What is Landlord Insurance?
Benefits
Expenses and circumstances covered under the policy.
Description
Coverage
For up to $1,250 weekly rent
Loss of Rent
52 weeks
Managing tenant risk is a key component of property ownership, and our landlord insurance provides protection to help mitigate financial loss in various tenant-related situations.
Loss of Rent due to damage accepted under the policy
52 weeks
When your property becomes uninhabitable due to covered events such as fire, flood or tenant-related damage, we provide loss of rent coverage for up to 52 weeks. Whether your property needs repairs after severe weather, tenant-caused damage or illegal activities like drug production, our landlord insurance coverage keeps your rental income uninterrupted. Even during lengthy repair processes, you can rely on continued financial stability while restoring your property to a habitable condition.
Tenant Default
12-26 weeks
Managing tenant risk is a key component of property ownership, and our landlord insurance provides protection to help mitigate financial loss in various tenant-related situations.
No vacant Possession
52 weeks
Tenant Default – Death, Murder or Suicide
26 weeks
Tenant Default – Departure without notice
20 weeks
Tenant Default – Court Ordered Termination
20 weeks
Tenant Default – Domestic Violence
20 weeks
Tenant Default – Financial Hardship
Up to 12 weeks
Loss, Damage & Theft
Up to $70,000
Accidental loss or Damage to your contents
$70000
Deliberate Damage by tenant
$70,000
Theft by Tenants
$70,000
Damage to Contents due to illegal drugs
$60,000
Damage by Tenants Pets
$5,000
This includes covering the costs of repairs for damages such as scratched floors, chewed furniture or stained carpets.
Legal Expenses
$7,500
Fumigations Costs
$5,000
Tax Audit
$5,000
Locks & Keys
$1,000
Garbage Removal
$500
Re-letting Fees
Up to $500
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
Tenant Damage & Tenant Default
Up to 1 week rent
Where property is self-managed
1 week rent
Where managed by a licensed property manager
Nil
Loss of Rent
Nil
Contents
$250 per claim
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
Theft by 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
Premium
The amount paid for an insurance policy, typically on a monthly or annual basis. Premiums will vary depending on coverage inclusions, limits and risk factors.
Description
For up to $1,250 weekly rent
Premium by State*
$347 - $447 / year
*Conditions limits and exclusions apply. Please read our Policy Disclosure Statements (PDS) for more information.
**Prices subject to change
ACT
$364 / year
NSW
$447 / year
QLD (4000-4669)
$387 / year
SA
$347 / year
TAS
$347 / year
VIC
$357 / year
WA (6000-6646)
$357 / year
Downloads & Links
Frequently Asked
Questions
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