Insurance for landlords is a type of home insurance that you can use to insure a property you own and rent out to tenants. With Youi, landlords have the option to take out either a Home building insurance policy or a Home contents insurance policy – or both. When landlord is noted as the occupancy cover type on a Home insurance policy schedule, the policy provides different – and sometimes additional – types of cover, compared to Home insurance policies where the listed occupant of the property is the owner.
At Youi, landlord insurance provides cover for a range of events, such as damage to your property caused by some sever weather events, such as storms and floods,2 as well as escaping water,1 and accidental fire.2
It also covers loss of rent for up to 12 months if your rented property is unliveable after an insured event and we’ve paid a claim for loss or damage caused by that event.1 Landlord building insurance covers emergency repairs too.4
It depends on what the property’s strata insurance covers, the cost of which is usually included in your building levies. The body corporate may be responsible for insuring the building your property is part of, so you might want to check that a strata insurance policy is in place and what it covers before taking out landlord insurance.7
So, if you decide you don’t need landlord building insurance on a strata title property that you own and are renting out, you might like to consider taking out a landlord contents insurance policy.
At Youi, with a landlord contents insurance policy for a strata title property that you own, it may also cover fixtures and fittings that aren’t legally considered part of the building under the relevant state or territory law. For example, this could include items like kitchen and bathroom units, floating floorboards or cooling systems.3
Yes – if you take out building insurance for landlords, it covers your property’s building for events such as storm, flood and fire,2 as well as escaping water, theft, impact and intentional damage.1
Yes – if your property is unliveable as a result of an insured event and we’ve paid a claim for loss or damage caused by that event, we’ll cover your loss of rent for up to 12 months.1
This applies whether you have a landlord contents insurance policy or a landlord building insurance policy with us – or both.1
Under a landlord building policy, the most we’ll pay is 10% of the buildings sum insured up to a maximum period of 12 months. Under a contents policy, if your building is a strata title where the body corporate is responsible for taking out building insurance, the most we’ll pay is $2,000 per month, up to a maximum period of 12 months.1
No – landlord insurance doesn’t include standalone public liability insurance which is a type of business insurance.8
However, at Youi, landlord insurance does include legal liability. This means if an accident at the property you own, or related to your insured contents, depending on your policy, results in death, bodily injury or damage to someone else’s property, you’re covered up to $20 million for each claim.5
No – at Youi, landlord insurance doesn’t cover damage caused by tenants as a standard inclusion, aside from accidentally broken glass or ceramics that are fitted at the property.1
However, there is an optional Lessee/Tenant Default and Damage cover that you can add to your Youi landlord insurance policy for an additional premium. If you select this optional cover, theft or intentional damage to your property that’s committed by your tenant – or by people your tenant allows onto the premises – is covered.1
It depends. If the property you’re renting out as a landlord is unfurnished, then landlord building insurance may be sufficient – bearing in mind that at Youi, landlord insurance for buildings does provide up to $10,000 cover after excess for each claim for furnishings and furniture, including white goods, that you’ve provided in the property for your tenants.1
However, if the property you’re renting out is fully furnished, you might want to consider taking out landlord contents insurance in addition to landlord building insurance.3
If you have a mortgage on the property you’re renting out, most Australian lenders will require you to take out insurance to cover the property’s building, as a condition of approving the loan. This may be different if your investment property is a strata title apartment as it may already be covered by the property’s strata insurance.7
However, regardless of whether or not a lender requires you to take out insurance on a property that you own or are purchasing, landlord insurance may cover the cost of repairing or rebuilding your property if something goes wrong.7
To find out whether Youi landlord insurance may be a good fit for your rental property, consider starting a landlord insurance quote online or by giving us a call on 13 9684.
