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Review by our insurance writer Gary Hunter
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.QBE offers three cover types under landlord insurance:
This can cover you for the cost of repairs to your property as well as replacement costs if an insured event, such as storm, fire, theft, or flood, damages or destroys it. This includes protection against theft or damages caused by tenants. It will also cover the contents of your property. It can also cover you for loss of rent if your property becomes uninhabitable.
If your rental property is unfurnished, a buildings cover policy makes sense since it will cover you for the residential building which includes any fixed items like sheds and built-in swimming pools.
If your rental property is in a strata building, then a contents-only policy can look after the belongings inside the home. This is particularly helpful if the property is furnished and can cover you for insured events like fires, theft and more.
To help you understand what you're covered for, we've checked out the QBE Landlord Insurance Product Disclosure Statement (PDS) and made a list of the insured events.
| Insured event | Buildings and contents | Buildings cover only | Contents cover only |
|---|---|---|---|
| Fire | |||
| Theft | |||
| Storm | |||
| Flood | |||
| Lightning | |||
| Earthquake or tsunami | |||
| Escape of liquid | |||
| Accidental glass breakage | |||
| Malicious act | |||
| Collision | |||
| Falling tree or branch | |||
| Electrical motor burnout | |||
| Damage by animals | |||
| Explosion | |||
| Riot | |||
| Accidental damage |
The list below outlines some of the added benefits of a QBE Landlord Insurance policy.
| More benefits | Buildings and contents | Buildings cover only | Contents cover only |
|---|---|---|---|
| Emergency temporary repairs | Reasonable cost | Reasonable cost | Reasonable cost |
| Mortgage discharge | Reasonable cost | Reasonable cost | |
| Environmental upgrades | $2,500 | $500 per item or $2,500 | |
| Loss of rent | Up to 12 months of rent or 10% of your buildings sum insured | Up to 12 months of rent or 10% of your contents sum insured | |
| Building materials awaiting installation | $2,000 | $2,000 | |
| Loss of rent due to forced evacuation by government authority | Cost of rent – up to 60 days | Cost of rent – up to 60 days | Cost of rent – up to 60 days |
| Legal liability | $30,000,000 | $30,000,000 | $30,000,000 |
If you choose to add extra cover to your policy, here are your options;
| Optional | Buildings and contents | Buildings cover only | Contents cover only |
|---|---|---|---|
| Theft and vandalism by tenants to your property | $10,000 | $10,000 | |
| Rent Default | Up to the weekly rental limit for the maximum number of weeks' limit shown on your Policy Schedule | Up to the weekly rental limit for the maximum number of weeks' limit shown on your Policy Schedule | Up to the weekly rental limit for the maximum number of weeks' limit shown on your Policy Schedule |
To make a QBE Landlord Insurance claim, take the following steps:
A QBE landlord insurance policy is suitable for landlords who own a home in Australia used for residential purposes that they rent out to tenants under a leaseagreement, including as a casual or short-term rental (for example via Airbnb) and for those who want financial protection for:
Yes. QBE covers loss of rental income if your property becomes unliveable due to an insured event (e.g. your tenants are unable to safely live at the property).
Yes. A QBE Landlord Insurance property will cover you for damage caused by storm, storm surge, rain, hail or flood.
Yes. You can find out more about its home insurance policy here.
QBE Landlord Insurance is issued and underwritten by QBE Insurance (Australia) Ltd.
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