Virgin Money Landlord Insurance Review

A 15% online discount and value for money are some of the reasons worth considering Virgin Money landlord insurance.

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Our Verdict

  • Virgin Money landlord insurance comes with a 15% online discount. That's as good as some of the top offers available from other landlord insurance providers like Budget Direct.
  • It's good value for money. Virgin Money landlord insurance has won awards for the prices of its policies.
  • Its policies come with cover for up to $20,000,000 in legal liability, similar to many other insurers.

Review by our insurance writer Gary Hunter

warningSome 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.
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What does Virgin Money landlord insurance cover?

You can choose from three levels of landlord cover with Virgin Money landlord insurance: building insurance, contents insurance, and combined building and contents insurance.

Here's some of the main insured events a Virgin landlord insurance policy can cover you for:

All of Virgin's policies are underwritten by Auto & General – one of Australia's largest insurers. If you decide to cancel your policy, you can do so within 21 days and you won't be charged, as long as you haven't made a claim. You'll also need to pay at least one excess when you make a landlord insurance claim.

Virgin Money landlord insurance features

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Standard features

We've highlighted some of the features that Virgin Money will cover you for if you make a claim for an insured event like a fire, storm or theft.
  • Replacement of locks and stolen keys
  • Lost rental income and damage to some content
  • Contents temporarily removed from the insured address
  • Food spoilage

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Optional add-ons

Like many other insurers, Virgin Money lets you update your landlord cover with the following protections:
  • Tenant default
  • Flood cover
  • Theft and malicious damage by tenants
  • Sum insured safeguard

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Exclusions

Virgin Money's general exclusions are similar to other insurers. Here's some of the main events you won't be covered for:
  • Action of the sea, high water, or underground water
  • Asbestos
  • Breaking the law
  • Business activity
  • Communicable disease
  • Consequential loss
  • Contamination or pollution
  • Contents in the open air

For a full list of exclusions, make sure you read Virgin Money's PDS.

Virgin Money landlord insurance complaints

We looked at home insurance complaint data from the Australian Financial Complaints Authority (AFCA) between July to December 2020. The data breaks down different underwriters and compares their business size to the number of complaints processed.

When comparing insurers, keep in mind that insurers with a larger market share serve more customers so can potentially get more complaints.

Here's an overview of how Virgin Money (which is underwritten by Hollard) did. It includes other brands underwritten by Hollard so keep in mind that the total number of complaints is not necessarily all for Virgin Money:

Here are some things we noticed about Virgin Money and their underwriter:

  • Virgin (Auto & General Insurance Company Limited) had significantly less complaints than Westpac so could be a good option if you want a reliable and trustworthy insurer.
  • It received a total of 2 complaints in the period we looked at which is lower than the majority of insurers in Australia.

Bottom line about Virgin Money landlord insurance

Virgin Money is ideal if you're on the hunt for an affordable and popular insurer. It received very few complaints and covers you for the most common events but keep in mind, you'll need to pay extra if you want some additional covers like tenant default.

To compare Virgin Money's landlord insurance policies side-by-side with other providers, you can head here.

FAQs about Virgin Money landlord insurance

Virgin Money landlord insurance reviews

If you've held or currently hold a Virgin Money landlord insurance policy, we'd love to hear from you. Your reviews help other Australians decide if Virgin Money is right for them. Some reviews are from a survey commissioned by Finder.

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