CUA Landlord Insurance

CUA is a provider of landlord insurance as well as car insurance, home loans, health insurance, credit cards, online banking, home & contents insurance, savings accounts and travel insurance.

Landlord insurance caters to the needs of landlords, providing a home insurance product specifically designed to provide property owners with some protection against the financial loss that may result from owning a rental property.  

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The table below displays a snapshot of CUA’s landlord insurance policies on Canstar’s database. Please note the products and Star Ratings displayed are based on a house in New South Wales.

What landlord insurance policies does CUA offer?  

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

The building & contents policy with extras covers a number of important matters to ensure peace of mind to both tenants and landlords, including: 

  • Cover for loss of rent – both for inhabitability after an insured event (is covered on all policies) and if your tenant defaults on their payment (available as an optional extra) 
  • Damage to property caused by natural disasters or malicious acts.  
  • Accidental breakage of glass  
  • Legal liability – for damage to third parties occurring on your property.  

Exclusions may also 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 

For a detailed look at the various landlord insurance exclusions and what can cause them, see CUA’s Product Disclosure Statement (PDS).  

CUA FAQs

CUA’s home & contents landlord insurance policy have the extra option you can add on to protect you from a loss of rental income due to a variety of factors, including:  

  • Inhabitability after an insured event such as a fire, flood, storm, tsunami or riot 
  • If your tenant defaults on their payment 

See the Product Disclosure Statement for more information on possible exclusions.  

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

 

A landlord insurance policy may provide you with some cover should damage be caused to your investment property by tenants or their guests.  

Under CUA’s building & contents landlord insurance policy, cover is included for the following:  

  • Damage to any buildings, sheds, garages or fences within the property line 
  • Damage caused by natural disasters such as fires, floods, and storms 
  • Damage caused by riots or civil commotions 
  • Accidental glass breakage 
  • Theft (not by tenant) 
  • Malicious damage caused by either a tenant or their visitors  

See the PDS for more information on possible exclusions.  

 

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

While CUA’s building and contents landlord insurance policy is the most common option for landlords and has contents cover included, CUA also offers building cover and contents cover as separate policies. For more information about the different policies, look at the CUA website.  

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 damage-causing event which you’re insured for under that policy.  

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

  • Storm 
  • Flood 
  • Explosion  
  • Lightening or thunderbolt  
  • A falling tree or branch 
  • A riot or civil commotion  
  • Earthquake  
  • Fire 
  • Malicious damage 

To see the full list of defined 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.  

CUA’s building & contents landlord insurance does offer cover for flood damage, however please consult the PDS for information about exclusions and conditions that may apply.  

Landlord insurance policies can 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 CUA landlord insurance policy include: 

  • Cover for theft or malicious damage caused by the tenant or other people on your property.  
  • Rent default payments  
  • Legal liability for tenants  
  • Landlord Worker’s Compensation 
  • Accidental damage by tenants 

For a full list of additional and optional extras, consult the PDS.  

Yes, CUA also offers home insurance in addition to landlord insurance. At the time of writing, the CUA website does not have a multi-policy discount available; however, they offer a No Claim Bonus of up to 30% for landlords who don’t regularly make claims.  

See the difference between home and landlord insurance here. 

You can purchase a CUA landlord insurance policy by comparing your options with Canstar and generating a quote on the CUA website. 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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CUA (Credit Union Australia) was founded in 1946 by Jack Harvey, as a merger between three small Queensland-based credit unions. Today it is Australia’s largest customer-owned financial institution, and their profits come back to their customers as better rates and lower fees. 

Some of CUA’s earliest innovations included a field office operating out of a caravan to serve their regional customers in the 1960s to 1970s. CUA is now acclaimed as an employer of choice when it comes to gender equality, winning the WGEA award in 2011, 2014, and 2015. 

CUA supports the Australian community in particular through children and schools. CUA Community Care gave $75,000 in grants in 2015 to the school projects across Australia that receive the most votes. They also regularly give $5,000 grants to reward schools for fighting childhood obesity with School Fun Runs and health eating initiatives. They also have been sponsoring SIDS and Kids (SNK) since 2014. 

CUA also supports the environment through the Credit Union Foundation Australia (CUFA). This foundation develops grassroots-to-government solutions for credit unions to improve sustainability and relieve poverty in their region. 

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CUA Landlord Insurance

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Written by: Regina Collins | Last updated: March 13, 2018