Westpac Landlord Insurance

Westpac is a provider of landlord insurance as well as car insurance, home & contents insurance, home loans, credit cards, investments, online 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 protection against the financial loss that may result from owning a rental property.

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The table below displays a snapshot of Westpac’s landlord insurance policies on Westpac: Outstanding Value Award WinnerCanstar’s database. 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 Westpac offer?

Westpac offers three landlord insurance policies – building & contents insurance, buildings insurance, and contents insurance. They also have two levels of cover available for each policy – Essential Care and Quality Care.

The quality care 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 caused by natural disasters or malicious acts.
  • 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

For a detailed look at what may not be included under a Westpac landlord insurance policy, see Westpac’s PDS.

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Westpac FAQs

Westpac’s home & contents landlord insurance policy may protect you against a loss of rental income due to a variety of factors, including:

  • Inhabitability after an insured event such as a fire, flood, storm or riot etc.
  • If your tenant defaults on their payment (available as an optional extra)

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

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

  • Damage to any buildings, sheds, garages or fences within the property line
  • Damage caused by insured events such as fires, floods, and storms
  • Damage caused by riots or civil commotions
  • Damage caused by accidental glass breakage
  • Electrical motor burnout
  • Theft (not by tenant, cover for theft by tenant available as an optional extra)
  • Damage caused by malicious acts (not by tenant, cover for malicious acts by tenant available as an optional extra)

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

Westpac’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.

Yes, Westpac also offers home insurance as well as landlord insurance. At the time of writing, the Westpac website does not have a multi-policy discount available; however, they do offer a 15% discount off your annual premium if you purchase a policy online. They also offer a further 10% off if you combine the landlord building and contents cover together on the one policy.

See the difference between home and landlord insurance here.

The table below displays a snapshot of Westpac’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 Westpac landlord insurance policy by comparing your options with Canstar and generating a quote on the Westpac 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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Westpac was Australia’s first bank, and the country’s first officially incorporated company. Established in 1817 as the Bank of New South Wales, Westpac now serves around 13 million customers. Westpac is one of the big four Australian banks and it owns a number of other banking brands including St. George Bank, Bank of Melbourne, BankSA and RAMS.

Westpac takes its corporate and social responsibility seriously. Westpac directly supports several community focus areas: disaster relief for businesses and communities, addressing financial and educational disadvantage in Aboriginal and Torres Strait Islander communities, and microfinance for marginalised small business people.

Source: Westpac Banking

Written by: Regina Collins | Last updated: