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You can choose to cover your (the Landlord’s) building, contents, or combine both under one policy.
Building Insurance covers the financial cost of repairing damage to the physical structure of a property in the event of damage or theft. This includes the roof, floors and walls, as well as any fitted or permanent fixtures including any improvements or renovations.
Contents Insurance provides cover for the contents you make available to your tenants, such as: furniture, furnishings, kitchenware, manchester, appliances (including unfixed dishwashers), artwork, fixed and unfixed carpets and rugs, floating floorboards in a home which is part of a strata title plan, and internal window coverings e.g. blinds, curtains.
You should read the PDS and policy wording to understand the scope of cover, which provides for limitations and exclusions.
The difference between building insurance and landlord insurance is the option of covering for loss of rent. Specifically, if the tenant has defaulted on paying their rent or if the property is in an unliveable condition and the tenant has left. This depends on the policy, and it’s worth checking you have selected the optional extra, if applicable, and confirm the details by reading the Product Disclosure Statement (PDS) to make sure you have the cover you are after.
If your investment property is a strata unit or townhouse, your building insurance may be taken care of by the strata or body corporate and you should contact your strata board for any enquiries. However, if it’s a house, think about what it would cost to rebuild it today using the same type of materials and the same style of fittings and fixtures. It is also worth knowing the cost to rebuild your property or replace my contents is called your sum insured, in insurance language. Your sum insured is the amount an insurer agrees to pay up to. It’s nominated by you and can be quite tricky to work out. As a result many insurers offer Insurance Calculators to make it easier.
The Building and Contents calculators available through our websites are intended as a guide only. For a more accurate rebuilding cost, consider obtaining a professional valuation from a licensed builder or professional valuer.
One of the biggest risks when considering home insurance is not taking out enough cover. In the event that your home and/or contents are completely destroyed, you may not have enough money to rebuild the home entirely or replace all of your possessions.
Imagine if a flood, fire or storm wreaked havoc on your home and also caused damage to your personal property – what would you do? A home insurance policy allows you to receive compensation for a specific loss or damage in return for the payment of a premium.
The information contained in this article is general information only and is not specific to any product.
It does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness, having regard to your personal objectives, financial situation and needs to these factors before acting on it.
Terms, conditions and exclusions apply to any insurance product. Please read the disclosure documents for your selected product or service, including the Terms and Conditions or Product Disclosure Statement, before deciding.
Cover is subject to your application for insurance being accepted.
Key Facts Sheets (KFS):
Home Building Essential Care KFS (PDF 311KB)
Home Contents Essential Care KFS (PDF 335KB)
Home Building Quality Care KFS (PDF 311KB)
Home Contents Quality Care KFS (PDF 336KB)
Product Disclosure Statements (PDS)
Landlord Insurance Product Disclosure Statement and Supplementary Product Disclosure Statement (PDF 2MB) (applicable to policies issued or renewed on or after 1 July 2019)
Landlord Insurance Product Disclosure Statement (PDF 2MB) (applicable to policies initially issued in the period between 30 June 2018 and 30 June 2019; or renewed in the period between 30 July 2018 and 30 June 2019)
This information does not take your personal objectives, circumstances or needs into account. Read the relevant PDS(s) to see if this insurance is right for you.
Landlord Insurance is issued by Westpac General Insurance Limited ABN 99 003 719 319 (except workers compensation cover where applicable). Bank of Melbourne – a Division of Westpac Banking Corporation ABN 33 007 457 141 (the Bank) distributes the insurance, but does not guarantee the insurance.