Landlord Building Insurance for Standalone Properties
Discover Property Insurance Plus' coverage options
Trust Property Insurance Plus (PIP) for comprehensive building insurance for landlords. We understand your investment property is a top priority. Our range of landlord building insurance cover is designed to protect your most important asset against various risks and events. From temporary repairs to natural disasters, the PIP buildings insurance for landlords has got you covered.
Browse our coverage options and get in touch with us today for a landlord building insurance quote.
Any property that is stand-alone or not insured through an Owners Corporation (OC) or Strata, will require its own Building policy.
The PIP Building policy protects the structure, including anything plumbed or built-in to the property. It also includes protection from standard perils like fire, impact, and storm damage.
Legal liability is also covered up to $20 million, providing significant protection against claims. Other specific coverages include up to $60,000 for damage related to the production of controlled drugs and reasonable costs for temporary repairs to prevent further loss or damage. Financial protections extend to up to $5,000 each for mortgage discharge costs, fumigation costs, tax audit fees and $7,500 for legal expenses.
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.
Building Insurance
Cause of Loss: | Up To: |
|---|---|
Accidental Loss or Damage | Sum Insured |
Theft, attempted theft or burglary
| Up to 10% Building sum insured |
Legal Liability | Up to $20,000,000 |
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 |
Exploratory Costs | Up to $5,000 |
Locks and Keys
| Up to $1,000 |
Landscaping, Trees, Plants and Shrubs
| Up to $2,000 |
Loss of Metered Water or Gas
| Up to $500 |
Rainwater Tank
| Up to $1,500 |
Solar Panels Up to $2,000
| Up to $2,000
|
Mortgage Discharge Costs
| Up to $5,000 |
Fumigation Costs | Up to $5,000
|
Legal Expenses | Up to $7,500
|
Tax Audit Fees | Up to $5,000 |
Electrical Motor Burnout | Motor replacement up to 15 years |
Excess | |
Building
| As nominated by the insurer |
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 |
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 |
*Conditions limits and exclusions apply. Please read our policy disclosure documents for more information.
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.
Why become a PIP insurance customer for your landlord building insurance
Becoming a Property Insurance Plus includes many perks to look forward to, including:
- Up to $70,000 contents cover included in our landlords policies
- Online Real Estate Agent Portal for easy access and management
- Purchase online for a 5% discount for the life of your policy*
- Easy online policy management
*For new policies purchased after 6th July 2023 with a start date on or after 1st August 2023.
Understand the ins and outs
Before you apply for a landlords building insurance quote, landlords must do their due diligence to make an informed decision. Explore our disclosure documents and resources below.
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.
Contact Us
If you are unable to complete a quote using the above links, or have a question relating to which property insurance product is right for you, please contact us here
Property Insurance Plus
- insurance@pi-plus.com.au
-
Tenancy 111, Camberwell Place Shopping Centre
793 Burke Road, Camberwell, Victoria 3124 - 1300 307 072
Get In Touch
Be certain you’re covered in the worst-case scenario with tailored property insurance solutions from Property Insurance Plus. Explore our range of options and get in touch with us today for a quote.
Fill out the form with any questions you have about finding which property insurance is right for you!
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