CGU has been around for more than 165 years as part of Australia's largest insurance parent, Insurance Australia Group (IAG). It provides all kinds of insurance, including CGU landlord insurance.
CGU offers a few different types of landlord insurance policies tailored to different property owners' needs.
Building and contents
This covers residential buildings including outbuildings such as a garage and shed, swimming pools and your belongings like white goods, carpets and more. If something happens, for example, a fire, accidental breakage or even damage caused by your tenant's pets, a CGU building and contents policy can reimburse you for the costs.
Contents cover
This is probably best suited to landlords whose building is already insured by strata. It can cover you for loss or damage to the items you have at the property including swimming pools and spas (that aren't built-in) carpets, rugs, curtains, blinds, white goods and more.
Buildings coverIf your property is unfurnished, then buildings cover might be ideal for you. It looks after the actual building itself so if a storm, fire or tenant does damage to the property, a CGU buildings cover policy can pick up the bill.
We've looked through the CGU landlord insurance PDS so that you can see exactly what benefits you're entitled to with each policy.
| Insured event | Building and contents | Contents cover | Building cover |
|---|---|---|---|
| Accidental breakage | |||
| Electrical motor burnout | |||
| Fire or explosion | |||
| Landslide or subsidence | |||
| Vandalism or malicious acts | |||
| Storm, flood, rainwater or wind | |||
| Theft or attempted theft | |||
| Water or liquid damage | |||
| Damage by pets | $2,500 | $2,500 | $2,500 |
On top of these insured events, CGU landlord insurance can cover your property against these expenses.
| More benefits | Building and contents | Contents cover | Building cover |
|---|---|---|---|
| Debris removal and demolishing | Up to 10% of sum insured | Up to 10% of sum insured | Up to 10% of sum insured |
| Mortgagee discharge cost | |||
| Rebuilding fees | Up to 10% of sum insured | Up to 10% of sum insured | |
| Sale of rental property | |||
| Residential buildings | |||
| Protection for domestic outbuildings such as garages and sheds | |||
| Infrastructure for services | |||
| Swimming pools and spas | |||
| Carpets | |||
| Curtains and internal blinds | |||
| Furniture and white goods | |||
| Sum insured increase |
Adding on optional extras to your landlord insurance helps you customise your insurance, giving you more ideal cover for your property.
| Optional add-ons | Building and contents | Contents cover | Building cover |
|---|---|---|---|
| Loss of rent cover | Weekly rent up to 12 months | Weekly rent up to 12 months | Weekly rent up to 12 months |
| Liability cover | Choose between:
| Choose between:
| Choose between:
|
| Rent default and theft by a tenant | Weekly rent up to $5,000 | Weekly rent up to $5,000 | Weekly rent up to $5,000 |
| Strata title mortgagee protection | Available as a standalone policy | Available as a standalone policy | Available as a standalone policy |
| Workers compensation | Available as a standalone policy | Available as a standalone policy | Available as a standalone policy |
An excess is the cash that you need to contribute towards the cost of a claim. Whenever you make a claim, you generally need to pay an excess. With CGU landlord insurance, the amount you need to pay will be laid out when you buy a policy.
If you need to make a claim for loss or damage that occurs as a result of an earthquake or tsunami, you'll have to pay an additional excess of $250 on top of the basic excess. Additional excesses generally apply for claims related to tenant damage and loss of rent as well.
To make a CGU landlord insurance claim, follow these steps:
The main eligibility criteria for a CGU landlord insurance policy includes:
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