GIO Landlord Insurance

GIO is a provider of landlord insurance as well as car insurance, life insurance, home & contents insurance 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 GIO’s landlord insurance policies on Canstar’s database with links to the provider’s website. Please note the products and Star Ratings displayed are based on a house in New South Wales.

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What landlord insurance policies does GIO offer?

GIO 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.
  • Loss and damage caused by events such as floods, storms, or fire
  • Theft, vandalism, or malicious damage caused by tenants or their guests
  • Accidental glass breakage
  • Legal liability – for damage caused to third parties occurring on your property
  • New for old replacement of damaged contents and property

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

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

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GIO’s landlord insurance policies may 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 PDS for more information on possible exclusions.

The longest period GIO will pay the weekly rental amount for is 52 weeks, and the maximum amount they will pay is either:

  • 10% of the property sum insured (if the loss of rent is due to property damage)
  • 10% of the contents sum insured (if the loss of rent is due to contents loss or damage)

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 cover should damage be caused to your rental property by tenants or their guests.

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

  • Damage caused 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
  • Damage caused by accidental glass breakage
  • Theft (by both tenants/their guest and people who are not tenants/guests)
  • Damage caused by malicious acts carried out 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 to the contents they own in their investment home.

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

See the PDS for more information on possible exclusions.

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.

Under GIO’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

GIO will not cover damage caused by bushfire, storm, flood, or tsunami if the damage occurred within 72 hours of the start date of your policy.

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.

GIO’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, and GIO is no exception. Some of the additional benefits you may be able to add to your GIO landlord insurance policy include:

  • Motor burnout cover
  • Legal liability for tenants
  • Accidental damage
  • Strata title mortgage protection (only available on a contents policy)

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

Yes, GIO also offers home insurance as well as  landlord insurance. At the time of writing, the GIO website does not have a multi-policy discount available; however, they offer a 15% discount when you combine home and contents landlord insurance.

See the difference between home and landlord insurance here.

The table below displays a snapshot of GIO’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 for building & contents worth less than $550,000.

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You can purchase a GIO landlord insurance policy by comparing your options with Canstar and generating a quote on the GIO 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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GIO Australia was founded in 1927 as the Government Insurance Office, to provide workers’ compensation insurance previously managed by the NSW Treasury Insurance Branch. The ownership of GIO changed in 2001 when it was bought by Suncorp, and in 2013 when it was bought by AAI Limited.

GIO have some great TV ads – it was hard to pick just a few to show you. Their 1986 classic song and 1983 ‘Oh my goodness, the chips’ are classics that can only be matched by the 2006 ‘Bye Bye House’.

GIO supports the community in a number of ways. They support Youngcare so young people with a disability can have a fulfilling life with other young people in age-appropriate care; Wheelchair Sports NSW to help Aussies have fun and stay healthy after a life-changing event; and TAD NSW to design and build affordable home modifications and mobility aids for people with a disability.

GIO is also a sponsor of the NSW Rugby League, the NSW State of Origin team, and the Schoolboy GIO Cup competition.

Written by: Regina Collins | Last updated: