Why do I need it?
Without landlord insurance, you could lose your valuable investment if it’s damaged or destroyed. You could also lose income from rent if you’re unable to rent it out during repairs, or if your tenants get evicted or break the lease.
What is Landlord Insurance?
Like home insurance, landlord insurance can cover your rental property and its contents against risks like storms, floods and fire. It can also cover the damage that tenants can cause to your contents - and even loss of rental income. Unlike some landlord policies, Landlord Insurance can cover holiday rentals and long term rentals.
“Janet and Ross bought an investment property in Sydney’s inner west. They relied on the rent from the property to help cover their mortgage repayments. One year, they rented the property to some tenants who caused extensive damage to some of the walls, floor coverings and doors - and then left owing 12 weeks’ rent. Because the property needed repairs, Janet and Ross were unable to rent it out immediately. Fortunately, the couple had taken out landlord’s insurance and included the rent default option*. They successfully claimed on their insurance to cover their repair costs - and just as importantly, their missing rent. This allowed them to make their mortgage repayments and repair the property quickly so they could get new tenants in.”
Did You Know?
2.6M
Australians own an investment property (CoreLogic, Profile of The Australian Residential Property Investor, 2016)
$541.3M
If damage means you cant rent your property for a while, Landlord Insurance can cover you for loss of rent.
1/5
A Landlord Insurance policy can include cover for accidental damage, theft and malicious damage by tenants - as well as loss of rent if they leave without paying.
Frequently Asked Questions
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Insuring the Buildings for the correct sum insured is critical to avoid under-insurance. . The costs of materials and labour costs are constantly increasing so it is important to review your sum insured on a regular basis.
Buildings sum insured can be calculated by a professional valuer or you may wish to use a buildings sum insured calculator which will provide an estimate for you to consider. Our website under the Resources section can provide a guide.
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This optional extension provides cover for your loss of rental income if your tenants are unable to live in the property due to damage caused by an insured event such as a fire.
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If your property is going to be rented out for Airbnb then we will need to let the insurer know that it will be used for short term rentals.
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It is the responsibility of your tenant to arrange their own personal contents policy.
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The large majority of landlords insurers now include flood cover as standard.
If flood cover is not included in your existing policy then we will let you know and provide an alternative option with Flood cover if possible.
Steadfast have a flood risk tracker which can assist you to determine your flood risk - https://www.steadfast.com.au/flood-risk-tracker
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Call us on 07 5438 8991 or click on the contact page on this website and we can do the rest.
Terms, conditions, limits and exclusions apply to the products referred to above. The information provided here is general advice only and has been prepared without taking into account your objectives, financial situation or needs. You should consider these, having regard to the appropriateness of this advice, and the relevant Product Disclosure Statement, available by calling us on 1300 642 001 before deciding to acquire, or to continue to hold, this product.
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