Landlord insurance in the ACT
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Top 3 things to know about landlord insurance in the ACT
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A guide to landlord insurance in the ACT
Updated 23 September 2024
Types of landlord insurance
If you are a landlord in the ACT, you might want to consider one of three types of cover for your investment property:
- Landlord building insurance covers home building and property damage at the insured address, as well as structures like fences, garages and sheds.
- Landlord contents insurance covers the items the landlord owns in a rental home like appliances, curtains and furniture. Tenants require renters insurance to cover their items.
- Landlord combined insurance offers the benefits of both contents and building cover in one policy.
Along with the standard inclusions of landlord insurance policies, some insurers may also offer cover for loss of rental income and malicious acts from tenants as optional extras.
What does landlord insurance cover?
Cover can vary depending on your insurance provider, but here’s a guide to general inclusions and exclusions in landlord insurance policies.
| What is & isn’t covered? | Landlord building | Landlord contents | Landlord combined |
|---|---|---|---|
| Storm damage | ✓ | ✓ | ✓ |
| Fire damage | ✓ | ✓ | ✓ |
| Flood damage | ✓/Optional extra | ✓/Optional extra | ✓/Optional extra |
| Earthquake | ✓ | ✓ | ✓ |
| Movement of the sea | ✗ | ✗ | ✗ |
| Vandalism | ✓ | ✓ | ✓ |
| Theft | ✓ | ✓ | ✓ |
| Impact damage | ✓ | ✓ | ✓ |
| Portable contents | ✗ | Optional extra | Optional extra |
| Motor burnout | Optional extra | Optional extra | Optional extra |
| Damage from vermin | ✗ | ✗ | ✗ |
| Accidental damage | Optional extra | Optional extra | Optional extra |
| Escape of liquid (excluding the leaking item) | ✓ | ✓ | ✓ |
| Removing debris | ✓ | ✓ | ✓ |
| Damage to renovations | ✗ | ✗ | ✗ |
| Temporary accommodation | ✓ | ✓ | ✓ |
| Tenant default | Optional extra | Optional extra | Optional extra |
| Loss of rent | Optional extra | Optional extra | Optional extra |
| Malicious damage | Optional extra | Optional extra | Optional extra |
To get the full details on inclusions and exclusions for standard insured events and optional cover, always read the relevant Product Disclosure Statement (PDS). The Target Market Determination (TMD) could also help you figure out if the product is appropriate for your circumstances.
Like other states and territories in Australia, the cost of landlord insurance premiums in the ACT can vary depending on several factors, including:
- The sum insured amount and basic excess on your policy
- The crime rate of the insured address’ suburb
- How close your investment property is to bushland
- The frequency of weather events in your area (e.g. storms or bushfires)
- If you’ve purchased any optional cover with your policy.
Do I need landlord insurance in the ACT?
Technically, there isn’t a government mandate for homeowners to have landlord insurance for their rental property in Australia. However, it’s worth considering landlord insurance for your investment property in the ACT since it can provide cover if you need to repair or rebuild your home following an insured loss.
Meet our home and contents insurance expert, Adrian Taylor
As the Executive General Manager of General Insurance at Compare the Market, Adrian Taylor works to make it easier for homeowners, renters and landlords to protect their home and contents. He believes it’s important for all residents (whether they rent, own or lease) to have adequate financial cover for their property and belongings in case the worse should happen.