CGU Landlord Insurance

CGU is a provider of landlord insurance as well as car, home, travel and life insurance.

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The table below displays a snapshot of CGU’s landlord insurance policies on Canstar’s database, sorted by Star Rating (highest to lowest). Please note the products and Star Ratings displayed are based on a house in NSW.

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What landlord insurance policies does CGU offer?

CGU offers three landlord insurance policies – building & contents insurance, buildings insurance, and contents insurance.

The building & contents policy covers several key risks to ensure peace of mind for both tenants and landlords, including:

  • Cover for loss of rent – both for inhabitability after an insured event, and if your tenant defaults on their payment or dies (both available as optional extras).
  • Cover for damage caused by natural disasters or a malicious act.
  • Accidental glass breakage
  • Legal liability – for damage to third parties occurring on your property.
  • Contents including furniture and furnishings
  • Keys and locks

Exclusions may apply when it comes to making a landlord insurance claim.  Some common exclusions include:

  • Gradual deterioration, neglect, lack of maintenance, structural failure or general wear and tear
  • Pre-existing damage
  • Any costs associated with the cleaning up or removal of asbestos
  • Vermin or insects
  • Invasion or war
  • Erosion
  • Any damage done during repairs or alterations being carried out on the house where the estimated value of said repairs is over $100,000

For a detailed look at what may not be covered under a CGU landlord insurance policy, see CGU’s Product Disclosure Statement (PDS).

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CGU FAQs

CGU’s landlord insurance policy can protect you from a loss of rental income due to a variety of factors. GCU can cover you for loss of rent (optional) for up to 12 months up to your chosen sum insured each week; they can also cover you for rent default by tenants up to a maximum amount of $5,000 (also available as an optional extra).

Exclusions may apply when making a claim for a loss of rental income. For example, you may need to prove that your property has been rendered uninhabitable in order to make a claim. For a detailed look at the various exclusions and what can cause them, see CGU’s PDS.

See this article for a quick guide to what landlord insurance is and what it can cover you for.

A landlord insurance policy may cover you for damage caused to your investment property by tenants or their guests.

Under CGU’s landlord insurance policy, cover is included for the following:

  • Vandalism or malicious acts
  • Rebuilding fees, including architects, surveyors and legal fees, up to 10% the building sum insured
  • Removal of debris and demolition costs, up to 10% of building sum insured
  • Cover for domestic outbuildings like garages

See the PDS for more information on possible exclusions.

Landlord insurance may also protect property owners against damage to the contents they own in their investment home.

CGU’s landlord insurance policy offers cover for the following:

  • Accidental breakage of fixed glass, basins, sinks, baths and toilets
  • All non-fixed furniture, curtains and appliances
  • Vandalism or malicious acts by tenants or visitors
  • Swimming pools and spas

See the PDS for more information on possible exclusions.

Related Article: Should You Hire A Property Manager?

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

Commonly listed events include natural disasters such as fires, storms and earthquakes as well as man-made events like oil leaks, explosions or riots.

Under CGU’s landlord insurance policy, you will generally be covered for the following defined events, barring exclusions:

  • Burning out of electric motors
  • Fire or explosions
  • Landslides
  • Theft or attempted theft

 

To see a list of exclusions that may apply, see the PDS.

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

CGU’s landlord insurance does offer cover for flood damage, as well as storms and extreme wind. CGU will not cover loss or damage from floods within 14 days of your policy start date, or cyclone damage within 48 hours of your start date.

As usual, see the PDS for information about exclusions and conditions that may apply.

Landlord insurance policies may also offer additional benefits to suit your unique needs as a landlord. Some of the additional benefits you can add to your CGU landlord insurance policy include:

  • Loss of rent cover
  • Rent default and theft by tenant cover
  • Legal liability cover (up to $20 million)

Yes, CGU also offers home insurance as well as landlord insurance. Unfortunately, there are currently no multi-policy discounts available on your premiums.

See the difference between home and landlord insurance here.

The table below displays a snapshot of CGU’s home and contents insurance policies on Canstar’s database. The Star Ratings are based on a policy holder under 50 years old in New South Wales and ACT for building & contents worth less than $550,000.

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You can purchase a CGU landlord insurance policy by first comparing your options with Canstar and then generating a quote online. They will ask you some general questions about your personal details, the cover required, the details of the building, and any optional extras you might be after.

It shouldn’t take longer than 10 minutes.

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You can lodge a claim with CGU by calling their hotline 24/7: 13 24 81. You’ll need to provide your personal details and policy number, any police reports, damage photos and any other relevant documents.

CGU is a general insurance company which has been in business for over 160 years. The company insures nearly half a million properties and more than 60,000 farms across Australia, with nearly 1,000 claims processed every day. The company operates the CGU Foundation, which started with $1 million in 2013 and supports health, education, people in need and environmental causes.

Landlords Residential Property

Canstar Research
Rating:
Award: Outstanding Value Landlord Insurance

House

New South Wales

2017 Star Ratings Report

Written by: Sam Bloom | Last updated: