Landlord insurance
Landlord insurance quotes from licensed Australian brokers
A standard home policy does not contemplate a tenant. Loss of rent and tenant related damage are the two covers that make this a different product.
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Once a property is tenanted it stops behaving like a home and starts behaving like an income producing asset. Two things change. Someone else is living in the building, which introduces damage and liability exposures a home policy is not written for, and the property produces rent that stops if the place becomes unliveable or the tenant stops paying. Landlord insurance deals with both. CoverMy is free to use. Tell us about the property and licensed Australian brokers come back with options.
What landlord insurance usually covers
The building cover looks similar to a home policy. What sets landlord cover apart is the tenant related sections, and those are where policies differ most from each other. Read them side by side rather than comparing on premium.
- The building and landlord's fixtures, fittings and floor coverings
- Loss of rent following an insured event that makes the property unliveable
- Rent default and tenant absconding, usually as an optional section
- Malicious or intentional damage by a tenant or their guests
- Legal liability as the owner of the property
- Legal expenses for tribunal proceedings on some policies
Loss of rent and rent default are not the same
This distinction catches a lot of investors. Loss of rent responds when an insured event, a fire or a storm for instance, makes the property unliveable and the tenant has to leave. Rent default responds when the tenant simply stops paying while still occupying the property, or leaves owing money. They are separate sections with separate conditions, and rent default is frequently optional. Rent default cover also usually depends on you having a written tenancy agreement and on the managing agent following the correct arrears process, so the paperwork matters.
Tenant damage and what counts as wear
Insurers distinguish between accidental damage, malicious damage and general wear and tear. Wear and tear is never covered, since it is a cost of owning a rental rather than an insurable event. Malicious damage by a tenant is covered by most landlord policies but often with a separate excess. Condition reports at the start and end of a tenancy do a lot of work here, because they are the evidence that separates damage from deterioration.
Strata apartments need a different mix
If your investment is a unit in a strata scheme, the owners corporation already insures the building and common property. What you need is cover for your lot: landlord's contents such as carpet, blinds, light fittings and appliances, plus loss of rent, tenant damage and your own liability. Buying full building cover on top of the strata policy is a common and expensive mistake. Tell your broker it is a strata property and they will scope it correctly.
How it works
- 1
Tell us about the rental property and the tenancy
2 min form
- 2
Licensed brokers review and compete on your quote
- 3
Compare offers and choose
No obligation
Frequently asked questions
Is landlord insurance different from home insurance?
Yes. A home policy is written for an owner occupier and generally does not contemplate a tenant, loss of rent or tenant caused damage. Insuring a tenanted property on a home policy can leave significant gaps, and the insurer may take issue with the occupancy at claim time.
Does landlord insurance cover unpaid rent?
Often, but usually as an optional section with conditions. Rent default typically requires a written tenancy agreement and evidence that arrears were pursued correctly. It is separate from loss of rent, which responds when the property becomes unliveable after an insured event. Ask your broker to confirm both are on the policy if you want them.
What about damage caused by tenants?
Most landlord policies cover malicious or intentional damage by tenants, generally with its own excess, and some cover accidental damage as well. General wear and tear is never covered. Thorough entry and exit condition reports are what make these claims work.
My property is a strata unit. What do I actually need?
The owners corporation insures the building and common property, so you generally need cover for your lot rather than the whole building. That means landlord's contents, loss of rent, tenant damage and your own liability. Tell your broker it is strata so the policy is scoped to the gap rather than duplicating the scheme's cover.
Is landlord insurance tax deductible?
Premiums on an income producing property are generally deductible, but tax treatment depends on your circumstances. That is a question for your accountant rather than your broker or for us, and the ATO publishes guidance on rental property expenses.
Does CoverMy sell the insurance?
No. CoverMy passes your request to licensed Australian brokers who contact you directly. All advice, quotes and policies come from the broker you deal with. There is no cost and no obligation.
Get landlord insurance quotes
Tell us about the property and licensed brokers will be in touch. Or call 1800 677 761.
Other cover you might need
This page is general information only. It does not take your situation into account and it is not a recommendation to buy any policy. Cover, limits and exclusions vary between insurers, so read the Product Disclosure Statement and Target Market Determination and refer to your broker for the full details of any policy.
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This page is general information only. It does not take your situation into account and it is not a recommendation to buy any policy. Cover, limits and exclusions vary between insurers, so read the Product Disclosure Statement and Target Market Determination and refer to your broker for the full details of any policy.
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