Finder makes money from featured partners, but editorial opinions are our own.

How much does landlord insurance cost?

The average cost of landlord insurance can be around $186 per month. Find out what it could be for you.

What you need to know

  • Finder research has found that landlord insurance may cost $186 per month on average in one location in NSW.
  • Keep in mind that actual costs will vary depending on multiple factors, such as the value of your property and the comprehensiveness of your plan.
  • The insurance provider you pick can also make a big difference – we found a swing of more than $1,600 per year in the cost of a home and contents policy.

How much does landlord insurance cost?

We've compared 15+ insurers side-by-side so you can see the difference in price between buying a combined policy, which would cover the building and your contents (if the property is furnished), and a standalone building-only policy.

It's important to remember that this is a sample quote for this specific house. The cost will most likely differ based on the aspects of your property.

ProviderHome & Contents (Combined)Buildings Cover Only
Budget direct logo

Budget Direct

$1,544.97$1,221.34Get quote
Picture not described

Youi

$1,681.56$1,384.96Get quote
Picture not described

QBE

$2,236.73$1,795.92Get quote
Qantas

Qantas

$1,444.54$1,172.21Get quote
ANZ

ANZ

$1,843.97$1,618More info
AAMI insurance

AAMI

$1,820.80$1,468.36More info
Bendigo Life Insurance Logo

Bendigo Bank

$2,520.80$1,688.28More info
Picture not described

Bupa

$2,340$1,922More info
CCI

Catholic Church

$2,738.71$2,278.87More info
Picture not described

CommBank

$3,124.58$2,443.60More info
Honey insurance logo

Honey

$2,231.38$1,855.50More info
Landlord select

Landlord Select

$2,440.97n/aMore info
Picture not described

Over Fifty

$3,081.05$2,278.87More info
St. George

St. George

$2,498.04$2,050.38More info
Picture not described

Virgin

$1,560.43$1,233.58More info

Westpac

Westpac

$2,498.04$2,050.38More info

Compare landlord insurance and protect your investment

Name Product Tenant Default and Damage Loss of Rent Accidental Damage Sum Insured Safeguard Cooling-off Period Cheapest way to pay
Youi Landlord Building and Contents Insurance

Optional

The reasonable rental amount for up to 12 months
20 days
Annually
Cover for investment property from fire, theft and numerous weather events.
Budget Direct Landlord Home & Contents Insurance

Optional

10% of the sum insured amount of your property
Optional
21 days
Annually
Save 30% on your first year's premium when you buy a combined home and contents policy online. T&Cs apply.
QBE Landlord Home & Contents Insurance
The lesser of: Up to 24 months of lost rent, or 20% of your sum insured amount
21 days
Annually
Get 10% off for buying a combined policy, plus an additional 10% in the first year for signing up online. T&Cs apply.
Qantas Landlord Home and Contents Insurance

Optional

10% of the sum insured amount of your property
Optional
21 days
Annually
Earn up to 40,000 Qantas Points with every Qantas Landlord Insurance policy you take out by 2 July. T&Cs and exclusions apply.
loading

Finder survey: How often do people compare or switch their landlord insurance?

ResponseMaleFemale
Once a year3.57%3.28%
I never compare or switch3.01%2.59%
Every 2 yrs2.44%1.03%
Once every 3+ yrs1.32%2.07%
More than once a year0.19%0.17%
Source: Finder survey by Pure Profile of 1113 Australians, December 2023

What affects the cost of landlord insurance?

The cost of landlord insurance can vary based on multiple factors. These include:

  • Where the property is located. You'll likely pay more for your policy if you're in a high-risk area (particularly if your property has a heightened risk of fires, floods or cyclones; or thefts)
  • The type of property you're renting. A house typically costs more to insure than a unit, due to the higher rebuild costs
  • How secure the property is. If you have good quality security features installed, you might be eligible for a lower premium
  • Your policy's excess. The excess is the amount you need to pay upfront to make a claim. It varies a lot for landlord insurance – anything from $100 to as much as $10k. By choosing a higher excess you can lower your ongoing insurance costs.
  • Whether or not you choose policy add-ons, such as cover for rent defaults and legal expenses.

Additionally, your choice of insurer can have a significant impact on how much you could pay. This is demonstrated by the table below, which is based on landlord home and contents (combined) cover. Finder sourced quotes for a 3-bedroom home in a metropolitan area of NSW.

Landlord insurance costs as a percentage of your rental income: An example

Using the example from the table above, you could get landlord cover from just $120.37 per month with Qantas. Let's say, as in the example using the 3-bedroom home in Concord, you earn around $4,000 per month in rental income.

So, that means you would be paying 3.01% of your rental income on landlord insurance:

$120.37 ➗ $4,000 〓 3.009%

You may consider if this is a small price to pay considering how much you stand to lose if your entire property was destroyed by an insurable event and you didn't hold insurance.

Frequently asked questions

More guides on Finder

Ask a Question

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms Of Service and Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

2 Responses

    Default Gravatar
    NeilApril 5, 2024

    Would a claim for a landlord insurance event affect the premium of the landlord insurance or the house and contents insurance?

      AvatarFinder
      PetaApril 10, 2024Finder

      Hi Neil, depending on the claim there’s a chance it could affect both.

Go to site