Landlord insurance in South Australia
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A guide to landlord insurance in South Australia
Updated 20 September 2024
Types of landlord insurance in South Australia
These are generally the types of landlord insurance available for homeowners in South Australia:
- Landlord home insurance (also known as ‘landlord building insurance’) covers the building and other structures at the insured address of your investment property. This may include the garage, shed and fences.
- Landlord contents insurance typically covers items and fixtures in your investment home. This may include furniture, appliances, curtains, carpets and rugs. It doesn’t cover your tenant’s possessions so they’ll need to purchase renters insurance to cover their items.
- Landlord combined insurance offers the benefits of home and contents insurance in a single landlord insurance policy.
Depending on your insurer, additional benefits for loss of rental income, malicious acts by tenants and electrical motor burnout may also be available as optional cover.
What does landlord insurance cover?
What your landlord insurance will cover in South Australia depends on the type of policy you purchase. Here’s a guide to what insured events landlord insurance policies generally cover:
| 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 |
For full details on inclusions and exclusions of a specific policy, always read the relevant Product Disclosure Statement (PDS). The Target Market Determination (TMD) could also help you figure out if the product is right for your situation.
There are several factors that can impact the cost of landlord insurance in South Australia, including the:
- Sum insured amount on your policy
- Basic excess on your cover
- Crime rate of your rental property’s suburb
- Proximity of bushland to your property
- Risk of weather events (e.g. bushfires or storm surges)
- Optional cover you’ve purchased.
Do I need landlord insurance in South Australia?
Landlord insurance isn’t a legal requirement in South Australia. However, it could provide peace of mind knowing you’re covered for insured events if you need to repair or rebuild your investment property. Conversely, not having insurance for your investment property would mean you’d have to pay for any damage in full.
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.