What is Landlord Insurance?
Negative gearing; equity; loss of rental income – you’ve gone through all the numbers and done the math when it comes to renting out your home. Before handing over the keys to your property manager, there is one part of the equation you’ll need to include in your calculation. Landlord Insurance has been designed to provide cover for risks generally faced by landlords when renting out their property.
Landlord Insurance is an enhanced form of home (building and/or contents) insurance, which includes cover for the events that a traditional home insurance policy would be expected to cover, such as storm and fire, but has additional features which are applicable to you as a landlord such as cover for damage caused by tenants pets1.
The Landlord Insurance arranged by Aon can cover your property for damage as well as any loss of income you might sustain while the property is out of action and includes1:
- Loss of rent
- Damage by tenants to contents
- Liability cover
- Flood
- Rent default
- Pet damage
- Clean up costs associated with illegal drug protection
Aon arranges two types of Landlord Insurance cover packs
Are you a Real Estate Agent who would like to work with Aon?
As a Real Estate Agent, the service you provide is what differentiates you from other agents in the market. Becoming an Aon Insurance Distributor enables you to add to your services by offering your clients Residential Landlord Insurance to help ensure their property is protected.
We’ve also developed a new digital Agent Portal that allows you to pre-fill client applications, have dashboard visibility of your portfolio and provide digital oversight of insurance policy renewals.
Proud Partners of
Claims process
To lodge a Landlord Insurance claim, Real Estate Agents who have the relevant authority from their client and clients that engage with Aon directly can call CGU on 13 24 80 or complete the form and return it to [email protected].
Real Estate Agents have the authority to act on behalf of the landlord if there is a managing agreement in place and can lodge and enquire on claims. Claim lodgements are available 24/7.
Following the lodgement of a claim - a claim number and CGU Claims Manager will be assigned. Depending on the type of claim and extent of damages, an assessor may be appointed. For rent default claims, supporting documents will be required (see claim form for checklist of required documents).
Frequently Asked Questions
What is the difference between Landlord Insurance and Home Insurance?
Regular home insurance helps cover your property against damage from events such as storm, fire and theft and usually includes a section covering your liability as an occupier. Landlord Insurance provides cover for all of the same events a standard home insurance covers, but has additional features which are relevant to landlords, such as loss of rental income, rent default and malicious damage caused by tenants.
Should I get Landlord Insurance if I’m renting out a home?
If you’re renting out a property, it is important to consider Landlord Insurance . It will not only help cover some of the costs to repair the home if an insured event occurs but can also reimburse you for loss of rental income if your property has to be vacant for a period of time while the repairs are being carried out.
Does Landlord Insurance cover tenant damages?
Some types of damage caused by tenants are covered (vandalism, for example) but there are conditions and exclusions which apply so you should speak to your broker about the policy options available.
What is the typical cost of Landlord Insurance?
This will vary significantly between different states. It will depend on the address of the property and a number of other factors, such as the sum insured of the property.
Is a landlord responsible for damaged property?
As a landlord, if there is damage to your investment home, the cost of repair sits with you. In addition to damage to the house itself, if a tenant alleged that your negligence as a landlord caused damage to their property, then it is possible that you would be held liable for these costs as well.
I rent out an apartment or villa – do I still need Landlord Insurance?
If you rent out an apartment or villa, you might have some level of cover under your Strata Insurance. You should speak to your Strata Insurance provider to understand which parts of the property the strata insurance covers. Depending on the coverage under your Strata Insurance, you may still need to consider a Landlord Insurance policy to help cover the fixtures and fittings, public liability, as well as risks such as rental default or loss of rent should an insurable event take place within the 4 walls of your property.
I’m renting out a furnished property, do I need extra insurance?
If you’re renting out a furnished property, you may wish to consider including Landlord Contents Insurance in your coverage, where you nominate the total value of your furnishings that you wish to insure.
I’ve leased my property out privately, can I still get Landlord Insurance?
You’re still eligible to take out Landlord Insurance even if you’ve rented out your property privately. However, to be eligible to be covered for rent default and loss of rental income, you need to have a written rental agreement in place.
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Ways to get in touch
Or call us on 1800 010 248, email us on [email protected]