes with Qantas Points.
- Existing customers are happy with their service. Auto & General (its underwriter) has received significantly fewer complaints to the AFCA than all other insurers in Australia.
- Just like Budget Direct, a Qantas landlord insurance policy doesn't automatically cover floods and malicious damage. If you want cover for either of these events, you'll need to pay more.
Compare to find the best landlord insurance policy for you
These are our top landlord insurance picks but there are other policies out there. You can use our table below to compare all the landlord insurance policies available on Finder.
Tips to find the best landlord insurance policy for you
If you're still looking for a policy, these 3 questions could help narrow down your search:
Do you own a unit or apartment?
If so, then you probably don't need landlord building insurance – the strata insurance you pay will cover you.
Is your property furnished or partly furnished?
Then you might want to get contents insurance to cover the items you keep at your property (in addition to building insurance if you own a freestanding house). Even if you only have items such as carpets, blinds and white goods, it can be worth getting. If something happens, the costs could be significant.
Do you want cover for rent default?
Rent default pays you an income if your tenant stops paying the rent – for example, if they lose their job or fall ill. You'll need to pay extra if you want this included in your policy.
Once you've narrowed down your options to a handful of insurers, it's worth getting quotes from each insurer. This will help you see who comes out on top for price.
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