Landlord Insurance

Yes, Public Liability Insurance is automatically included in your Landlord Insurance and can range from $10M to $30M in coverage.

Brindabella Insurance Brokers has a large panel of landlord insurers that we approach for quotes, including CGU, QBE, Allianz, QSURE, 360, Hollard, Blue Zebra, SGUA, and Acerta.

Increasing your excess will reduce your premium. We can help you find a good balance between lowering your premium and not having to pay too high of an excess if you need to make a claim.

Brindabella Insurance Brokers offers the most comprehensive policy covers available to our clients. Accidental damage to the property and by the tenants is automatically covered. Although this cover can be removed from the policy, it is quite inexpensive for the level of protection it provides.

Loss of Rent Insurance under a landlord policy can protect the landlord for lost rental income if the property is uninhabitable. However, if the property is still liveable and the tenant remains, a rent reduction cannot be claimed on insurance.

Typically, most insurers apply an additional excess for landlord claims. For example, damage to your building would incur an excess, and if you also have rental arrears to claim, an additional excess for that claim would be applied.

Our approved insurers on our panel cover legal fees, ranging between $3,000 and $5,000, for expenses incurred while legally evicting a tenant or recovering arrears. It’s important to get approval from your insurer before incurring these costs.

Cleaning costs are a bond expense and are not claimable on insurance.

Landlord insurance and home insurance are two distinct policies with critical differences. Landlord insurance covers landlords who rent out residential or commercial properties, including building and contents damage and liability protection. Home insurance is designed for homeowners living in their homes and does not cover risks associated with renting to tenants. Therefore, landlords should not assume that home insurance will protect them in case of property damage or liability claims.

While not legally required, landlord insurance is highly recommended. It protects landlords and their properties against various risks, including tenant damage, theft, natural disasters, and legal action. Some mortgage lenders may require it as a condition of the mortgage agreement. Speaking with an insurance professional can help determine the best coverage for your rental property.

Landlord Insurance is designed to protect landlords from financial loss due to property damage. It won’t cover tenants’ temporary accommodation if the property becomes uninhabitable due to an insured event such as a storm or fire.

If you’re between tenancies, your property is generally covered while vacant for up to 60-90 days, depending on the insurer. If you exceed this period without securing a new tenant, your coverage can be significantly reduced. It’s important to discuss this with your insurer or broker to ensure continuous protection.

Rent Default is not available if you lease the building under any short-term tenancy arrangement during the insurance period.

Building defects are excluded from all landlord insurance policies. Defects should be rectified as soon as possible, as they can impact the insurer’s willingness to offer coverage.

Your building sum insured should cover the total replacement value if the property were destroyed by fire or a natural peril. Use a building sum insured calculator, such as the Cordell SumSure Building Sum Insured Calculator Tool, for an indicative guide. For the most accurate figure, get a professional opinion from a licensed builder or architect.

If your property is unfurnished, you do not need contents insurance.

Contact Brindabella Insurance Brokers and your property manager if you need to make a claim. Both your property manager and we as your broker can work together to manage the claim on your behalf, aiming to limit your involvement and expedite the claims process.

Even if your property is unfurnished, you should insure for fixtures and fittings. This covers damages to items such as carpets, curtains, and blinds. Some policies have an automatic sublimit for these, while others don’t, so it’s important to check your cover.