Allianz Australia: Award-winning landlord insurance

Allianz Australia is a provider of landlord insurance, home insurance, car insurance, boat and marine insurance, aircraft insurance, life insurance, travel insurance, pet insurance, business insurance, and workers’ compensation.

“You’ll be okay with Allianz Insurance.”

CANSTAR has researched and rated 45 Landlord Insurance products from 39 insurers to determine who offers outstanding value for consumers, and we are pleased to congratulate¬†Allianz Australia on winning the 2016 Award. Here’s why they won.

Why Allianz Australia is a winner

Allianz Australia wins Canstar outstanding value landlord insurance 2016

Allianz offers a comprehensive product at one of the best prices among all competitors. Allianz is a cheaper option than other 5-star rated providers in 7 out of the 14 profiles considered, rating policies for houses and units in 7 Australian states and territories.

Allianz have re-vamped the features of their landlord insurance policy since the previous ratings. There are some new inclusions in the policy, such as: under flood cover they now offer protection in case of rainwater run-off. They also now offer cover for plants and trees that are not only in the ground but also in pots as well. As a standard inclusion, they now offer cover against flash flooding and loss of rent due to insured events. All these inclusions make the policy more comprehensive and provide a greater protection to landlords.

Among other things, Allianz landlord insurance also covers:

  • Rent default by tenants
  • Rent default due to sole tenant death
  • Cover against theft or burglary by tenants
  • Cover for damages caused by tenants
  • Rent loss due to absconding tenants for up to 6 weeks
  • Extensive cover in the event of storm or flood

Source: Allianz Australia

What Allianz Australia landlord insurance covers

The inclusions mentioned represent a selection of what is covered. Additional conditions may apply to different features. CANSTAR is not making any suggestion or recommendation to you about this product. Please ensure that you read the product disclosure statement to determine all the current policy options and inclusions for the product you are considering.

Please note that CANSTAR is an information provider and in giving you product information CANSTAR is not making any suggestion or recommendation about a particular credit product. If you decided to apply for a loan, you will deal directly with a financial institution, and not with CANSTAR. Rates and product information should be confirmed with the relevant financial institution. For more information, read our detailed disclosure, important notes, and additional information.

Landlord Insurance (Building Only)

An excess may apply to claims made for cover outlined below. For example, an excess of $250 applies to claims made for damage caused by earthquake or tsunami.

This provides cover for damage to the building from unexpected events:

  • Liability cover for damage to other people or their property caused by an incident at your property, up to $10 million.
  • Damage or loss of your investment property building caused by fire or smoke (excludes scorching), explosion, impact, lightning or thunderbolt, malicious acts, riot or civil commotion, storm, earthquake, tsunami, rainwater or run-off, water or other liquid damage, theft, burglary or house-breaking, or tsunami, up to sum insured. Excludes flood.
  • Minimal cover for contents of building, up to lesser of $10,000 or remainder of sum insured left after building claim is made.
  • Removal of debris, professional rebuilding fees, and extra costs of complying with building regulations, up to 10% of building sum insured.
  • Replacement of locks and keys after an insured event, up to $500.
  • Discharge of mortgage fees if building is a total loss, up to $2,000.
  • Damage caused by fusion (burn-out of electrical motor) for motors up to 5 years old. Damage caused by fusion for motors more than 5 years old will require landlord to pay the greater of the excess or 10% of claimable costs for each year over 5 years (e.g. for a 10 year old motor, pay greater of excess or 50% of claimable costs).
  • When rebuilding after the building has been totally destroyed, “environmental benefits” covers you to install any combination of environmentally friendly building fixtures such as rainwater tank, solar panels or solar hot water systems, hot water heat exchange, or grey water recycling system, up to $5,000.
  • Automatic indexation of building sum insured, and reinstatement of sum insured after a claim for a loss.

This provides cover for loss of rental income situations after an insured event:

  • Loss of rent if property is unliveable or access to property is not possible for at least 7 days, due to damage to property or other properties nearby, up to lesser of 12 months or time necessary to reinstate access to property.
  • Optional cover for tenant default (failure to pay rent), for up to 15 weeks, up to $10,000.
  • Optional cover for tenant vacating or abandoning property without giving notice, for lesser of up to 6 weeks or until property is re-tenanted.
  • Optional cover for death of sole tenant, for lesser of up to 6 weeks or until property is re-tenanted.
  • Optional cover for financial hardship of tenant, where tribunal releases tenant from obligation to pay rent due to financial hardship, for lesser of up to 6 weeks or until property is re-tenanted.
  • Optional cover for theft by tenant or invitees of tenant.
  • Optional cover for legal expenses incurred to reduce your loss of rental income claim, up to $3,000. Requires written approval by insurer to pursue or defend legal action.

Landlord Insurance (Contents Only)

An excess may apply to claims made for cover outlined below. For example, an excess of $250 applies to claims made for damage caused by earthquake or tsunami.

This provides cover for contents of your rental investment property:

  • Liability cover for damage to other people or their property caused by an incident at your property, up to $10 million.
  • Damage or loss of landlord’s contents caused by fire or smoke (excludes scorching), explosion, impact, lightning or thunderbolt, malicious acts, riot or civil commotion, storm, earthquake, tsunami, rainwater or run-off, water or other liquid damage, theft, burglary or house-breaking, or tsunami.
  • Removal of debris, professional rebuilding fees, and extra costs of complying with building regulations, up to 10% of contents sum insured.
  • Replacement of locks and keys after an insured event, up to $500.
  • Accidental breakage of glass or ceramics permanently fixed to the building or forming part of your furniture.
  • Contents left in the open air, up to $200.
  • Damage caused by fusion (burn-out of electrical motor).
  • Automatic indexation of contents sum insured, and reinstatement of sum insured after a claim for a loss.

This provides cover for loss of rental income situations after an insured event:

  • Loss of rent if property is unliveable or access to property is not possible for at least 7 days, due to damage to property or other properties nearby, up to lesser of 12 months or time necessary to reinstate access to property.
  • Optional cover for tenant default (failure to pay rent), for up to 15 weeks, up to $10,000.
  • Optional cover for tenant vacating or abandoning property without giving notice, for lesser of up to 6 weeks or until property is re-tenanted.
  • Optional cover for death of sole tenant, for lesser of up to 6 weeks or until property is re-tenanted.
  • Optional cover for financial hardship of tenant, where tribunal releases tenant from obligation to pay rent due to financial hardship, for lesser of up to 6 weeks or until property is re-tenanted.
  • Optional cover for theft by tenant or invitees of tenant.
  • Optional cover for legal expenses incurred to reduce your loss of rental income claim, up to $3,000. Requires written approval by insurer to pursue or defend legal action.

Strata Title Mortgage Protection

This optional cover applies if the building is part of a strata title development and the Body Corporate of the strata title has failed to adequately insure the common property. It provides cover for:

  • In case of total destruction of strata title development containing your lot, caused by earthquake, explosion, fire or smoke, impact, lightning or thunderbolt, riot or civil commotion, storm, rainwater or run-off, or tsunami, insurer pays lesser of:
    • Discharge of unpaid balance of mortgage;
    • Amount of loss or damage; or
    • Sum insured for this optional cover.

Landlord Workers’ Compensation

This optional cover is only available in some states and territories. It provides cover for:

  • Workers’ compensation payments required by legislation for a domestic worker who is injured while doing work for your rental property.

Compare Landlord Insurance Policies with our Star Ratings Report

About Allianz Australia

The Manufacturers’ Mutual Accident Insurance Association (MMI) was founded in 1914 and Allianz AG acquired MMI in 1998. They changed their name officially to Allianz Australia in 2000 and have since made their unusual name highly memorable with their “Aaaaallianz Insurance, how can we help?” ads on TV for home and car insurance.

Allianz is the trusted insurer for hundreds of thousands of drivers, and in 2014 they had over 3 million customers across drivers, travellers, home owners, and business owners. Allianz employs around 3,800 people.

At the time of writing they offer a 10% discount for buying online, and you can get a quote online in just 2 minutes. They also offer a 30% No Claims Bonus at the time of writing, for landlords who have had no landlord losses in the past 3 years. (Landlords who have had up to two claims may still qualify for a reduced No Claim Bonus.)

Allianz Australia was previously the winner of the CANSTAR state awards for Queensland and South Australia landlord insurance in 2015.

How Allianz supports the community

Allianz contributes to many local community projects and charities including the Cancer Council, RSPCA, and Starlight Children’s Foundation.

How Allianz supports the environment

Allianz became carbon neutral in 2012 and is a member of the Australian government’s Greenhouse Challenge Plus program.

They have reduced their carbon emissions by 41% as of 2014 (against 2006 levels) and reduced energy consumption per employee by 27% (against 2010 levels).

 

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Written by: TJ Ryan