Budget Direct Landlord Insurance

As of April 2, 2020, new Budget Direct landlord insurance policies will not provide cover for tenant default. Budget Direct says the following:

“Please note, at present, Optional Tenant Default cover (cover for when your tenant stops paying rent or leaves without giving notice) and Theft and Malicious damage by tenants cover (cover for loss, damage or destruction by your tenant or the visitors) is not available for purchase on new landlord Home and/or Contents Insurance Policies.”

As of April 2, 2020, new Budget Direct landlord insurance policies will not provide cover for damage caused by tenants or visitors. Budget Direct says the following:

“Please note, at present, Optional Tenant Default cover (cover for when your tenant stops paying rent or leaves without giving notice) and Theft and Malicious damage by tenants cover (cover for loss, damage or destruction by your tenant or the visitors) is not available for purchase on new landlord Home and/or Contents Insurance Policies.”

As of April 2, 2020, new Budget Direct landlord insurance policies will not provide cover for damage to contents caused by tenants or visitors. Budget Direct says the following:

“Please note, at present, Optional Tenant Default cover (cover for when your tenant stops paying rent or leaves without giving notice) and Theft and Malicious damage by tenants cover (cover for loss, damage or destruction by your tenant or the visitors) is not available for purchase on new landlord Home and/or Contents Insurance Policies.”

In insurance terms, a ‘defined event’ (also known as a ‘listed’ or ‘insured’ event) on a policy is a damage-causing event which you’re insured for under that policy.  

Under Budget Direct’s home & contents insurance PDS, the following are classified as insured events:  

• Fires 
• Explosions
• Vandalism, riots and civil commotion  
• Storms and rainwater  

• Lightning  
• Earthquakes 
• The sudden escape of liquid  
• Impact on the home caused by cars, falling objects, trees and animals 

Note that as of April 2, 2020, new Budget Direct landlord insurance policies will not provide cover Theft and Malicious damage by tenants (cover for loss, damage or destruction by your tenant or the visitors).

To see a list of exclusions that may apply to each of these insured events, see the PDS.  

Flood damage can be treated as different to storm damage by certain insurers, and as a result you may not be automatically covered for it.  

Budget Direct’s landlord insurance policies do offer cover for flood damage, which is defined, according to Budget Direct, as ‘the covering of normally dry land by water that has escaped or been released from the normal confines of any of the following’: 

• Lakes 

• Rivers 
• Creeks 
• Reservoirs, dams and canals  

Please see the PDS for information about exclusions and conditions that may apply. For example, your building or contents will not be covered by Budget Direct if there is damage to retaining walls or fences and gates that have not been well maintained.  

Please note that flood cover is listed by Budget Direct as an optional benefit (see below)  

Landlord insurance policies may also offer additional benefits that can be added to suit your unique needs as a landlord for an extra fee. Some of the additional benefits you may be able to add to your Budget Direct landlord insurance policies include: 

• Flood cover (see above)  

• Sum insured safeguard, which increases your sum insured by up to 25%. 

You can add these optional benefits to your policy when you get a quote, and they will generally result in higher premiums.  

Yes, Budget Direct also offers home insurance in addition to landlord insurance. 

By signing up for both home and landlord insurance under Budget Direct you can also be eligible to receive a 15% multi-policy discount on your premium.  

See the difference between home and landlord insurance here. 

You can purchase a Budget Direct landlord insurance policy by comparing your options with Canstar and generating a quote online. According to Budget Direct this can take as little as four minutes and will require you to enter some personal details as well as information about your house.  

To make a claim with Budget Direct, visit its claims page.  

Budget Direct has insured over 1.5 million Aussies since it was founded in 2000. It is part of the International Budget Insurance group. 

If you’re with Budget Direct, sign up for the Budget Direct Hail Hero App on the Apple iTunes Store or Google Play for Android so you’ll have enough warning to protect your home before a hailstorm hits.