GIO landlord insurance
GIO landlord insurance review: choose from building, contents and combined cover options.
No reviews yet.
Write a review
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!
GIO has been a trusted insurer in Australia for over 90 years. These days, it's owned by one of Australia's largest insurers, the Suncorp Group.
If you're wondering whether GIO landlord insurance is right for you, continue reading for a breakdown of its policies, what they include, who they're suited to and more.
Some 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.We don't currently have this brand on our panel. But don't fret! You can head to the GIO website or compare a bunch of other landlord insurance companies with Finder.
GIO landlord insurance policy options
Here's what you have to choose from with GIO landlord insurance:
Landlord Property Insurance
For those who don't want contents insurance, possibly because the property is unfurnished, this policy covers the building and any permanent fixtures and fittings including garages and sheds. You'll be covered for insured events like theft, vandalism and malicious damage including by tenants or guests and more.
Landlord Contents Insurance
This policy is suited to landlords with apartments and units who don't need to insure the building itself but still want to look after everything that's inside the property, from white goods to carpets and curtains. As well as the usual protection from fire, storms and accidental damage, it also covers loss of rent, tenant default, contents on common property (up to $1,000), and gives you the option of adding Strata Title Mortgage Protection.
Landlord Property & Contents Insurance
This policy covers you for both the property building and belongings. Some of the benefits include accidental glass breakage cover, $20 million legal liability cover if you're sued, cover for loss or damage caused by things like fires, storms and theft, and more. You can also get up to 15% off for this combined property and contents policy.
Here's a breakdown of the main policies GIO offers
We've trawled through the GIO landlord insurance PDS (product disclosure statement) and laid out what benefits it offers in the tables below.
| Insured event | Landlord Property Insurance | Landlord Contents Insurance | Landlord Property & Contents Insurance |
|---|---|---|---|
| Flood | |||
| Storm | |||
| Lightning | |||
| Fire | |||
| Earthquake and Tsunami | |||
| Theft | |||
| Accidental glass breakage | |||
| Escape of liquid | |||
| Impact | |||
| Damage by an animal | |||
| Explosion | |||
| Riot, civil commotion or public disturbance | |||
| Malicious acts or vandalism |
Here are some more benefits you can get with a GIO landlord insurance policy.
| More benefits | Landlord Property Insurance | Landlord Contents Insurance | Landlord Property & Contents Insurance |
|---|---|---|---|
| Loss of rent | 10% of sum insured | 10% of sum insured | 10% of sum insured |
| Removal of debris | 10% of sum insured | 10% of sum insured | 10% of sum insured |
| Other repair/rebuilding costs | 10% of property sum insured | 10% of property sum insured | |
| Safety net property protection | 25% of property sum insured | 25% of property sum insured | |
| Environmental improvements | $2,500 | $2,500 | |
| Storage of undamaged contents | 10% of contents sum insured | 10% of contents sum insured | |
| Damage to gardens and plants | $1,000 | $1,000 | |
| Mortgagee's discharge costs | $1,000 | $1,000 | |
| Loss of rent – tenant default | Weekly rent up to $5,000 | Weekly rent up to $5,000 | Weekly rent up to $5,000 |
| Legal costs to recover unpaid rent | $5,000 | $5,000 | $5,000 |
| Loss of rent – prevention of access | Weekly rent up to $4,000 | Weekly rent up to $4,000 | Weekly rent up to $4,000 |
| Damage from physical injury or incident | $15,000 | $15,000 | $15,000 |
| Lock replacement | $800 | $800 | $800 |
| Exploratory costs where leak is not covered under insured event "Escape of liquid" | $1,500 | $1,500 | |
| Contents on common property | $1,000 | $1,000 | |
| Legal liability | $20,000,000 | $20,000,000 | $20,000,000 |
If you want cover for these optional add-ons, you need to pay a little extra.
| More benefits | Landlord Property Insurance | Landlord Contents Insurance | Landlord Property & Contents Insurance |
|---|---|---|---|
| Motor burnout | Less than 11 years old | Less than 11 years old | Less than 11 years old |
| Accidental damage at the property | |||
| Strata title mortgage protection |
GIO's excess options
An excess is an amount you need to pay each time you make a claim. The excesses can differ depending on what you're claiming for. With GIO, the excesses are as follows:
- Standard excess. This applies to all claims unless GIO lets you know otherwise.
- Theft or burglary by tenants or their guests excess. An additional excess of $500 generally applies on top of the standard one for claims made related to this.
- Malicious acts or vandalism by tenants or their guests excess. This also comes with an additional excess of $500 on top of the standard one for any claims made related to this.
- Loss of rent excess. For this, you'll usually have to pay a $500 excess instead of the standard excess.
- Earthquake and tsunami excess. If there's a claim made for earthquakes or tsunamis, this usually applies on top of any other excess you need to pay.
- Motor burnout excess. Motor burnout is an optional extra which has its own excess. You'll need to pay this instead of the standard excess.
- Additional excess. There may be some circumstances where GIO will require you to pay an additional excess on top of your standard one. GIO will let you know about this in your certificate of insurance.
- Unoccupied excess. If your property has been unoccupied for more than 60 continuous days, and you need to make a claim, you'll generally have to pay an unoccupied excess in addition to other excesses.
Making a claim with GIO
A claim with GIO should take you around 10 minutes. You can submit your claim online, through the Suncorp App or by calling on 13 14 46. To make a claim, you'll need the following information:
- Your GIO insurance policy number
- Details about the event (including photos), for example, when it happened, what happened, etc
- Details of what has been broken or destroyed, for example, damaged roof
- If possible, particularly for electrical items, details about the item make and model
Remember that if your claim is the result of theft, you will need to contact the police first and get a report from them.
Frequently asked questions
More guides on Finder
-
Election 2022 housing policies compared: What do first homebuyers get?
Housing affordability is on the agenda once again, and every party has a different approach.
-
Low deposit home loans
You may be able to get a low deposit home loan with just 5% cash deposit. Here's the lenders who are more likely to lend you a 95% loan.
-
Finder Earn
Finder Earn lets you get a return of up to 6.01% p.a. on your capital, compounded daily. Find out how it works and how to get it here.
-
Finder Earn
Finder Earn lets you get a return of up to 6.01% p.a. on your capital, compounded daily. Find out how it works and how to get it here.
-
Finder Earn
Finder Earn lets you get a return of up to 6.01% p.a. on your capital, compounded daily. Find out how it works and how to get it here.
-
Finder Earn
Finder Earn lets you get a return of up to 6.01% p.a. on your capital, compounded daily. Find out how it works and how to get it here.
-
Finder Earn
Finder Earn lets you get a return of up to 6.01% p.a. on your capital, compounded daily. Find out how it works and how to get it here.
-
Does travel insurance cover Airbnb?
We take a look to see if you are fully protected by insurance if your Airbnb trip goes wrong.
-
Climate change is making 1 in 25 homes uninsurable: Check if your home is at risk
A new report by Climate Council suggests many homes will be effectively uninsurable by 2030.
-
Understanding The Australian Election ft. Left Right Out
From how the voting systems works to which parties line up with your values, we chat with the hosts of Left Right Out podcast about what you need to know before you hit the polls this year.
Ask an Expert
