Landlord Insurance Background

Compare Landlord Insurance

Landlord insurance can help give you peace of mind that your investment property is protected. Our comparison table lets you review policy features, inclusions and Star Ratings to help find the right policy for you.

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What is landlord insurance?

Landlord insurance can cover you for a range of different insured events, depending on the policy you choose, from the usual home insurance inclusions for fire and natural disasters, to incidents related to your tenants’ lease, including:

  • theft
  • malicious damage and vandalism
  • loss of rent due to tenant default
  • legal expenses required to evict a tenant.

There are also policies available to cover short-term rental landlords who use sites like Airbnb, Stayz and Flatmates.com.au to rent out a room or part of their home property, such as a granny flat.

If homeowners aren’t covered and a renter or guest damages their property, they could end up paying for expensive repairs on their own, or they could face expensive public liability claims if a renter is injured while staying on their property.

What is the difference between home insurance and landlord insurance?

A home insurance policy is a type of cover that is designed to protect homeowners in the event of financial loss if their property is damaged. There are several different types available:

  • home insurance, to cover for damage to the structure of a property,
  • contents insurance, to cover possessions, or
  • combined home and contents insurance, to cover both.

Landlord insurance is a specific type of home insurance that is designed to cover many of the same risks as home and contents insurance, but also risks that may be particular to a rental property. Among other things, this can include the cost of repairs for damage caused by tenants, and the cost of legal expenses if tenants need to be evicted.

Suncorp Insurance says that home and landlord insurance are different things, and cautious that home insurance may not cover you if your property is rented out to tenants and you receive an income as a landlord. If in doubt, it is recommended to read the product disclosure statement (PDS) of your insurance to find out exactly what you’re covered for, and contact your provider if you have any questions.

How can you compare landlord insurance?

Canstar compares landlord insurance with our unique landlord insurance Star Ratings methodology, comparing both pricing and features to rate the overall value of an insurance product. The results are reflected in our consumer-friendly Star Ratings concept, with a 5-Star Rating signifying an insurance policy that, according to the findings of our expert Research team, offers outstanding value.

Canstar compares thousands of quotes across each of the states and territories in Australia, assessing dozens of policies and providers on our database.

Some of the features Canstar compares for landlord insurance are:

  • premiums
  • excesses
  • application process
  • cover for events such as:
    • malicious damage to building and/or contents
    • theft or burglary
    • tenant default
    • flood damage
    • storm damage
    • electric motor fusion
  • customer service
  • claims channels
  • cancellation process.

You can read the full landlord insurance Star Ratings and Awards report or compare landlord insurance yourself, based on your own property requirements, using the comparison selector tool at the top of the page.

Landlord insurance FAQs

Landlord insurance providers in Australia

If you’re trying to make your own shortlist of products that might suit your needs, you could start by considering the 5-Star rated products listed on our comparison page – see the top of this page.

Below is a list of the Award-winning landlord insurance providers from Canstar’s 2023 Landlord Insurance Star Ratings and Awards.

  • AAMI
  • Suncorp
  • QBE

Compare landlord insurance providers using the comparison selector tool at the top of this page.

Landlord Insurance Glossary

Please note that these are a general explanation of the meaning of terms used in relation to landlord insurance. Your insurance provider may use different wording and you should read the terms and conditions of your insurance policy carefully to understand what you are and are not covered for. Refer to the Product Disclosure Statement (PDS), the Target Market Documentation (TMD) and other applicable documentation from your provider.

What is accidental damage?

Accidental damage in a landlord insurance policy generally refers to damage caused by an event or incident that the landlord and the tenant did not intend or expect but that was not caused by a natural disaster. Examples could include accidentally putting a hole in a wall while moving furniture around, or accidentally spilling red wine on the carpetThanks.

What is a bond?

A bond is money paid by a tenant and held as security by the landlord against any possible future property damage, outstanding rent, or other costs.

What is building replacement value?

The building replacement value is the amount it would cost you to totally rebuild the property at today’s prices, taking into account any renovations or improvements you have made previously to increase the property’s value.

What is duty of disclosure?

Duty of disclosure is when a policy requires a landlord to be honest and tell their insurer everything they know or should know, if a reasonable person would consider it relevant to the insurer’s decision to offer insurance under the policy. A failure to disclose information fully could result in a claim being reduced or refused, or your policy being cancelled entirely.

What is an excess?

The excess of a policy is the amount you must pay the insurer for each incident when you make a claim. The amount and type of excess that applies to different types of claims under your policy should be listed on your Certificate of Insurance.

What are exclusions?

Exclusions are anything not covered by your policy. Exclusions vary between insurance providers.

What are fixtures and fittings?

Fixtures and fittings are household items or equipment that are permanently attached to the building, which could include carpets, curtains and air-conditioners.

What is flood cover?

Flood cover is insurance that covers damage when normally-dry land is covered by water that has escaped or been released from a lake, river, creek, or other natural watercourse; or a reservoir, canal, or dam. This does not cover damage caused by the sea, such as a tsunami. If you have concerns about flood cover, check with your insurance provider.

What is fusion?

Fusion is the burning out of an electric motor or its wiring, caused by the electric current in it. Common items that might be claimed under fusion cover include washing machines, clothes dryers, refrigerators, and pool filters.

What are inclusions?

Inclusions are anything covered by your policy. When a particular event is listed as being included in your policy, the insurer will cover a set amount of the cost involved in repairing the damage or replacing damaged items.

What is new-for-old replacement?

New-for-old replacement is when your insurer will replace items with new items or repair them with new materials. Many policies specify that you can only claim new-for-old replacement for an item if it is less than a certain number of years old.

What is optional cover?

Optional cover is extra insurance cover above that included in the standard or basic policy. You can ask your insurer to add optional cover to your policy for a higher premium. Common examples of optional cover include accidental glass breakage, or storm damage to gates and fences.

What is sum insured?

Sum insured is how much money you are insured for. This is generally the maximum amount you can claim for a particular incident.

What is a unit?

A unit is a dwelling in the form of an apartment, flat, villa, or townhouse, subdivided according to the strata title laws in the state or territory where the dwelling is located.

What is unoccupied excess?

Unoccupied excess is when an insurance provider may charge an additional excess for a claim for a covered incident if your property remained continuously unoccupied for a certain length of time.

Why do you need landlord insurance?

If you own an investment property and rent it out to tenants, then landlord insurance is important, in that you will be covered for the cost of repairs to the home should it be damaged, or replacement of contents, if you choose.

Moreover, landlord insurance is important because you could face an expensive public liability claim if a renter injures themselves on the property. Owner-occupier home and contents policies typically will not provide cover if the property is rented out.

How much does landlord insurance cost?

There is no set cost for landlord insurance, and the price can be determined by a number of different factors, including:

  • The crime rate in the local area: if your investment property is in an area that is known to be high-risk for burglary or other types of crime, this could drive up the cost of your premiums.
  • The price you charge for rent: Landlord insurance can cover you for loss of rent, so therefore, the more rent you charge your tenants, the higher the premiums an insurance provider might charge you.
  • The replacement cost of contents you own: If you choose, you can include the replacement cost of items such as carpets and blinds as a component of landlord insurance, and this can have an effect on the price.
  • The risk of extreme weather events: If your investment property is in an area that is known to be at a high risk of weather events like floods, storm surges or bushfires, then the premiums you pay for landlord insurance might be higher as a result.
  • The level of cover and excess you choose: The more extensive the cover you choose, the higher your premiums might be. This might be offset by your excess, which is the amount payable when you make a claim before your insurance pays out. The higher the excess you choose, the cheaper your premiums might be.
  • The number of properties you are insuring: Some insurance providers offer a multi-policy discount, meaning that if you are insuring more than one property, you may be able to save on premiums depending on your provider.

Is landlord insurance tax deductible?

According to the Australian Tax Office (ATO), property investors may be able to claim deductions for ‘most’ of the expenses incurred while renting a property out, and these expenses may include things related to the maintenance and management of the property.

If you want to know more about possible tax deductions, then it may be worth your while to consult with a qualified accountant to find out if you are eligible for a possible tax deduction related to landlord insurance.


About the author

Alasdair Duncan, Senior Finance Journalist

Alasdair DuncanAlasdair Duncan is a Senior Finance Journalist at Canstar, specialising in home loans, property and lifestyle topics. He has written more than 200 articles for Canstar and his work is widely referenced by other publishers and media outlets, including Yahoo Finance, The New Daily, The Motley Fool and Sky News. He has featured as a guest author for property website homely.com.au. In his more than 15 years working in the media, Alasdair has written for a broad range of publications. Before joining Canstar, he was a News Editor at Pedestrian.TV, part of Australia’s leading youth media group. His work has also appeared on ABC News, Junkee, Rolling Stone, Kotaku, the Sydney Star Observer and The Brag. He has a Bachelor of Laws (Honours) and a Bachelor of Arts with a major in Journalism from the University of Queensland. When he is not writing about finance for Canstar, Alasdair can probably be found at the beach with his two dogs or listening to podcasts about pop music.

You can follow Alasdair on LinkedIn and Twitter.

This content was reviewed by Editor-in-Chief Nina Tovey as part of our fact-checking process.

Important information

For those that love the detail

This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you.

Canstar may earn a fee from its Online Partners for referrals from its website tables, and from sponsorship or promotion of certain products. Fees payable by product providers for referrals and sponsorship or promotion may vary between providers, website position, and revenue model. Sponsorship/promotion fees may be higher than referral fees. If a product is sponsored or promoted, it’s an ad and it is clearly marked as such. An ad might appear in different places on our website, such as in comparison tables and articles. Ads may be displayed in a fixed position in a table, regardless of the product's rating, price or other attributes. The location of an ad doesn’t indicate any ranking or rating by Canstar. Payment of fees for ads does not influence our Star Ratings. See How We Get Paid to find out more.

The Landlord Insurance Star Ratings were awarded in March 2023 and data in the table is current as at that date, updated from time to time to reflect product changes notified to us by product issuers. The results don’t include every provider in the market and we may not compare all features relevant to you. You can find a description of the initial sort order below the table. You can use the sort buttons at the top of each column to re-order the display. Learn more about our Landlord Insurance Star Rating Methodology.  The rating shown is only one factor to take into account when considering products. 

The products and Star Ratings in the table might not match your exact inputs in the selector. Sometimes the methodology uses profiles with categories or bands, but sometimes a single methodology, without any categories or bands, is applied. The results will show the products that most closely match your selection, based on our profiles. If you are unsure about any terms used in the comparison table please refer to the glossary.

Any advice on this page is general and has not taken into account your objectives, financial situation or needs. Consider whether this general financial advice is right for your personal circumstances. You may need financial advice from a qualified adviser. Canstar is not providing a recommendation for your individual circumstances. If you decide to apply for an insurance policy, you will deal directly with the provider, not with Canstar.   It’s important you check product information directly with the provider. Consider the Product Disclosure Statement (PDS) and Target Market Determination (TMD) before making a purchase decision. Contact the product issuer directly for a copy of the PDS and TMD. For more information, read our Detailed Disclosure.

What is a Target Market Determination?

A Target Market Determination (‘TMD’) is a document that explains which people particular financial products may be suitable for (the target market) and sets out any conditions around how financial products can be distributed to consumers.

Why do product issuers provide Target Market Determinations?

From 5 October 2021, TMDs are compulsory for most financial products.

Issuers and distributors of financial products must take reasonable steps that are likely to result in financial products reaching consumers in the target market defined by the product issuer.

We recommend that you consider the TMD before making a purchase decision. Contact the product issuer directly for a copy of the TMD.

If you are seeking to replace an insurance policy, you should consider your personal circumstances, including continuing the existing cover until the replacement policy is issued and cover confirmed. Your current policy may have different features to products currently on the market. Please consider what features are right for you when comparing insurance products and refer to the provider for further details on a policy.

Companies listed in the table, or in ads, may use or be used by another company to arrange, issue, distribute or sell its insurance policies to customers. For more information on the issuer of the policy, please read the Product Disclosure Statement.