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Holiday Home Building Insurance for Standalone Properties

Get comprehensive cover from Property Insurance Plus (PIP)

Ensure your holiday home is adequately protected with the PIP building’s insurance for holiday homes. Whether your property is located in a disaster-prone area or you simply want to give yourself peace of mind against life’s worst-case scenarios, our building structure insurance has you covered.

With Property Insurance Plus, you can rest easy knowing your investment is secure, whether it’s occupied by guests or vacant between stays. We provide building insurance cover across various events or scenarios, from floods to storms, theft, fires and more. 

Learn more about our coverage options and get in touch with us today for a building insurance quote.

Cover Options

The first step for any landlord shopping around for building insurance is to determine what coverage they require. The level of cover you need will depend on the type of property you own. If your rental property is a house, you will need Building Insurance AND Landlord Insurance.

Building insurance covers the structure of the house, including walls, roof and fixtures, against risks like fire, storm damage and vandalism. On the other hand, landlord insurance provides unique, must-have protections for rental property owners, such as liability coverage, loss of rental income and tenant-related damages.

If your rental property is a unit within a complex and within an Owners Corporation (also known as a Body Corporate or Strata), you need Landlord insurance. The Owners Corporation should already have insurance cover for the building. If your property is used for short-stay accommodation or holiday rentals, please refer to our Holiday Property Protection Policy. To find out more about the different levels of cover, click on the options below.

 

Landlord insurance covers the rental income that your property earns, public liability, malicious and accidental damage, pet damage and theft of the property contents (carpets, blinds, underlays, light fittings and any other household items owned by you for the tenants use).

The 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 legal expenses, accidental or deliberate damage to contents by tenants, and legal liability up to $20 million, ensuring protection against claims for injuries that occur on the property.

Do I really need landlord building insurance?

Wondering if you really need landlord building insurance for your property? The answer is yes. No one wants to think of the worst-case scenario when it comes to property ownership, but unfortunately, these things happen a lot more than you think — and the last thing you want is to have to deal with these issues out of your own pocket.

Landlord building insurance eases the stress and financial overwhelm that come with owning a rental property.

Landlord building insurance is ideal for property owners who rent out residential properties. Whether you own a single rental property or multiple units, landlord building insurance provides crucial financial protection and peace of mind.

How do I know what level of coverage I need?

While you may already know how much your property is worth, building insurance looks at things a little differently. Knowing the appropriate amount of coverage for your property can help you avoid underinsurance. 

The sum of insurance you need for your Building can be determined using a building sum calculator. Simply plug in a few details about your property and our calculator will determine the amount it would cost to rebuild your property.

Landlord insurance

Weekly Rent
Up To $1,250
Benefits
Up To:
Tenant Default – Financial Hardship
12 Weeks
Tenant Default – Departure without notice
20 Weeks
Tenant Default – Court Ordered Termination
20 Weeks
Tenant Default – Domestic Violence
20 Weeks
Tenant Default – Death, Murder or Suicide
26 Weeks
No vacant Possession
52 Weeks
Loss of Rent due to damage accepted under the policy
52 Weeks
Accidental loss or Damage to your contents
$70,000
Deliberate Damage to contents by tenant
$70,000
Theft by Tenants
$70,000
Damage to Contents due to illegal drugs
$60,000
Legal Expenses
$7,500
Damage by Tenants Pets
$5,000
Fumigations Costs
$5,000
Tax Audit
$5,000
Locks & Keys
$1,000
Garbage Removal
$500
Legal Liability Cover
$20,000,000
Re-letting Fees
Up to $500
Excess
Contents
$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
Tenant Damage and Tenant Default where property is self-managed
1 week rent
Tenant Damage and Tenant Default where managed by a licensed property manager
Nil
Loss of Rent
Nil
State
Premium **
WA
$351 / year
SA
$341 / year
VIC
$351 / year
ACT
$358 / year
QLD
4000-4669
$381 / year
NSW
$441 / year
TAS
$341 / year

*Conditions limits and exclusions apply. Please read our policy disclosure documents for more information.

**Prices subject to change

Why choose Property Insurance Plus for holiday home building insurance

Becoming a Property Insurance Plus includes many perks to look forward to, including:

Experience the simplicity and convenience of a Property Insurance Plus building insurance policy for yourself and jump online for a building insurance quote for landlords today.

*For new policies purchased after 6th July 2023 with a start date on or after 1st August 2023.

Property Insurance Plus — simplifying the building insurance process, one policy at a time

Know that you’re making the right choice with your holiday home building insurance by comparing your options, viewing our product disclosure agreements and using our building sum calculator.

Compare Cover Benefits

Our comparison page outlines the features and benefits of each policy.

Building Sum Calculator

Choosing the right sum-insured for your property and contents is important. We recommend using this sum insured calculator.

Disclosure Documents

In order to make an informed assessment of your risk and understand whether our policy suits your needs, please read our Product Disclosure Statement (PDS) and related documents.

Oscar
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"I definitely recommend Property Insurance Plus. They cover contamination and are also a specialist insurance company. They cover FDV I've found them to be the BEST value for money!"
Christian
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"Very happy with my recent experience with PIP Insurance. I highly recommend Lucy who helped me with the claim process making it seem very easy and straightforward."
Aaron
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"We wanted to extend our appreciation to all involved in the process. Garry was instrumental, helpful and professional. A big thank you to all who helped turn around this difficult situation."

FAQs

You have questions, we have answers. 

FAQs

Landlord insurance is specifically designed to protect property owners who rent out their properties. It covers financial losses connected with rental activities, including property damage due to accidents or natural disasters, loss of rental income and liability in case tenants or visitors get injured on the property. 

This type of insurance is crucial for landlords as it provides financial security against the unique risks associated with leasing properties, helping to ensure that investment properties remain profitable and protected against unforeseen events.

Landlord rental insurance differs from standard homeowner’s insurance primarily in its focus on rental activities. While homeowner’s insurance covers personal residences and protects against common risks like fire, theft and natural disasters, landlord insurance also includes protection against loss of rental income, tenant damage and liability issues more specific to renting properties. This makes landlord insurance essential for property owners who lease their properties, providing additional coverage tailored to the risks of being a landlord.

Landlord insurance typically covers property damage due to events like fire, storms and vandalism, as well as loss of rental income if the property becomes uninhabitable. It also includes liability coverage, protecting landlords from legal and medical costs if someone gets injured on the property. Some policies offer additional protection against tenant-related risks, such as malicious damage or failure to pay rent, providing comprehensive security for rental property investments.

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.

Landlords interested in a landlord insurance quote with Property Insurance Plus can get in touch with a member of our team by submitting an online enquiry form or giving us a call at 1300 307 072.

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 deductibles, specific additional coverages like flood or earthquake protection and levels of liability coverage can also influence the overall cost.

Yes, Property Insurance Plus offers different types of landlord insurance policies tailored to various needs. Their coverage includes options for standard residential properties typically rented to long-term tenants, as well as specialised policies for holiday properties that might be listed on platforms like Airbnb and Booking.com. 

These diverse policies can accommodate different levels of coverage for building, contents and liability, along with protection against loss of rental income and tenant-related damages. This variety allows landlords to choose a policy that best matches their specific rental scenario and risk exposure.

Yes, landlord insurance can cover loss of rental income if your property becomes uninhabitable 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.

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.

Yes, Property Insurance Plus offers a 5% discount over the life of your policy for customers who purchase their landlord insurance online.

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. Depending on your policy, it may also cover the costs of rebuilding or repairing the property.

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. Landlords building insurance addresses the unique risks landlords face, such as tenant-related damages and loss of rent due to property damage.

Yes, you should have landlord building insurance if you rent out your property, as 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.

You can obtain a landlord building insurance quote online via the Property Insurance Plus website. Simply select the type of property you’re looking to get covered for, provide a few details about the property, and you’ll receive a tailored quote instantly.

While every landlord’s policy offers a different level of coverage, some of the most common factors influencing your policy’s cost include the property’s rebuild cost, location, size and construction type. The property’s age and condition also influence the price, as does whether you have any security features in place. 

Landlord building insurance cover typically excludes standard wear and tear, tenant negligence and unapproved alterations. Before obtaining building insurance for landlords, it’s important to thoroughly read your product disclosure statement (PDS) to ensure you are aware of your policy’s details to prevent any surprises down the track.

Loss of rent refers to a financial loss a property investor experiences should their property become uninhabitable due to damage. Tenant default occurs when a tenant refuses to pay rent they have previously agreed to. As both issues can result in investors losing valuable income, having comprehensive, combined landlord insurance in place ensures peace of mind.

Yes, landlord building insurance can cover the loss of rental income if the property becomes uninhabitable for seven or more consecutive days. Property Insurance Plus will continue to pay the loss of rent until your listed property becomes habitable again. Keep in mind that the maximum we will pay is up to $1,250 per week for up to 52 weeks. If you’ve told us that your weekly rental is higher, we will pay up to this amount as listed on your policy schedule. It is important that you take every measure to get the property back into a tenantable state as quickly as possible.

If you are looking to ensure comprehensive coverage for your rental property, some additional coverage options worth considering include specified contents, which are specific items that can be listed separately on your policy, and loss of rent insurance for prolonged vacancy periods. 

 

You might also want to add damage and theft by tenants cover to protect against intentional harm by tenants and legal expenses insurance for potential disputes.

To make a claim on your landlord’s building insurance, give us a call at 1300 307 072 or use our online claim form to lodge an initial report. Once the form is submitted, you may be asked to provide additional documents via email at claims@pi‐plus.com.au.