You are brilliant if you want the best landlord insurance. Here is a breakdown of how to get one, regardless of where your property is in Australia.
For you to choose the best policy, we have partnered with some insurers so that you can compare benefits.
Accidental damage, rent loss, damaging weather events are some of the things you get cover for.
To find the best landlord insurance for you compare benefits
|Insurer||Storm, Fire & Theft Damage||Tenant Default and Damage||Loss of Rent||Accidental Damage to Home or Belongings||Flood|
|Budget Direct Landlord Insurance Compare||✓||Optional||✓||Optional||Optional||Acquire a quote See details|
If you purchase the cover online, save up to 15% of year one premiums. T&Cs apply.
Westpac Landlord Insurance
|Westpac Compare||✓||X||✓||X||Yes||Acquire a quote See details|
Receive 25% off your year one premiums. Code for promo: COVER
St Georges Landlord Insurance
|St.george Compare||✓||X||✓||X||Yes||Receive a quote See details|
When you buy your cover online, save 25%. Code for promo: COVER
Virgin Home and Landlord Insurance
|Virgin moneyCompare||✓||Optional||✓||Optional||Optional||Acquire a quote See details|
Get a 15% discount on your year one premium if you buy a new eligible Virgin Home and Contents Insurance Policy. T&Cs apply.
Domain Landlords Insurance
|Domain InsureCompare||✓||Optional||Optional||X||Yes||Receive a quote See details|
To build your quote faster, Domain Insure uses property data.
QBE Landlord Insurance
|QBE Compare||✓||X||✓||Optional||Optional||Receive a quote See details|
With QBE Landlord Insurance, save 10% of your year one premiums.
Qantas Landlord Insurance
|Qantas InsuranceCompare||✓||X||✓||Optional||Optional||Receive a quote See details|
When you apply, earn up to 20,000 Qantas Points. Point’s awards are based on premiums. Terms and conditions apply.
Senior Landlords Insurance
|Australian seniorsCompare||✓||X||✓||X||Yes||Receive a quote See details|
Save up to 15% on landlord building and contents policies. T&Cs apply.
Youi Landlord Insurance
|Youi Compare||✓||Optional||✓||X||Yes||Receive a quote See details|
Get cover for investment property against theft, fire, and several weather events.
ANZ Landlord Insurance
|ANZ Compare||✓||Optional||✓||X||Yes||Receive a quote See details|
With two eligible policies, save up to 10% and with three eligible insurance policies 12.5%. T&Cs apply.
Brands that still offer landlord insurance
The following brands are still providing new landlord insurance policies. The existing policies should be respected; however, it is wise to check with your insurer directly.
|Insurer||Is landlord insurance still being offered||Do they offer tenant default options?||Apply|
|Youi||✓ Yes||✓ Yes||Receive quote|
|QANTAS INSURANCE||✓ Yes||X No||Receive a quote|
|Coles Insurance||✓ Yes||✓ Yes||More details|
|Westpac||✓ Yes||X No||Receive a quote|
|St George Landlord Insurance||✓ Yes||X No||Receive a quote|
|AAMI||✓ Yes||✓ Yes||More details|
|Allianz||✓ Yes||X No||More details|
|ANZ||✓ Yes||✓ Yes||Receive a quote|
|Apia||✓ Yes||✓ Yes||More details|
|CHU||✓ Yes||✓ Yes||More details|
|Kogan insurance||✓ Yes||X No||More details|
|NRMA||✓ Yes||✓ Yes||More details|
|RACV||✓ Yes||✓ Yes||More details|
|Real insurance||✓ Yes||✓ Yes||More details|
|SGUA||✓ Yes||X No||More details|
|SUNCORP||✓ Yes||X No||More details|
|Terri Scheer||✓ Yes||✓ Yes||More details|
|Woolworths||✓ Yes||X No||More details|
Hints on how to purchase the best landlord insurance policy
The best landlord insurance is a policy that comes from a reputable insurer and satisfies your needs at a reasonable price. Here is how you choose one:
- Make up your mind on what cover you require. Do you need cover for the building itself alone or also your belongings? Are pet owners not turned away in the state you are living in? If this is the case, you ought to add a pet damage cover. Furthermore, if you suppose it will be unattended for periods at a time, then it is wise to contemplate a special cover for that.
- Shop around. After deciding what you need, you need to find a few insurers that provide cover for all your needs. The table above highlights six brands giving you a convenient way to compare these features together.
- Consider the benefit limits. In the event of any damage, such as water or lightning damage, this is the maximum amount that the insurer will pay you. It is ideal to make sure that this is enough to cover your expenses in the event that your property is damaged or destroyed.
- Factor in the out-of-pocket expenses. This is the amount you have to pay every time you claim. Your policy should cost less if this is higher.
- Look at the exclusions. These are instances where your claim won’t be paid (for instance, normal wear and tear). With the policy you are considering, ensure that you are okay with the exclusions.
- Find out more about the underwriter and insurer. Take a look at customer reviews on review sites and social media. Find out what customers are saying about the customer service and the insurers claim processes. The underwriter should also be looked at to ensure that it has a perfect record.
- Consider the price. After narrowing it down to a few policies, you should compare costs. Several insurers have the best deals in place, such as your first month free. Others may also offer you a discount if you have other insurance products with them or pay in advance a whole year’s cover.
Crucial things you need to know regarding finding the best landlord insurance in every state across Australia.
Regardless of where you are situated in Australia, the process highlighted above can help you find the best landlord insurance. But there is a great difference regarding pets in a few states, and this can play a significant role in determining if the insurance will work for you when you need it.
Damage from pets is not automatically covered. Therefore, when purchasing your property insurance, ensure you buy one, which includes damage for claw marks on furnishing and walls and soiled carpets.
How to find the best landlord insurance in Victoria
Without the approval of the Victorian civil administrative tribunal, you cannot refuse a tenant’s pets in Victoria. This indicates that you will be dealing with more than normal pets.
How to find the best landlord insurance in New South Wales
There aren’t laws that say tenants can’t have pets in New South Wales. However, you can prevent tenants from having pets on your property by including it into your contract, in case you are keen on not allowing pets into your property. As a property owner, there is no need for additional pet cover if you do not allow pets. But if you allow pets, an additional pet cover will protect your property against scratched up walls and stained carpets.
How to find the best landlord insurances in Western Australia
The tenants require written permission by you to keep a pet in WA. In case you permit pets, you need an additional “pet bond” of up to $260. On the other hand, you need no additional pet cover for pet damage if you decide to ban pets. In case you decide to allow pets, you have to decide if pet bond is enough or not to allow you to forego pet cover.
How to find the best landlord insurances in Queensland
In order to keep pets in a rental property, tenants require written approval. Landlords, therefore, have the option to refuse pets. As a landlord, if you disallow pets, you will be safe without a pets damage cover. However, it is crucial to remember you cannot refuse guide dogs; due to this, you may require to include pet insurance onto your policy during the tenant lease.
How to find the best landlord insurances in South Australia
Prior to allowing pets to live on the property in SA, tenants need to get your permission first. However, you are required to let guide dogs live with their owner as they are an exception. This gives you total control over how to structure your insurance accordingly and how to handle pets accordingly. In case you decide to allow pets, it is wise to ensure that you purchase a policy that covers pet damage to walls and carpets.
Best landlord insurance covers
Here are a few standard building and contents protection the policy provides:
- Catastrophes like earthquakes, floods and storms
- Vandalism (excluding that which was as a result of your tenant)
- Water damage due to sewage backups, overflow of rainwater or leaking pipes
- Damage from impact (for instance, a car crashed into your house)
- Damage as a result of pet
- Legal liability in case an individual is injured or their possessions damaged on your property
- Burglary (in case your belongings are kept in the property, like furnished apartments)
Other than these, it would be best if you protect yourself against the landlord’s unique situations. However, these might require you to purchase an optional add-on referred to as tenant protection. Some of the instances the tenant protection help include:
- Unpaid rent coverage
- Coverage for theft by tenants and their guests and vandalism
- Key and lock replacement if your tenant doesn’t return them
Some of the best landlord insurance companies in Australia
Although there is no single best landlord insurance company, here is a list of the top landlord insurers in Australia:
- Budget Direct
- Terri Scheer
- Real Insurance
- Virgin Money
Things to look out for in a landlord insurance company
A company behind a policy is among the main things that make a policy great. The market is filled with numerous companies, all holding their own benefits and drawbacks. You probably spoilt of choice, and it is vital that you pick one that you can trust.
Here are crucial elements to watch out for:
Competent, friendly and prompt customer service. Are the customer support staff accessible? Can you contact them using multiple methods, for example, phone, email or chat? What time are they operational? Do they open for limited times, or are they open 24/7?
Timely, practical and straightforward claims process, your insurer should make it simple to make a claim – the most acceptable way of doing this is through a web portal. Please find out how long it takes to process claims. It should take less weeks.
Underwritten by a financially sound and reputable underwriter. The company putting up the money to pay the claims is the underwriter. The company’s financial position should be robust. Read reviews online to find out the kind of reputation the underwriter has around paying claims and managing funds.
Outstanding customer reviews. Aim to know what other landlords have to say concerning the insurer you are considering, as the internet is filled with customers sharing their experiences. Speak also to the rental agency to find out what they are saying about the insurers they use.