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Landlord insurance FAQs

Published 9 October 2018 

Frequently asked questions on landlord insurance.

Landlord insurance covers your investment property as well as rental income. Here we answer the most frequently asked questions about landlord insurance, including what’s covered, the costs and ways to lower your premium.

1. What is landlord insurance?

Landlord insurance protects your residential investment property: it can cover buildings only, contents only, or combined buildings and contents.

For example, depending on your policy, you can be covered if your investment property is damaged in a flood or fire or if your tenant fails to pay the rent they owe you or maliciously damages your property. It includes liability insurance.

2. Why do I need landlord insurance?

Many property investors take out this insurance for peace of mind – it ensures they can manage the risk of being out of pocket if the rent they were expecting doesn’t get paid, or they’re faced with rebuilding or making repairs to their investment property.

It may also be compulsory with some lenders requiring proof of building insurance as part of their loan requirements.

3. What is covered under landlord insurance?

Policies vary, but as a general rule you should be covered for damage to the building and/or contents.

ANZ Landlord Insurance covers tenant protection and building protection, including:

  • loss of rent as a result of an event we have agreed to cover 
  • cost of rebuilding your investment property if it’s destroyed in a ‘defined event’, such as a fire, flood, earthquake, storm or cyclone
  • cost of fixing malicious damage caused by tenants or their guests, or replacing items they have stolen
  • the legal cost of taking action against a tenant and the cost of paying out a liability claim made against you for an incident that occurred on your investment property
  • replacement of keys and repairs to locks of external doors or windows if they are lost or stolen.

Please refer to the ANZ Landlord Insurance Product Disclosure Statement (PDF 1.2MB) for full details. 

4. What doesn't it cover? 

Landlord insurance doesn’t cover run-of-the-mill expenses involved in owning an investment property. This includes no rental income due to not having a tenant, general wear and tear, or regular maintenance issues, such as a plumber’s bill for unclogging a sink.

It also won’t cover costs arising from repairs tenants carry out, and usually doesn’t cover any of the tenant’s contents or any contents unrelated to the letting of the property.

As a landlord, make sure you have a tenancy agreement in place, so both parties know exactly what’s covered.

5. Do I need building insurance for a strata unit?

If your investment property is a strata-managed apartment or townhouse, it’s quite likely you already have cover for building insurance. However, check with your strata to determine what’s covered under strata and what areas you are responsible for.

6. How much is landlord insurance?

Your premium is calculated on a number of risk factors including where the property is located and the estimated cost to rebuild the property, such as the year/period of construction, the standard of construction and the slope of the land it is built on.

Investment properties in areas prone to natural disasters, or in postcodes where tenants default or cause property damage at above-average rates attract a higher premium, so do your research before purchasing in these areas.

Other factors include:

  • type, location, occupancy, construction and age of your buildings
  • cost to rebuild
  • type and frequency of claims you have made
  • excess you have chosen
  • discounts you may be eligible for.

7. How can I lower my premium?

There are several ways to lower your premium. Ask your insurer about any discounts you are eligible for or opt for fortnightly or monthly payments to help manage your cashflow.

Some common options to lower a premium include:

  • paying a higher excess
  • taking out multiple policies with the one insurer to qualify for a discount
  • discounts for seniors (also known as the over-50s discount).

8. Am I covered if the rent is not paid?

Rental protection covers vary. Check your policy, but the more comprehensive policies like ANZ Landlord Insurance, provides cover for loss of rent for common events such as: 

  • the building is uninhabitable due to loss or damage from a covered event
  • a tenant defaults, or breaks their contract
  • your sole tenant passes away.

Refer to the ANZ Landlord Insurance Product Disclosure Statement (PDF 1.2MB) for full details.

9. I’d like to rent my house out as a holiday home. Is this covered under insurance?

Check with your insurer to see exactly what’s covered. For example, at ANZ, a holiday home would be covered under our home insurance policy rather than landlord insurance. This means you don’t get the same level of protection for tenants and there are conditions around how long the property is unoccupied for. 

Lastly, it’s always a good idea to let your insurer know when your circumstances change.

10. How do I make a claim?

Contact your insurer as soon as possible.  For ANZ customers, there’s round-the-clock claims support, so you can call, or complete the claim form online

To avoid delays, make sure you’ve got all the necessary supporting information before submitting your claim.

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This information is current as at date of publication and is subject to change.

The issuer of this information is ANZ. While ANZ has taken care to ensure that this information is from reliable sources, it cannot warrant its accuracy, completeness or suitability for your intended use. To the extent permitted by law, ANZ does not accept any responsibility or liability arising from your use of this information.

ANZ Landlord Insurance is issued by QBE Insurance (Australia) Limited (ABN 78 003 191 035, AFSL 239545) (QBE). We recommend that you read the ANZ Financial Services Guide (PDF 479kB) and ANZ Landlord Insurance Product Disclosure Statement and Policy Document (PDF 1.2MB) (available online or by calling 13 16 14) before deciding whether to acquire, or to continue to hold, this product.

Although Australia and New Zealand Banking Group Limited (ANZ) ABN 11 005 357 522 AFSL 234527 distributes these products, ANZ does not guarantee the issuers or their products.

This information is of a general nature and has been prepared without taking account of your objectives, financial situation or needs. You should consider whether the information is appropriate for you having regard to your objectives, financial situation and needs. 

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