What is Landlord Insurance?
Negative gearing; equity; loss of 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 provide cover for risks generally faced by landlords when renting out their property.
Landlord Insurance is an enhanced form of home (building and/or contents) insurance, which includes cover for the events that 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 damage caused by tenants pets1.
The Landlord Insurance arranged by Aon can cover your property for damage as well as any loss of income you might sustain while the property is out of action and includes1:
- Loss of rent
- Damage to building & contents
- Liability cover
- Flood
- Rent default
- Pet damage
- Theft
Aon can arrange 4 types of Landlord Insurances
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Claims Process
Real Estate Agents with a current managing agreement in place can act on behalf of the landlord to lodge and follow up on claims. Claims can be lodged 24/7. Both Real Estate Agents (acting on behalf of landlords) and Landlords who engages with Aon directly can follow the claims process below depending on who you are insured with.
If your Landlord insurance documentation shows Terri Sheer as the insurer
How to lodge a Terri Scheer claim:
- Contact the Landlord's team at Aon on 1800 010 248 or email us on [email protected]
If your Landlord insurance documentation shows CGU as the insurer
How to lodge a CGU claim:
- Call CGU on 13 24 80, or
- Complete the CGU claim form and return it to [email protected]
What happens next:
- A claim number and CGU Claims Manager will be assigned to your claim.
- Depending on the type of claim and extent of damages, an assessor may be appointed.
- For rent default claims, supporting documents will be required (see claim form for checklist of required documents).
Frequently Asked Questions
What is the difference between Landlord Insurance and Home Insurance?
Regular home insurance helps cover 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 provides cover for all of the same events a standard home insurance covers, but has additional features which are relevant to landlords, such as loss of rental income, rent default and malicious damage caused by tenants.
Should I get Landlord Insurance if I’m renting out a home?
If you’re renting out a property, it is important to consider Landlord Insurance . 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 the policy options available.
What is the typical cost of Landlord Insurance?
This will vary between different states. It will depend on the whether the property is professionally managed or self-managed, if it is a long term rental or a short term/holiday rental and a number of other factors.
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 should consider a Landlord Insurance policy to help cover public liability, rent default, damage to any contents, fixtures and fittings such as curtains, blinds, carpets and any furniture that is part of the rental. You may have some level of cover under your Strata insurance and you should speak to your Strata insurance provider to understand which parts of your property the Strata Insurance covers.
I’m renting out a furnished property, do I need extra insurance?
If you’re renting out a furnished property, and it is managed by a property manager, you can cover up to $70,000, combined with Building cover. You may increase your cover up to $110,000. If your furnished property is self-managed, you may cover anywhere between $30,000 to $100,000.
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. Refer to the self-managed policy.
Why Aon?
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Ways to get in touch
Or call us on 1800 010 248, email us on [email protected]
1 Subject to full policy terms, conditions and exclusions
Terri Scheer Insurance is arranged by Aon Risk Services Australia Limited ABN 17 000 434 720 AFSL 241141 (Aon) as agent for the insurer, AAI Limited ABN 48 005 297 807 AFS Licence No. 230859 trading as Terri Scheer. If you purchase this insurance, Aon may receive a commission that is a percentage of the premium. Further information can be found in our FSG or provided upon request.