What is Landlord Building Insurance?
Benefits
Expenses and circumstances covered under the policy.
Description
Coverage
For up to $1,250 weekly rent
Loss, Damage & Theft
Up to Sum Insured or $60,000
Accidental Loss or Damage
Up to Sum Insured
Theft, attempted theft or burglary
Up to 10% Building sum insured
Production of Controlled drugs
Up to $60,000
Removal of Debris
10% of Sum Insured
Temporary repairs
Reasonable Costs to prevent further loss or damage
Authority Fees
10% of Sum Insured
Legal Expenses
Up to $7,500
Exploratory Costs
Up to $5,000
Fumigation Costs
Up to $5,000
Mortgage Discharge Costs
Up to $5,000
Tax Audit Fees
Up to $5,000
Landscaping, Trees, Plants and Shrubs
Up to $2,000
Energy, Water & Gas
Up to $2,000
Solar Panels Up to $2,000
Up to $2,000
Rainwater Tank
Up to $1,500
Loss of Metered Water or Gas
Up to $500
Locks and Keys
Up to $1,000
Electric Motor Burnout
Motor replacement up to 15 years
Legal Liability Cover
$20,000,000
Legal liabilities can arise unexpectedly, which is why our policy offers up to $20 million in coverage to protect you against injury or property damage claims. If a tenant or visitor is injured on your property, this coverage helps with legal defence costs and any compensation that may be required.
Beyond personal injuries, we also cover damages caused by tenants or their guests, along with legal expenses of up to $7,500 if a tenant dispute escalates to court. This ensures that you won’t have to bear the financial burden of legal proceedings on your own.
Excess
The amount you must pay in order to accept or process a claim.
Description
Coverage
For up to $1,250 weekly rent
Unoccupancy
Up to an additional $2,000 per claim
Unoccupancy for up to 90 days
Additional $500 per claim
Unoccupancy over 90 days
Additional $1,000 per claim
Unoccupancy over 180 days
Additional $2,000 per claim
Building
As nominated by the property owner
Accidental Damage
Additional $250 per claim
Accidental Damage by a Third Party other than your tenant
Additional $250 per claim
Accidental Damage by Tenant including Damage by Pets
Additional $250 per claim
Electric Motor Burnout
Additional $300 per claim
Flood
Additional $500 per claim
Earthquake, tsunami or volcanic eruption
Additional $5,000 per claim
What is Holiday Building Insurance?
Benefits
Expenses and circumstances covered under the policy.
Description
Coverage
For up to $1,250 weekly rent
Natural Disasters & Destructive Events
The maximum limit is the Sum insured for your building
Earthquake, Named Cyclone, Tsunami or Volcanic Eruption
The maximum limit is the Sum insured for your building
Flood (unless specifically excluded)
The maximum limit is the Sum insured for your building
Storm
The maximum limit is the Sum insured for your building
Impact damage
The maximum limit is the Sum insured for your building
Riot or civil commotion
The maximum limit is the Sum insured for your building
Loss, Damage & Theft – by tenant or third-party
Up to Sum Insured or $5,000
Theft, attempted theft or burglary
The maximum limit is the Sum insured for your building
Glass breakage
The maximum limit is the Sum insured for your building
Malicious damage by third party
The maximum limit is the Sum insured for your building
Accidental damage by third party
The maximum limit is the Sum insured for your building
Emergency service damages
Up to $5,000
Bursting, leaking, discharging or overflowing
The maximum limit is the Sum insured for your building
Electric Motor Burnout
Motor replacement up to 15 years
Mortgage Discharge Costs
Up to $5,000
Tax Audit Fees
Up to $5,000
Landscaping
Up to $2,000
Excess Waiver for Total Loss
Excess shown on your schedule
Legal Liability Cover
$20,000,000
Legal liabilities can arise unexpectedly, which is why our policy offers up to $20 million in coverage to protect you against injury or property damage claims. If a tenant or visitor is injured on your property, this coverage helps with legal defence costs and any compensation that may be required.
Beyond personal injuries, we also cover damages caused by tenants or their guests, along with legal expenses of up to $7,500 if a tenant dispute escalates to court. This ensures that you won’t have to bear the financial burden of legal proceedings on your own.
Excess
The amount you must pay in order to accept or process a claim.
Description
Coverage
For up to $1,250 weekly rent
Building
As nominated by the property owner
Accidental Damage by a Third Party other than your tenant
Additional $250 per claim
Electric Motor Burnout
Additional $300 per claim
Flood
Additional $500 per claim
Earthquake, tsunami or volcanic eruption
Additional $5,000 per claim
Frequently Asked Questions
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