Now’s a great time to review your current insurance setup. Are you getting the best value, coverage, and service?
Take a moment to compare your policy, look for opportunities to consolidate, and make sure you’re protected where it counts.
There are two key types of insurance every landlord should consider: building insurance and landlord insurance.
Building insurance covers the physical structure of your property, including walls, roofs, and fixtures. It’s often required by lenders as part of your mortgage agreement and provides protection against events like fire, storm damage, and vandalism.
Landlord insurance, covers tenancy-related risks—such as loss of rent, tenant damage (accidental or malicious), and legal expenses. Many landlords mistakenly assume the tenant bond will be enough to cover issues, but that four-week bond is often used up by basic cleaning and maintenance.
Bundle for Better Protection
One of the smartest moves you can make is to take out both policies through the same provider. This ensures there are no gaps or overlaps in coverage and avoids delays or disputes when making a claim. It also streamlines your admin and can unlock multi-policy discounts, especially if you own multiple properties.
What to Look for in a Policy
Not all policies are created equal. When comparing providers, make sure you check the Product Disclosure Statement (PDS) and look for:
- Loss of rent coverage and whether there’s an excess
- Accidental damage protection, not just malicious damage
- Legal liability cover
- Disaster event inclusion (floods, storms, bushfires)
- Competitive pricing and bundle discounts
Typical annual costs for full coverage (building + landlord) can range between $1,800 and $2,500, while standalone landlord insurance is around $500 per year—a small cost for substantial peace of mind.
Having the right insurance and staying on top of your policy reviews means you’re accessing the best coverage and costs, where your investment stays on track.
