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2023-12-22 2:05 pm

Landlords Insurance

Cover for your investment property, its contents and rent default all under one roof.

Why Bank Australia Insurance?

Bank Australia

Australia's first customer-owned bank, with a 65+ year legacy of shared values for people and the planet, offering cover for our customers.

24/7 online claims lodgement

There’s never a good time for accidents. Our friendly Australia-based team can help you lodge claims when you need it most.

Trusted partners

We’ve partnered with Honey Insurance and RACQ Insurance to offer cover for your unique life situation.

Attention: Bank Australia customers with an Allianz Insurance policy
If you have purchased a policy before 18 October 2024 insured by Allianz Insurance, you'll be able to read more about your policy and submit a claim here.
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Protect your investment property and landlord’s contents

Landlords Insurance covers your investment property for the essentials, and helps you mitigate your financial risk including cover for rent default and accidental damage by tenants.

Summary of benefits

Flood, fire or storm

If your property is destroyed by storm, fire or flood, we’ll cover reconstruction and replace your eligible contents up to the sum insured.

Loss of rent

When tenants have to evacuate as a result of an insured event, get net rental income for up to 12 months, up to a total of 10% of the sum insured.

Theft or vandalism by tenant

Cover for loss or malicious damage to your property and contents for up to 15% of your sum insured.

Demolition and removal of debris

On top of your sum insured, we’ll help with the costs of demolition and design fees.

New for old

Cover for the replacement of eligible contents at the item’s value today, not its depreciated value.

Accidental damage by tenant

If your tenant accidentally damages your property, get help with repair costs of up to 15% of your sum insured.

Fixtures and fittings

Cover for loss or damage to floor coverings, blinds and curtains for up to 5% of your building sum insured or up to the contents sum insured.

Rent default

When your tenant is in default, we pay the net rental income up to $5,000 after bond entitlement.

Water damage

If your property and things are damaged by water, we’ll cover clean up and repair costs.

These are only some of the highlights and benefits of our cover options for landlords. Terms and conditions apply. Please refer to the Product Disclosure Statement (PDS) for details on insured events that can impact claims, as well as other exclusions and limitations. Our TMD and FSG will also help you decide if the cover is appropriate for you.

Frequently asked questions

What is landlords insurance and why is it important?

Landlords insurance can cover both the building and the contents of your investment property in the case that they need repair, rebuilding, or replacement after an insured event. This includes protection from unpredictable weather and the impacts of cyclones, floods, storms, and bushfires. Landlords insurance can also protect you against things like theft or damage by a tenant, lost rent, and legal liability.

What’s the difference between landlords and homeowners insurance?

Landlords insurance provides protection for an investment property you are renting out and not living in, whilst homeowners insurance is for your primary residence.

Homeowners insurance covers the home and contents of the house you permanently live in, the contents in your house, and your legal liability related to the investment property. It does not cover the risks that come with having a tenant living at your investment property, such as tenant damage and rent default, making landlords insurance relevant to cover any investment property that you permanently rent out.

I already have home insurance, do I need landlords insurance too?

Landlords insurance should not be used to cover your primary residence, however, if you have an investment property, Bank Australia Landlords Insurance could be an option. Landlords insurance can protect your investment property from the risks that come with having a tenant living at your investment property. Additionally, if you’ve borrowed money to buy your investment property, your financial institution may require you to take out insurance on it.

Am I covered if my tenant defaults on their rent payments or for other forms of loss of rent?

If you take out a Bank Australia Landlords Insurance policy, when your tenant is in default, we may pay the net rental income for up to $5,000, minus any rental bond entitlement. If your building is damaged to an extent that the tenant can’t live in it, or access to use your building is not possible due to damage to the investment property or strata title development, we may pay for loss of rent on the insured property for the time it is unoccupied. This benefit is automatically included in your policy and subject to terms and conditions in the PDS.

Am I covered if my investment property becomes unoccupied?

Your investment property will continue to be covered under a Bank Australia Insurance Landlords policy against insured events even if it becomes unoccupied. You may be required to pay an additional excess if something happens, but you can rest easy knowing the investment property is covered. We consider your investment property unoccupied if no one has been living in it for more than 60 consecutive days or if someone stays there on average for less than one night a week during the 60 day period.

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Disclaimers

For more information or if you want to chat about your Bank Australia Insurance cover, contact us on 132 888 or visit our website at insurance.bankaust.com.au

Bank Australia Limited ABN 21 087 651 607, AFSL 238431 arranges this insurance as an agent for Honey Insurance Pty Ltd ABN 52 643 672 628, AFSL 528244. Insurance issued by RACQ Insurance Limited ABN 50 009 704 152, AFSL 233082 and distributed by Honey Insurance Pty Ltd and Bank Australia Limited (on behalf of Honey Insurance Pty Ltd). Terms, Conditions, limits and exclusions apply. This is general advice only and does not take into account your personal objectives, financial situation or needs and may not be right for you. If you purchase a general insurance product, Bank Australia Limited is paid a commission which is a percentage of your premium. Always read the PDS, any applicable SPDS, FSG and TMD available at insurance.bankaust.com.au/documents before making any decision.

Disclaimers about your Allianz policy

Important note: Insurance underwritten by Allianz is no longer available for new insurance policies.

The following product information is for existing Allianz insurance policyholders:
If you first purchased your policy before 18 October 2024, a different Product Disclosure Statement applies and your policy is underwritten by Allianz Australia Insurance Limited (Allianz) ABN 15 000 122 850 AFS Licence No. 234708. This will remain in effect until your next renewal date after 18 October 2025. Please refer to the documents sent to you with your latest policy terms, or contact Allianz on 13 26 64 for assistance.

To find out more or make a claim, simply visit Allianz website Claim Notification or call 13 10 13.