RACV Landlord Insurance

RACV is a Victorian-based provider of landlord insurance as well as car insurance, home & contents insurance, travel insurance and life 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 RACV’s landlord insurance policies on RACV LogoCanstar’s database. Please note the products and Star Ratings displayed are based on a house in NSW.

 

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What landlord insurance policies does RACV offer?

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

The building & contents policy covers several key risks in order 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.
  • Damage to property – including the building, shed, garage and fence – caused by natural disasters or malicious acts.
  • Accidental glass breakage
  • Legal liability – for damage to third parties occurring on your property.
  • Cover for electric motors – for example, if an air conditioner or toaster is damaged by an electric current.
  • Theft or malicious damage caused by the tenant or their guest to 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 or landslides
  • Any damage done during repairs or alterations being carried out on the house

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

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RACV FAQs

RACV’s landlord insurance policy 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, in which case RACV will compensate you for up to 12 months’ worth of rent
  • If your tenant defaults on their payment, RACV will compensate you for up to $5,000 in lost rent.

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

Under RACV’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
  • Theft (by either a stranger or your tenant/their guest)
  • 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 to the contents they own in their investment home.

While RACV’s building and contents landlord insurance policy is the most common option for landlords, RACV also offers building cover and contents cover as separate policies. For more information about the different policies, look at the RACV 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 RACV’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
  • The impact of a machine such as an aircraft or vehicle

To see the full list of defined events and any excluded 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.

RACV’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 may also offer additional benefits 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 RACV landlord insurance policy include:

  • RACV Membership

Yes, RACV also offers home insurance as well as landlord insurance.

By taking out both home and landlord insurance with RACV, you may also be eligible to receive up to a 10% multi-policy discount on your premium.

See the difference between home and landlord insurance here.

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

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You can purchase a RACV landlord insurance policy by comparing your options with Canstar and generating a quote on the RACV website. They will ask you 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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The Royal Automobile Club of Victoria (RACV) was formed as a motorists’ social club in 1903 and has been providing valuable services to millions of Victorians ever since.

RACV is the trusted insurer for more than 2.1 million Australians, and employs more than 2,000 people. RACV offers specialised policies including cover for over-50s and cover for vintage and classic cars.

RACV supports the community in a number of ways, including through the RACV Community Foundation, which gives grants of up to $20,000 to grassroots organisations to improve the lives of people in need in Victoria. The Foundation has provided over $3.7 million in grants to more than 300 charities from 1977 to 2017.

RACV Landlord Insurance

Canstar
Rating:
Award: Landlord Insurance 2-Star Rating

House

New South Wales

2017 Star Ratings Report

Written by: Regina Collins | Last updated:

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