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Landlord Insurance: Safeguard Your Rental Property

Landlord insurance can help protect your rental property and income against insured events and certain tenant-related risks. The protection available depends on the cover you select and the policy terms. At Financial Services Online, we connect property owners with insurance brokers who can help them explore landlord insurance options.

Why Choose Landlord Insurance?

Owning rental property comes with inherent risks, including tenant-related damages, loss of rental income, and potential legal liabilities. Landlord insurance can help protect against some of these risks. Cover may include:

• Building and Landlord Contents: repair or replacement costs following insured damage to the building or items you provide for tenants. Check whether building cover, contents cover or both are included; tenants' belongings generally require their own cover.
• Tenant Damage: cover for specified tenant-related damage. Accidental damage and malicious damage may be treated differently or require optional cover.
• Loss of Rental Income: lost rent if an insured event makes the property uninhabitable, subject to payment limits and maximum benefit periods. Tenant rent default is a separate risk and is not automatically included.
• Liability Protection: cover for specified claims where you are legally liable for injury or property damage connected with the rental property, subject to exclusions and limits.
• Legal Expenses: certain costs associated with covered claims or specified tenancy proceedings, where included. Check which expenses require the insurer's consent.

Policy Features and Exclusions to Check

Read the Product Disclosure Statement (PDS) and policy schedule for insured events, sums insured, excesses and benefit limits. Check how the policy treats flood, storm damage, tenant damage and rent default rather than assuming all are included. Wear and tear, gradual deterioration and maintenance issues are commonly excluded.

Check conditions relating to vacant periods, inspections and tenancy agreements, and confirm whether short-term or holiday letting is covered. For strata properties, check what the strata building policy covers and what remains your responsibility as a landlord.

How Much Does Landlord Insurance Cost?

The cost of landlord insurance varies based on factors such as property location, type, and the level of coverage selected. Premiums are influenced by:

• Property Type and Sums Insured
• Location and Associated Risks
• Cover Options and Excesses
• Security Measures in Place

When comparing quotes, consider the premium alongside excesses, limits, exclusions and optional benefits. A lower premium may mean less cover or a higher amount to pay when claiming.

Preparing for a Landlord Insurance Claim

Keep tenancy agreements, rent records, inspection reports, photographs and receipts. Notify the insurer or broker promptly after an incident, take reasonable steps to prevent further loss where safe, and check the insurer's requirements before arranging non-urgent repairs. The evidence needed will depend on the claim and policy terms.

Explore Landlord Insurance Options

Request a landlord insurance quote through our broker referral network. A broker can discuss available cover options, policy terms and costs for your rental property.

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Please note that some of our calculators may use assumptions that are not necessarily applicable to your current specific circumstances and we therefore cannot always guarantee their accuracy. You should always seek professional financial advice from a licensed professional before proceeding with any financial recommendations.

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