General
How do I know what insurance cover I need?
To meet the needs of property investors and landlords, the Property Insurance People offer comprehensive options depending on the property type.
Landlord Insurance is designed to protect residential property investors, covering financial hardships and various types of tenant defaults, such as departure without notice and court-ordered terminations. As part of this insurance, you can also opt to include building insurance which covers the physical structure of your property, including damage from natural disasters like earthquakes and storms and other risks such as fire and theft.
Holiday Property Insurance is available for properties rented out on platforms like Airbnb, where it covers rental income loss due to defined events, damages and legal liabilities. You can also choose to include our Holiday building policy which protects the structure, including anything plumbed or built-in to the property from a full range of defined events and unexpected circumstances. Storm, impact damage and riot or civil commotion are similarly covered up to the building’s full insured value.
What is a Product Disclosure Statement (PDS)?
- Our Product Disclosure Statement (PDS) is a great starting point to understand what is and isn’t covered by your insurance policy
- It offers a comprehensive overview of insured events, claim limits, exclusions, discounts, benefits as well as explaining in detail how our claims process works.
- It’s a great idea to read a PDS for your policy before purchasing insurance so you know exactly what to expect from your cover
- You can read any of our product disclosures here
What is a duty of disclosure?
Before you enter into any Policy with us, certain duties apply to you under the Insurance Contracts Act 1984. The Insurance Contracts Act imposes a duty that applies until the contract of insurance is entered into (or varied, renewed, extended or reinstated).
Your duty when you enter into a contract of insurance with us for the first time
When you answer our questions that are relevant to our decision about whether to accept the risk of insurance and, if so, on what terms, you must take reasonable care not to make a misrepresentation to us before the insurance contract is entered into.
It is important that you understand you are answering our questions in this way for yourself and anyone else that you want to be covered by the contract of insurance.
Your duty when you vary, renew, extend or reinstate the contract of insurance
When you are proposing to renew, vary, extend or reinstate your Policy with us we may ask you to answer questions that are relevant to our decision whether to accept the risk of insurance and, if so, on what terms. Your duty is to take reasonable care not to make a misrepresentation to us before the insurance contract is varied, renewed, extended or reinstated.
We may also give you a copy of anything you have previously told us and ask you to tell us if it has changed. If we do this:
- you must tell us about any change (if you do not tell us about a change, you will be taken to have told us that there is no change); or
- tell us that there is no change.
What is taken into account to determine whether you have taken reasonable care?
Whether you have taken reasonable care not to make a misrepresentation will be determined with regard to all relevant circumstances, including:
the product type and its target market;
- explanatory material or publicity produced or authorised by us;
- how clear, and how specific any questions we asked were and how clearly we communicated to you the importance of answering those questions, and the possible consequences of failing to do so;
- whether or not an agent was acting for you;
- whether the contract was a new contract or was being renewed, extended, varied or reinstated;
- any particular characteristics or circumstances relating to you which we are aware or ought reasonably to have been aware of.
Any misrepresentation made fraudulently is a breach of your duty.
Who needs to tell us?
This duty applies to you and everyone that is insured under the contract of insurance.
What happens if you do not tell us?
If you, or anyone insured under your Policy, fails to comply with this duty, we may be entitled to reduce our liability under your contract of insurance in respect of a claim, cancel the contract or both. If the non-disclosure is fraudulent, we may also have the option of treating your contract of insurance as if it never existed.
How do I lodge a claim?
You can lodge a claim at any time using our online claims process.
Using our handy online portal means you can reduce the time it would take to settle a claim, upload all your supporting documents and save the process midway if you need more information. Plus, you’ll receive an instant claim number.
As soon as you become aware of any loss, damage or liability, please let Pip know about it. We’ll help advise and explain the next steps you should take in your landlord insurance claim. We may also arrange for an assessor to attend and inspect your property if required.
Have any questions about your landlord insurance claim? You can ring us on 1300 307 072.
How do I cancel my insurance policy?
We’re sorry to see you go!
You can submit a cancellation online via our secure cancellation form or give us a ring to see if we can resolve your concerns.
Who is the insurer?
- Pip is underwritten and issued by certain underwriters of Lloyd’s and referred to in the policy wording as we, us, or our
- This insurance is distributed by The PropLab Group Pty Ltd trading as Pip – the Property Insurance People (pip) (ABN 59 009 357 582 AFSL 236663) acts under a binding authority from our underwriter
What is the Sum Insured?
- Our building insurance policies pay a policyholder (or carry out the works) up to a set financial limit
- This is called the sum-insured and represents the maximum value of your policy
- Choosing the right sum-insured for your property and contents is important!
- We’ve got a nifty building calculator tool which will help you to estimate the cost to rebuild your property. It is suitable for residential homes that are not covered by strata
Can I access your platform from overseas?
Our platform implements these security measures to ensure the highest level of protection of our clients’ data and transactions. Geofencing is a technology that creates a virtual perimeter around a specific geographic area, allowing us to control and restrict access based on the user’s location. If you need help obtaining cover from outside of Australia, please reach out to your Australian based property manager or representative to assist.
Do you offer Interpretation and Teletypewriter Services?
Translating and Interpreting Services (TIS) are available 24/7 and their interpreters speak over 150 languages. You can choose to Book an appointment with TIS with their easy to use portal, or call them on 131 450.
National Relay Service (NRS) allows people who are deaf, hard of hearing and/or have a speech impairment to make and receive phone calls. Their website has multiple options to choose from.
Landlord Insurance
What is Landlord Insurance?
- Landlord Insurance (sometimes called rental property insurance) covers the rental income that your property earns, legal liability, deliberate and accidental tenant damage, pet damage and theft of the property contents (carpets, blinds, underlays, light fittings and other household items owned by you, provided for the tenants use)
- Our landlord insurance policy includes coverage for loss of rental income up to 52 weeks if the property becomes uninhabitable due to covered damages like fire or severe weather
- It also covers rent default (when the tenant fails to pay their agreed rent), legal expenses, deliberate or accidental damage to contents by tenants, and legal liability up to $20 million, ensuring protection against claims for injuries that occur on the property
Why do you need Landlord Insurance?
Traditional home insurance, which is typically used for your primary residence, is great for protecting against damage or destruction of your home. However, it doesn’t cover many risks you might face as a landlord.
That is where Landlord Insurance (sometimes called rental property insurance) comes in! It covers the rental income that your property earns, legal liability, deliberate and accidental damage, and pet damage to name a few.
While no one wants to think of the worst-case scenario, unexpected things happen more often than you might think! Landlord Insurance eases the stress and financial burden that comes with owning a rental property. Whether you own a single rental property or multiple units, landlord insurance provides crucial financial protection and peace of mind.
Do I need Landlord Insurance if I already have a rental agreement or lease in place?
Yes, having a rental agreement or lease in place does not replace the need for Landlord Insurance. While a lease outlines the obligations and rights of tenants and landlords, Landlord Insurance protects against financial losses from property damage, liability claims and loss of rental income due to unforeseen events. It’s a critical safeguard that provides comprehensive protection beyond what a rental contract can offer.
Is it worth getting Landlord Insurance?
Getting Landlord Insurance (sometimes called rental property insurance) is easy to justify when you consider the peace of mind that it brings, and the safeguarding it provides for your investment.
It can save policy holders from significant financial losses due to unexpected events like tenant default, loss of rent, damage by tenants or their pets, theft or accidental loss or damage to your contents.
How do I know what cover I need for Landlord Insurance?
- The type of property you own will help determine the type of cover that best suits you
- Please review our Product Disclosure Statement in conjunction with our cover comparison table to understand the ins and outs of the Landlord Insurance policy you are considering
How can I get a quote for Landlord Insurance for my rental property?
- Interested in a landlord insurance quote? Pip would love to assist!
- You can obtain a quote online to receive a 5% discount
- Fill in your details here or if you need further assistance please give us a call at 1300 307 072
How much does Landlord Insurance cost?
- The easiest way to get an idea of how much you could be paying is to get a Landlord Insurance quote from Pip
- Did you know? Pip offers a 5% discount over the life of your policy for customers who purchase their landlord insurance online
What factors are considered when calculating a Landlord Insurance quote?
- When calculating a Landlord’s Insurance quote, insurers evaluate various factors that affect the perceived risk and cost
- These include the property’s value and location, which influence potential exposure to natural disasters and local crime rates
- The type of property, such as an apartment, single-family home or duplex, also plays a role
- Rental income is considered to determine the necessary coverage for potential loss of rent
- The nature of the tenancy — whether the property is rented to long-term tenants or used for short-term vacation rentals — alters the risk profile
- The choices landlords make about excesses, specific additional coverages like flood or earthquake protection and levels of liability coverage can also influence the overall cost
Can Landlord Insurance cover loss of rental income if my property becomes uninhabitable?
Yes, Landlord Insurance can cover loss of rental income if your property becomes uninhabitable for up to 52 weeks due to covered events such as a fire, natural disaster or major damage.
Having this coverage at your disposal helps mitigate financial loss while repairs are made, ensuring you maintain a healthy, consistent income during such disruptions.
Are there different types of Landlord Insurance policies available?
Yes, Pip offers different types of Landlord Insurance policies tailored to various needs.
Our coverage includes options for standard residential properties typically rented to long-term tenants, as well as specialised cover for holiday properties that might be listed on platforms like Airbnb and Booking.com.
These diverse insurance policies can accommodate different levels of coverage for building, contents and liability, along with protection against loss of rental income and tenant-related damages. Our wide variety of landlord insurance policies allow landlords to choose a policy that best matches their specific rental scenario and risk exposure.
What is the difference between Landlord’s rental insurance and building cover?
Landlord insurance provides cover for the owners property contents that will include things like carpets, floating floors, curtains, blinds and household goods.
Building insurance protects the structural elements of your property (walls, roofing), fencing, carports and outdoor structures and includes anything plumbed or built-in to the property like bathroom and kitchen hardware.
How much Landlord Insurance coverage do I need?
- The type of property you own will determine if you require a landlord policy or if you require a combined landlord & building policy.
- If your property is an apartment or unit within a complex you will likely have Strata Building Insurance. In this instance you may only require a landlord policy to cover your rental income, contents & liability.
- If your property is a free standing property and does not qualify for Strata Building Insurance, you will also need to obtain cover for your building. You can determine the sum of insurance required for your building by visiting our building calculator
Is Landlord Insurance required by law, or is it optional?
- While Landlord Insurance is not required by law, it is highly recommended
- While not legally mandatory, having this insurance is crucial for protecting your investment against potential damages, loss of rental income and liability claims that standard homeowner’s insurance might not cover
- It offers significant financial security for property owners in the rental market, which can sometimes become unpredictable
Landlord Building Insurance
What is Landlord Building Insurance?
- Landlord Building Insurance protects the structure, including anything plumbed or built-in to the property
- It includes protection from things like fire, impact, and storm damage
- Any property that is stand-alone or not insured through an Owners Corporation (OC) or Strata, will require its own Building policy
What is the difference between Landlord Insurance & Landlord Building cover?
- Building Insurance covers the physical structure of your property, from resultant damage caused by natural disasters like earthquakes and storms and other risks such as fire and theft
- Landlord Insurance covers financial hardships and various types of tenant defaults, such as departure without notice and court-ordered terminations
What does Landlord Building Insurance cover?
- Landlord Building Insurance covers the physical structure of a rental property, including walls, roof, floors and permanent fixtures like kitchens and bathrooms
- It provides coverage against natural and man-made disasters and risks such as fire, storm, flood, vandalism and accidental damage
How is Landlord Building Insurance different from standard home insurance?
- Landlord Building Insurance differs from standard home insurance by covering rental properties specifically
- It includes protections for the physical structure and may cover loss of rental income and liability claims from tenants
- Standard home insurance is for owner-occupied homes and covers personal belongings and liability for the homeowner
- Landlord Building Insurance addresses the unique risks landlords face, such as tenant-related damages and loss of rent due to property damage
Why do you need Landlord Building insurance?
- Investing in property can bring great financial security – however unforeseen structural damage to your property would have the opposite effect!
- Unpredictable weather, fires, falling trees can cause significant damage to your roof, walls or windows, and that is where landlord building insurance comes in to save the day
- It can also include damage to permanent fixtures and fittings like your bathroom & kitchen
- It’s important to bear in mind that standard home insurance doesn’t cover rental activities or tenant-related risks
- Building insurance for landlords protects your investment by covering the building structure, loss of rental income and liability claims from tenants
- It’s designed to provide financial protection against damages or incidents that could disrupt your rental income and cause significant repair costs
- Did you know? Any property that is standalone or not covered by an Owners Corporation (OC) or Strata insurance will need its own building insurance policy
Is it worth getting Landlord Building insurance?
- We know your investment property is a top priority
- Our Landlord Building insurance is designed to safeguard your valuable asset from a range of risks and events, providing invaluable peace of mind and making it a wise investment to protect your asset
- Things like fires, floods and storms or damage due to burglary or attempted burglary are all devastating prospects, so getting Landlord Building Insurance is critical to better manage these risks
Is Landlord Building Insurance compulsory?
- Although Landlord Building insurance isn’t legally required, it is highly recommended
- It is specifically designed to protect your investment from potential damage, providing substantial financial security for property owners in the rental market
- Think damage to your fence, garage, or to the home — all are costly and challenging setbacks to handle!
- Did you know? Any property that is standalone or not covered by an Owners Corporation (OC) or Strata insurance will need its own building insurance policy.
How much does Landlord Building Insurance cost?
- There are multiple factors that all contribute to the annual premium of your policy
- These include, but are not limited to, the rebuild cost, construction values and location of your property
- The choice a landlord makes about a claims excess can also influence the overall cost
- The easiest way to get an idea of how much you could be paying is to get a combined policy or building insurance quote from Pip
- Did you know? Pip offers a 5% discount over the life of your policy for customers who purchase their insurance policy online
Are there any exclusions in Landlord Building Insurance policies?
- Insurance is designed to protect a policyholder for sudden and unforeseen circumstances
- It does not cover the cost for property maintenance or general wear & tear
- All other policy exclusions are listed in the Product Disclosure Statement (PDS)
- You can access all the PDS documents here
Can Landlord Building Insurance cover the loss of rental income?
- Yes, Landlord Building Insurance can cover the loss of rental income if the property becomes uninhabitable for seven or more consecutive days
- Pip will continue to pay the loss of rent until your listed property becomes habitable again
- It is important that you take every measure to get the property back into a tenantable state as quickly as possible
Holiday Rental Insurance
What is Holiday Home & Short Stay Rental Insurance?
With the short stay economy booming in Australia, it’s important to make sure your holiday home doesn’t cause you headaches! Hosts who offer their properties on short-term holiday rental platforms are most likely not protected for any damage caused by their short-term tenants under their home and contents insurance, posing a major risk for an otherwise appealing opportunity.
That is where Holiday Home & Short Stay Property Insurance comes in! It covers the rental income an investment property earns, as well as legal liability, deliberate and accidental damage, pet damage and theft of the property contents.
While some short-term holiday rental platforms offer limited coverage to protect hosts from liability claims or property damage, it’s crucial to read the terms of their coverage carefully to fully understand the scope of protection they provide.
For example, they are unlikely to provide you with protection against ongoing loss of income whilst your property can not be occupied as a result of damage caused by an insurable event, which is where Holiday Home & Short Stay Property Insurance becomes a real lifesaver.
Why do I need insurance for my holiday rental property?
- Insurance for your holiday rental property is essential to protect your investment from potential risks and financial losses
- It covers unexpected events that can cause damage or disrupt your rental income
- Having this insurance provides peace of mind, ensuring you are prepared for any incidents that may occur while renting out your property to guests
What does Holiday Home & Short Stay Property Insurance cover?
- Holiday insurance covers the rental income that your property earns, legal liability, deliberate and accidental damage, pet damage and theft of the property contents (carpets, blinds, underlays, light fittings and any other household items / furniture owned by you for your personal use and the tenants use).
- Our Holiday Property Insurance policy offers broad and comprehensive protection for a full range of defined events and unexpected circumstances, from motor burnout to the death of a tenant. Other specific protections include $60,000 for oil leakage from heaters, and $2,000 for contents in storage units or cases
- The policy also includes an excess waiver for total loss, applicable as shown on the policy schedule. This insurance is ideal for properties let out on Airbnb and Stayz (Excluding those let out by the room)
Does Holiday Home & Short Stay Property Insurance cover short-term rentals?
Yes, Holiday Holiday Home & Short Stay Property Insurance covers short-term rentals.
At Pip, we offer short-term Holiday Home & Short Stay Rental Insurance policies for investors who offer their holiday homes to travellers on online homestay platforms.
What Holiday Home & Short Stay Property Insurance options are available?
Pip offers tailored, comprehensive rental insurance to ensure your holiday home is covered in a range of situations, from property damage to theft, liability and loss of rental income. We also offer building and contents insurance, liability cover and protection against accidental damage. Having this level of cover in your back pocket ensures your holiday rental is protected from life’s unforeseen disasters, providing peace of mind and security while renting out your property.
How much does Holiday Home & Short Stay Property Insurance cost?
- Several factors influence the cost of Holiday Home & Short Stay Property Insurance , such as the property’s location, size and construction type
- The level of coverage and policy options, such as additional protections, may also affect the price of your premium.
- Other factors that may determine your premium include any security features installed on the property and potentially your claims history.
How is Holiday Home & Short Stay Rental Insurance different from regular rental insurance?
- Holiday Home & Short Stay Property Insurance differs from regular rental insurance by covering short-term rentals that are tenanted by holiday makers
- It includes protections for frequent guest turnover, potential property damage, theft and liability specific to short-term stays
- Regular Landlord Insurance focuses on cover for long term, residential rental properties that are rented under a formal lease agreement
- In essence, Home & Short Stay Property Insurance provides more specific coverage for the unique risks associated with short-term rentals
What is the difference between landlord’s insurance & holiday property rental insurance?
- Pip’s Holiday Home & Short Stay Property Insurance is ideal for property owners who rent out their homes to holiday makers or short term lets (for less than 3 months). Whether you own a beachfront villa, mountain cabin or city apartment, this insurance provides comprehensive coverage tailored to the unique risks of short-term rentals
- Landlord insurance on the other hand is for longer term tenants (more than three months and under a lease agreement)
Are guests’ belongings covered under Holiday Home & Short Stay Property Insurance?
No, guests’ belongings are typically not covered under Holiday Home & Short Stay Property Insurance. It is the responsibility of guests to have their own travel insurance to protect their personal items during their stay.
Can Holiday Home & Short Stay Property Insurance cancellations and lost bookings?
No, Holiday Home & Short Stay Property Insurance from Pip does not cover cancellations and lost bookings. However, we do cover loss of rent across a range of events, such as prevention of access to the property, tenant damage or failure to vacate.
How do I file a claim on my Holiday Home & Short Stay Property Insurance policy?
Lodge a claim online with our claim form. Once the form is submitted, you may be required to provide additional documents via email at claims@pipinsurance.com.au. Feel free to give us a call at 1300 307 072 if you need any support with lodging your claim.
Claims
What happens after lodging a claim with Pip?
Your claim will be allocated to a specialised claims consultant who will:
- Review your lodgement, together with the information, photos & documents you have uploaded
- Send you an email within 2 Business days to introduce themselves and explain the claims process. They may also ask you for any further information or documentation they need to support your claim
- Provide you with an email update at least every 20 Business days, explaining how the claim is progressing and what actions are being taken
- Assess your claim against the terms, conditions & exclusions of the policy, and deliver a claim decision within 10 business days of all necessary information being provided
How long does the claims process take?
Our specialised team aims to resolve your claim within the minimum amount of time possible, and under normal circumstances, a claim will take between 5 days and 4 months to resolve. There are some instances where we are unable to meet this timeframe, but we will always advise you of this and provide an alternative timeframe.
These instances include:
- Where the claim is complex, and/or when the services of Assessors or Experts are required
- Where works have been authorized and are in the process of being completed
- When there is a Catastrophe event (These claims may take up to 12 months due to remoteness, scarcity of resources and/or unavailability of trades)
Why do I need to supply photos, documents, quotes or invoices for the claim?
- These items help to give us information about what you are claiming for, how severe the damage/loss is, and how much the claim is worth
- By providing this information we can review your claim quicker and advise you of the next steps as soon as possible
- If you are unable to provide this information, please let us know so we can work with you to find a solution
Will an Assessor be appointed?
Not all claims will need to have an assessor appointed and in most cases your claim can be finalised based off the information you provide to our office. To determine if an Assessor is needed, we consider:
- How severe the damage is;
- If the claim is arising from a Catastrophe event;
- Whether the Assessor could assist to speed up the claims process;
- If the cause of the loss/damage is unclear from the documents you have provided, and we need to investigate further.
If we determine that an Independent assessment is required, we will then appoint a Loss Assessor, Loss Adjuster, Investigator, or Insurance Builder as soon as possible, and will notify you by email on the day we appoint them.
How do I contact Pip about an existing claim?
- Your dedicated claim consultant will provide you an email update on the progress of your claim at least every 20 business days
- If you need to talk through any details or have any questions in the meantime, you can call our office & ask to speak directly with your claim’s consultant
- If you have sent an email to your claim consultant, we will respond within a maximum of 10 business days
What if I don’t agree with the claim decision or settlement amount?
We take care to make the right decision on your claim from the outset, and to pay the full amount of your legal entitlements under your contract of insurance with us. If you do not agree with the claim decision, or settlement amount, please feel free to respond to us and explain the reasons why:
- We will review your claim within 10 Business days, with consideration given to any further evidence you may be able to submit.
- We will either agree to an alternative settlement, if you are able to provide further evidence, or clearly explain the reasons for our decision.
- We will provide you with our dispute resolution procedures where you are able to further escalate the matter and voice your disputes and/or complaints.
What if I am unhappy with the level of service?
We pride ourselves on our excellent levels of service with our specialized team here to support you as much as possible. We do understand that misunderstandings may occur from time to time, and that we may not always meet your expectations. If this happens:
- Please feel free to speak to us and voice your concerns. We appreciate any feedback that we may be able to build our service upon.
- If your concern is not addressed to your satisfaction, we may involve a team leader, or the department manager, to help resolve the situation.
- We will always provide you with our dispute resolution procedures, where you are able to further escalate the matter and voice any unresolved disputes and/or complaints.
How do I file a claim on my Holiday Home & Short Stay Property Insurance policy?
Lodge a claim online with our claim form. Once the form is submitted, you may be required to provide additional documents via email at claims@pipinsurance.com.au. Feel free to give us a call at 1300 307 072 if you need any support with lodging your claim.
Can you give me some examples of claim types?
Tenant damage
Whether accidental or intentional, damage caused by tenants can be costly. Our Tenant Damage coverage helps you repair or replace damaged property elements, such as walls, floors, fixtures or appliances. We’ll help get your property back to its original condition to minimise downtime and preserve its value.
Escape of liquid
Leaks from burst pipes or faulty appliances can cause extensive water damage. We cover repairs for resultant damage from water that may have caused damage to walls, floors, ceilings and furnishings.
Electric motor burnout
Electric motors in essential appliances, such as air conditioners, refrigerators or pool pumps, can fail unexpectedly. If you’re wondering how to claim insurance for these types of issues, this claim covers repairs or replacements for burnt-out motors so your property continues to operate smoothly without costly delays.
Storm or rainwater damage
Storms can cause significant damage to homes, from leaking roofs to fallen trees. Our Storm Damage coverage helps repair or replace damaged roofing, exterior structures, and property affected by rain, hail and strong winds. We aim to get your property back to its best after severe weather events.
Tenant Default
If your tenant defaults on rent or vacates the property early, our tenant default coverage helps protect your rental income. With our tenant default, you’re covered in situations where tenants stop paying due to financial issues, abandon the property or are evicted. This helps you stay financially secure while addressing any tenant-related disruptions.