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.
We don't currently have this brand on our panel. But don't fret! You can head to the Budget Direct website or compare a bunch of other landlord insurance companies with finder.
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.
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
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
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
To be eligible for a policy with Virgin, you must be at least 16 years old, have an Australian mailing address (or get one in the next 30 days) and reside or own property in Australia. Policies aren't generally suitable for:
Homes in the Northern Territory or above the Tropic of Capricorn (excluding the Greater Rockhampton area)
Hotels and other multi-occupancy dwellings
Caravans, cars, trailers, mobile homes or shipping containers
Homes that have asbestos roofs
Homes that are under construction or not at lock-up stage
Anyone who has been convicted of arson or fraud or has had their previous insurance denied due to fraud
Yes. All policies have a limit of $20,000,000 from any legal claims and costs, which extends to your building if you're required to pay compensation for death or injury on your property and landlord contents that cause death or injury.
If something should happen and you need to make a claim, you will often be required to pay an excess (unless otherwise outlined in your policy) for each claim you make. For example, if a fire damaged your house you would need to claim for the damage and pay an excess. Your excess amount for each claim will depend on your level of cover and the sum you're claiming.
After an incident has been dealt with and information collected from any relevant emergency services or reports, contact Virgin Money as soon as possible to begin the claims process. You can lodge your claim online or over the phone, as well as access any benefits your policy grants you.
Phone: 1800 662 884
Online: www.virginmoney.com.au
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.
Gary Ross Hunter is an editor at Finder, specialising in insurance. He’s been writing about life, travel, home, car, pet and health insurance for over 6 years and regularly appears as an insurance expert in publications including The Sydney Morning Herald, The Guardian and news.com.au. Gary holds a Kaplan Tier 2 General Advice General Insurance certification which meets the requirements of ASIC Regulatory Guide 146 (RG146).
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