A landlord is responsible for protecting their tenanted property against insurable events (such as fire and storms) that might damage their investment. The landlord is responsible for maintenance and repairs, security installations and ensuring the premises are fit to live in and in good condition.
Some other types of loss or damage that may be covered under your landlord’s insurance policy include:
If you’re renting out your investment property fully or partially furnished, a contents insurance policy may also respond to loss or damage from insurable events to:
Cover can vary between policies so be sure to read the PDS for the full details of a policy before you purchase it.
Landlord insurance is designed to help repair or rebuild your investment property and your possessions inside it should there be a loss or damage from an insured event. This type of insurance typically covers the buildings, permanent fixtures and furnishings from damage caused by insured events like fires, storms, floods and impacts.
Landlord insurance allows you to insure the building solely, just the contents, or both the building and contents, depending on the cover you have selected. If you’re a landlord in the market for a new policy, you can compare and purchase cover with our easy-to-use comparison service.
Even an airtight rental agreement and regular maintenance won’t stop things from going wrong, like carpet stains or major incidents such as a fire or flood. A landlord insurance policy could help protect you from expensive repairs that result from these types of incidents.
The cost of landlord insurance is different for every person. This is because, like other types of insurance, your premiums are influenced by a number of factors that are usually unique to you. Some factors that can affect the cost of your landlord insurance policy include:
If you would like an idea of how much you could pay for a policy, you can get a landlord insurance quote from our comparison service.
No. The contents portion of cover under a landlord’s insurance policy is for your own belongings that are inside your insured address, such as furnishings, carpets, blinds and other items inside the home that may be damaged or destroyed due to an insured event at the insured property. It will not cover any tenant’s belongings. The tenant would do well to look into purchasing renters insurance to cover their contents inside the rented property.
As a general rule, your landlord insurance premiums are tax-deductible, as well as other expenses associated with renting out your property like:1
Before making any decisions about your tax return, consider speaking with an accountant or other professional.
As a landlord of an Australian property, fires and floods are among the big risks to your investment property. Catastrophic events like these can leave you with a massive repair bill, and you could find yourself unable to afford the repair and rebuilding costs to your property.
This is why you need to estimate the full replacement value of your property and take inventory of all your belongings there. Here are a few things you can do to achieve this:
If you lease your property as short-stay accommodation (e.g. Airbnb), you’ll need to ensure that you have the right type of cover. Many policies that cover landlords will not provide cover for short-stay accommodation. You may need to seek out a specialist policy or provider to cover your holiday rental property.
Rules behind when a landlord can increase rent and by how much it can be increased varies between each state and territory in Australia. For the rules around rental increases, it would be best to check with the residential tenancy authority in your state or territory.
Compare the Market’s home and contents insurance expert, Stephen Zeller, works to make the protection of a homeowner’s most significant financial assets an easier and more efficient process, while empowering people with choice. He believes it’s important for landlords to adequately cover their property and belongings against risks that could result in financial loss.
Stephen has more than 30 years of experience in the financial services industry. He is an Allied member of the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) and ensures any information about insurance products that we publish is accurate and comprehensive
1 Australian Government: Australian Taxation Office – Rental expenses to claim. Last updated June 2022. Accessed February 2023.