Personal Insurance

Landlord Insurance

Landlord Insurance

Cover for your rental property

If you own a rental property, you’re vulnerable to the same risks of any homeowner, such as storms, floods and fire. You’re also vulnerable to damage that tenants can do to your contents. And if you can’t rent out your property while it’s being repaired or if your tenants break the lease or leave owing you rent, you could also lose valuable rental income. It pays to have landlord insurance, which is designed to help protect owners of investment properties.

What do you need to know?

  • Who should consider it?

    If you’re one of the 2.6 million Australians who own an investment property, you should consider taking out landlord insurance to protect your investment and the income it provides. As well as long term leases, landlord insurance policies may also cover short term holiday rentals or holiday homes, such as approved Airbnb and Stayz residences.

  • What can it cover?

    The cover you’ll receive depends on the policy that you take out, but your landlord insurance policy may include:

    • Automatic cover for flood, fire or explosion
    • Liability cover for injury or loss of life to a third party or their property
    • Cover for to landlord’s contents – like carpets, curtains, washing machines and ovens 
    • Catastrophe cover
    • The option to cover loss of rent
    • Loss or damage caused by tenants or their visitors
    • Electric motor burnout
    • Tax audit cover (up to $5,000)
    • Extra cover for demolition and debris removal

  • What isn’t covered?

    There are exclusions. There is also often a deductible or excess and limits on cover, so check with your Steadfast insurance broker.

  • Product Disclosure Statement

    A Product Disclosure Statement (PDS) is available for landlord insurance and can be obtained from a Steadfast insurance broker.

    You should consider the PDS in deciding whether to acquire, or continue to hold, landlord insurance.

Find a Steadfast Broker

Get the right advice at the right price and have a local Steadfast broker on your team.

Case Study

Extensive damage and unpaid rent

Amanda's troubles with tenants

Amanda rents her investment property to some tenants who, unbeknown to her, throw regular parties. After some neighbour complaints, Amanda organises an inspection and finds that the tenants have caused extensive damage to some of the doors and walls of her house, and have destroyed the garden. 

Amanda evicts the tenants, who leave owing her two months’ rent. She is unable to rent out the property for a month while it’s being repaired.

Amanda makes a claim on her landlord insurance, which covers the cost of repairs. And, because she has rent default cover included in her policy, she’s reimbursed her for loss of rent.