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What is Landlord Insurance?

Negative gearing; equity; rental income – you’ve gone through all the numbers and done the math when it comes to renting out your home. Before handing over the keys to your property manager, there is one part of the equation you’ll need to include in your calculation.

Landlord Insurance has been designed to cover you for risks generally faced by landlords when renting out their property. It is an enhanced form of home building (and/or contents) insurance, which includes cover for the events a traditional home insurance policy would be expected to cover, such as storm and fire, but has additional features which are applicable to you as a landlord (such as cover for rent default; malicious damage by tenant, and loss of rental income).


Why do Landlords need insurance?

Investment property owners have a lot on their shoulders. From the moment the lease agreement is signed, the responsibilities of fixing the leaky tap, the loose door hinge and the faulty power point all sit with the landlord. Having tenants in a home can bring additional complexities, such as liability on an owner's part, or tenants causing damage to the rental house. If a landlord's negligence causes a tenant or their visitors to suffer an injury, or if tenants leave the property in a shocking condition, the headache of legal fees or repair costs will be a big strain on a property owner's pocket. Landlord insurance can help provide comfort of having cover in place for these types of mishaps.

Are you a Real Estate Agent? 
If you're a Real Estate Agent who looks after rental properties, you can arrange Landlord Insurance through Aon on behalf of your clients. Click here to access Real Estate Agent resources. 

Why choose Aon for Landlord Insurance?

Aon is committed to making life easier for you by arranging insurance that’s easy to understand, buy and manage, so you can get quotes and take out a policy online. Or if you do need help, our team of friendly experienced brokers are a phone call away to help you understand what insurances you may or may not need, but more importantly, why. Helping give you confidence that you’re making a better decision for you and your business.

Aon is a proud partner of the Real Estate Institute of Australia (REIA), the Real Estate Institute of Queensland (REIQ) and the Real Estate Institute of Western Australia (REIWA).
What does Landlord Insurance cover?
Storm
If your property is damaged by a severe storm, Landlord Insurance may cover some of the cost to repair the damage, subject to exclusions, such as shade cloths, swimming pool covers and other similar items of property.1
Public Liability
This section of the policy protects you against claims pursued by your tenants or third parties where it is alleged that your negligence as a landlord has caused that other party personal injury or damage to property.1
Malicious Damage by Tenant
If your tenants maliciously and deliberately vandalise your property or steal items belonging to you but kept at the premises, the cost to repair or replace these items may be covered.1
Fire
If there is a fire at your rental property, cover is available to contribute to repairing the resulting damage to your building or to repair or replace damaged items of contents.1
Loss of rental income
This is an optional cover. If purchased, and an insured event causes damage to your property, causing it to be uninhabitable, this coverage may reimburse you for the rental income you lose during the period your property can’t be tenanted (up to a maximum period).1
Rent Default
This is an optional cover. If purchased, this covers your financial loss in circumstances where a tenant either stops paying rent, vacates the property before the expiration of the rental agreement, or is otherwise evicted and there has been a loss of rent as a result.1, 2
Landlord Insurance premiums
ACT
$229.63 inclusive of statutory charges
NSW
$254.87 inclusive of statutory charges
NT
$224.07 inclusive of statutory charges
SA
$204.59 inclusive of statutory charges
TAS
$185.93 inclusive of statutory charges
VIC
$173.99 inclusive of statutory charges
WA
$199.19 inclusive of statutory charges
QLD
$204.66 inclusive of statutory charges

Agent Resources

Landlord Insurance Application
Building Insurance Application
Order Sales Stationery
Landlord Insurance Application
Building Insurance Application
Order Sales Stationery
FAQs
Frequently Asked Questions
Here are some questions commonly asked by other Landlords.
What is the difference between Landlord Insurance and Home Insurance?
Regular home insurance covers your property against damage from events such as storm, fire and theft and usually includes a section covering your liability as an occupier. Landlord Insurance covers all the same events a standard home insurance covers, but has additional features which are relevant to landlords, such as loss of rental of income, rent default and malicious damage caused by tenants.
Should I get Landlord Insurance if I’m renting out a home?
In our opinion, if you’re renting out a property, Landlord Insurance is very important to take out. It will not only help cover some of the costs to repair the home if an insured event occurs , but can also reimburse you for loss of rental income if your property has to be vacant for a period of time while the repairs are being carried out.
Does Landlord Insurance cover tenant damages?
Some types of damage caused by tenants are covered (vandalism, for example) but there are conditions and exclusions which apply so you should speak to your broker about what is right for you.
Explore more FAQs
What is the typical cost of Landlord Insurance?
This will vary significantly between different states. It will depend on the address of the property and a number of other factors, such as the sum insured of the property. We recommend going through the quote process to get an indication of the price.

Is a landlord responsible for damaged property?
As a landlord, if there is damage to your investment home, the cost of repair sits with you. In addition to damage to the house itself, if a tenant alleged that your negligence as a landlord caused damage to their property, then it is possible that you would be held liable for these costs as well.

I rent out an apartment or villa – do I still need Landlord Insurance?
If you rent out an apartment or villa, you might have some level of cover under your Strata Insurance. You should speak to your strata insurance provider to understand which parts of the property the strata insurance covers. Depending on the coverage under your Strata Insurance, you may still need a Landlord Insurance policy to cover the fixtures and fittings, public liability, as well as risks such as rental default or loss of rent should an insurable event take place within the 4 walls of your property.

I’m renting out a furnished property, do I need extra insurance?
If you’re renting out a furnished property, you may wish to include Landlord Contents Insurance in your coverage, where you nominate the total value of your furnishings that you wish to insure.

I’ve leased my property out privately, can I still get Landlord Insurance?
You’re still eligible to take out Landlord Insurance even if you’ve rented out your property privately. However, to be eligible to be covered for rent default and loss of rental income, you need to have a written rental agreement in place.

Contact

Call 1800 105 900

Monday - Friday 8:30am - 5:00pm AET (Except public holidays) 

Email us

au.realestate@aon.com
1Subject to full policy terms, conditions and exclusions.

2Due to a current embargo, we are unable to offer this benefit until further notice.