Landlord Insurance Broker
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Landlord Insurance + Building & Landlord Insurance Packages
LANDLORD INSURANCE BROKER
Using an experienced Landlord Insurance Broker to manage your property portfolio is the smartest thing you can do to protect your investment.
Purchasing an investment property is a very exciting time. Growing your portfolio can provide many financial benefits, from passive income to tax advantages, and are also a great long term wealth strategy if the value of the property increases during the period of ownership.
From the moment you sign the contract, there are a whirlwind of tasks that need to be executed. Conveyancing, contracts, building and pests, loan approval, insurances, the list goes on.
With all the excitement and time pressure surrounding this process, it’s easy to see how purchasing insurance can become rushed, resulting in potentially inadequate cover.
Engaging Morgan Insurance Brokers as your preferred Landlord Insurance Broker, we can guide you through this exciting time. We will provide you with sound advice and peace of mind that you’re adequately covered to minimise the financial impact if you ever suffered an insured event.
Using a broker vs going direct to an insurer
Landlord insurance policies vary significantly between insurers in coverage terms, exclusions, and claim conditions. A broker compares them on your behalf at no extra cost.
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Quotes sourced from Australia's leading landlord insurers
What Does Landlords Insurance Cover?
Using a combined Building & Landlords Policy can protect your building from bush fire, grass fire, accidental fires, and arson. It also helps cover the cost of replacement of the building and cover your loss should the worst happen.
There is more to landlord insurance than just insuring the building
Most investors think landlord insurance is primarily about protecting the building from fire or storm. In reality, the covers that matter most to a residential investor are the ones that protect your rental income, your fixtures and fittings, and your liability as a property owner. These are the covers that differ most between insurers — and the ones most commonly missed when investors buy on price alone.
Key covers to check
Most investors only know about two or three of these
Rent default
Tenant stops paying without notice — one of the most common claims
Accidental damage
Not standard with most insurers — needs to be specifically negotiated
Theft by tenant
Standard theft cover excludes tenants — a separate extension is required
Rent default
Tenant stops paying without notice
Rent default occurs when a tenant falls behind in rental payments without giving any written or verbal notice. This is one of the most common landlord insurance claims in Australia and one of the most financially damaging — a tenant who stops paying and refuses to vacate can leave a landlord without rental income for months while a tenancy tribunal matter is resolved.
This cover typically also includes legal and court costs to pursue recovery of rent arrears through a tribunal or court, which can easily run into thousands of dollars even for a straightforward case.
Standard inclusion — check the weekly limit and maximum claim periodTheft by tenant
Deliberate removal of fixtures, fittings or contents
Standard theft cover only applies when there is evidence of forced entry by an external party. Because tenants have lawful access to the property, theft committed by a tenant is specifically excluded from most standard building and contents policies. Theft by tenant cover addresses this gap directly.
For an unfurnished investment property, this cover protects fixtures and fittings removed or deliberately damaged by a departing tenant — blinds, curtains, light fittings, tapware, cabinet hardware, and other items that can be costly to replace across a whole property. A condition report with photos at lease commencement is essential documentation for any theft by tenant claim.
Optional extension — needs to be specifically includedLoss of rent
Rental income replaced when property is uninhabitable
Loss of rent cover protects your rental income for up to 12 months when an insured event — fire, storm, flood, or another covered cause — renders your property uninhabitable and your tenant is forced to vacate while repairs are carried out. For an investor who relies on rental income to service a mortgage, a property sitting empty during a lengthy repair period can be financially devastating without this cover.
This is distinct from rent default cover. Loss of rent responds to physical damage to the property. Rent default responds to tenant behaviour. Both are needed for comprehensive protection of your rental income stream.
Standard inclusion — confirm the maximum period and daily rateAccidental damage by tenants
Unintentional damage caused during the tenancy
Accidental damage by tenants is not a standard cover with most landlord insurers and is typically excluded from base policies. It covers unintentional damage caused by tenants during the tenancy — a window broken by accident, a hole in a wall, damage to flooring or fixtures caused by normal day-to-day accidents rather than deliberate acts or wear and tear.
This cover is important because the line between accidental damage and malicious damage is not always clear-cut, and without accidental damage cover, a landlord may find themselves unable to claim for tenant-caused damage that was not deliberate. Morgan Insurance Brokers specifically negotiates accidental damage inclusion into the landlord policies we source — it is not something we leave to the standard policy wording.
Negotiated inclusion — not standard — ask your broker to confirmLandlord liability
Personal injury and property damage claims by tenants or visitors
Public liability insurance comes standard in most landlord insurance policies. It covers the landlord for costs associated with a personal injury or property damage claim that they are found liable for as the property owner — including legal defence costs and compensation payments. This cover also extends to claims made by tenants and their guests who are injured on the property.
As a landlord, you have a duty of care to maintain the property in a safe condition. A tenant who trips on a broken step, or a visitor injured by a fence in disrepair, can result in a significant liability claim against you personally. Most landlord policies include a minimum of $10 million in public liability — confirm this is adequate for your property type and location.
Standard inclusion — confirm the limit is adequateA broker sources a comprehensive landlord policy at a competitive price without making you forego the covers that actually protect your investment. We review each policy's terms, not just the premium, and negotiate inclusions — like accidental damage — that most investors do not realise they are missing.
Get a landlord insurance quoteHow much does landlord insurance cost?
Prices vary by property value, location, and tenant type. These are typical annual ranges across our insurer panel. A broker will find you the best rate at no extra cost to you.
Building and landlord
Full cover — structure and rental risks
per year
Landlord only
Rental risks, no building cover
per year
Short-term rental
Airbnb, Stayz and holiday lets
per year
These are indicative ranges based on typical Australian investment properties and may vary by state, property type, and insurer. A broker will find you the best rate — at no extra cost to you.
What is typically not covered under a Landlords Policy?
War
Old Age
Wear and Tear
Action of the sea
If the property is vacant
Mould - poor ventilation
Bird, Insect, Rodent Damage
Pre-existing damages
Frequently Asked Questions
If you increase your excess, your premium will reduce. We can work with you to find a good balance between a premium reduction, and not paying too high of an excess if you needed to make a claim.
Yes, public liability is automatically included so you’re covered for legal liability risks arising from tenant or guest injuries.
Morgan Insurance Brokers has a large panel of landlord insurers that we approach for quotes. CGU, QBE, Allianz, QSURE, 360, Hollard, Blue Zebra, SGUA and Acerta.
Contact Morgan Insurance Brokers along with your property manager if you need to make a claim. Both your property manager and us as your broker can work together on your behalf to manage the claim. As your Landlord Insurance Broker, our aim is to limit your involvement and simplify and expedite the claims process for your.
Morgan Insurance Brokers offers only the most comprehensive policy covers available to our clients. Accidental damage to the property, and accidental damage by the tenants are automatically covered. This cover can be removedd off the policy, however it is quite inexpensive for the level of cover it affords.
Loss of Rent Insurance under a landlord insurance policy can protect the landlord for lost rental income if the property was uninhabitable. If the property is still liveable and the tenant still resides, a rent deduction cannot be claimed on insurance.
Standardly, most insurers apply an additional excess for landlord claims.
For example, damage to your building would incur an excess. If you have rental arrears that you also would like to claim on, an additional excess for this claim would be applied as well.
Our approved Insurers on our panel have cover for legal fees that ranges between $3,000- $5,000 worth of legal expenses that you incur whilst legally evicting your tenant, or recovering the arrears that they owe you. It’s important to get sign off from your insurer before incuring these costs.
Rent Default Insurance is not available if you don’t have a rental agreement in place, as well as 4 weeks bond. If a tenant defaults on their rent, it’s important that your property manager work as quickly as possible to secure new tenants.
Cleaning costs are a bond expense and are not claimable on insurance.
It is important to note that landlord insurance and home insurance are two distinct insurance policies with critical differences. While both policies aim to offer some form of protection, the scope of coverage and risks covered differs significantly. Landlord insurance provides protection for landlords who rent out residential properties or commercial properties to tenants. This policy includes coverage for damage to the building itself, as well as the contents of the property, and liability protection. Conversely, home insurance policies are designed for homeowners who live in their homes, and the coverage doesn’t account for potential risks associated with renting it out to tenants. Therefore, it is essential that landlords should not assume that their home insurance policy will protect them in case of property damage or liability claims since it is not the same as landlord insurance.
From protection against accidental damage caused by tenants, to coverage for loss of rent due to unforeseen circumstances, landlord insurance gives you peace of mind and financial security. With the flexibility to add or remove different coverage options, you can ensure that your property is fully protected against a variety of risks and situations. However, the premium to include these aditional coverages on top of your standard building insurance is usually very minimal and as your Landlord Insurance Broker, we recommend against it.
Many people wonder whether they are required by law to have landlord insurance when renting out property. The short answer is no, it is not compulsory. However, it is highly recommended as it provides protection for landlords and their properties against a wide range of risks, including damage caused by tenants, theft, natural disasters, and legal action. Without landlord insurance, landlords could be left seriously out of pocket in the event of property damage or a lawsuit. Additionally, some mortgage lenders require landlords to have insurance as a condition of their mortgage agreement. Therefore, although landlord insurance is not required by law, it is an important aspect of being a responsible landlord and protecting your investment. It’s always wise to speak with an insurance professional to determine the best type and amount of coverage for your rental property.
Landlords Insurance is design to protect landlords for financial loss as a result of damages to the property. It won’t pay for the tenants temporary accommodation if the property wasn’t habitable due to an insured event such as a storm, or fire.
If you’re in between tenancies, this is completely fine and will standardly be covered whilst being vacant and looking for a new tenant for up to 60-90 days depending on the insurer. If however, you exceed 60-90 days and you haven’t secured a new tenant, your cover can be reduced significantly. It’s very important to have the discussion with your insurer or insurance broker to ensure that your property is protected throughout the entire policy period, vacant or not.
Damage caused by your tenants pets can be covered by certain insurance providers. The limit of which pet damage is covered is usually quite low.
Periodic leases act as a continuation of the long term rental agreement in place when your tenant first enters the property. Having a tenant on a periodic lease will not impact your insurance cover. Noting that short term leases and periodic leases are different.
Rent Default is not available if you lease the building under
any short-term tenancy arrangement at any time during
the period of insurance.
Building defects are excluded from all landlord insurance policies. Defects will need to be rectified as soon as possible as this can impact the insurers appetite to offer you cover.
It is extremely important to disclose renovations over $50,000 in value to your landlord insurance provider as the insurer can reduce your cover, or even cancel your cover entirely.
Your building sum insured should be insured for the total replacement value if your property were to be destroyed by a fire or natural peril and had to be rebuilt. The easiest way to determine what this figure would be to use a building sum insured calculator – we recommend Cordell SumSure Building Sum Insured Calculator Tool.Â
This however is only an indicative guide and it is always safest to get a professional opinion by a licensed builder, or architecht.
If your property is unfurnished, you do not need to insure for contents insurance.
If your property is unfurnished, you will still need to insure for fixtures and fittings cover. Fixtures and fittings covers for damages to the property such as carpets, curtains, and blinds. Most policies come with an automatic sublimit, whereas other policies don’t. It always pays to double check your cover.
