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.