Landlord Insurance Cost in Brisbane & QLD (2026 Guide: What Landlords Actually Pay)

Insurance cost for your investment property every year is always a consideration when there are so many changes that could impact your bottom line.

This blog was created to assist property owners in Brisbane and QLD get more insight into the cost of how much building and landlord insurance actually costs in 2026.

What Is the Average Cost of Landlord Insurance?

In Australia, landlord insurance typically ranges anywhere from a few hundred dollars per year for just landlord covers such as fixtures/fitting, rent default, and public liability insurance. If you are insuring your building as well as the landlord covers mentioned just now, the premiums could be up to or over $2,000 annually, depending on the property address, and the level of cover selected.

A cheaper policy may have lesser covers, higher excesses, or exclude certain tenant scenarios. At Morgan Insurance Brokers, we explain to you the quotes obtained and what you’re actually covered for and how a claim would respond when you need it to, so there are no surprises.

What Factors Affect the Cost of Landlord Insurance?

1. Property Location

Landlord insurance premiums in Brisbane can be influenced by weather, flood risk, and how much the building is insured for. The actual landlord covers themselves without insuring for the building are relatively cheap, usually coming in under $500. When you insure the building, that is when the premiums are higher.

2. Property Type and Construction

The type of property also plays a significant role in determining the premium. For example, if the property is a strata unit, building insurance is usually covered under the strata policy, meaning you may only require a standard landlord insurance policy. However, if it’s a freestanding house, you will generally need to insure the building yourself, which naturally results in a higher premium.

The construction of the property can also make a substantial difference to the cost of insurance. Standard brick homes are typically cheaper to insure than weatherboard properties, as brick is less combustible and presents a lower fire risk.

Properties with external asbestos walls can significantly increase premiums due to the high clean-up and removal costs associated with asbestos contamination following a fire. In 2024, Lauren Spice handled a claim where a fire occurred in a single room at the front of a property, but smoke damage spread throughout the home. Because the internal walls contained asbestos, they had to be completely stripped and professionally removed. The total clean-up and removal costs were close to $70,000. This is why asbestos homes are more expensive to insure.

Expanded polystyrene (NRG Greenboard) homes can also be more expensive to insure. This is largely because fewer insurers are willing to offer cover for this type of wall construction due to the fire risk also. With fewer insurers in the market, competition reduces, which can lead to higher premiums.

3. How much you are insured for

How much either your building or your rental income is insured for is one of the main factors in how your premium is calculated. The higher your building, or your contents/fixtures and fittings, the higher the premium will be. Depending on if the insurer has applied any flood loadings, or location loadings (think Northern Australia where cyclones are frequent), the riskier the location, the higher the premium as you increase your cover.

It is important to ensure that you aren’t underinsured as you may have to contribute to your own claim if the replacement/repair bill doesn’t cover the loss. To help determine an appropriate sum insured, you can use a building or contents insurance calculator. The Australian Government’s Moneysmart website provides guidance on avoiding underinsurance and estimating replacement costs.

4. Level of Cover Selected

Landlord Insurance policies can be tailored to suit your budget and risk tolerance. While it may be tempting to reduce cover to lower premiums, it’s important to understand what protections you may be giving up.

We have seen situations where landlords underestimated the financial impact of extended vacancy following a major claim.

As Lauren Spice has previously noted:

“In many cases, the additional loss of rent cover only increases the premium by a relatively small amount, yet it can provide significant protection for your cash flow if your tenant cannot occupy the property due to an insured event. This is the same for if a tenant defaults on their rent and vacates unexpectedly”

For many landlords, the cost difference between basic and more comprehensive cover is modest compared to the potential financial impact of losing rental income for an extended period.

5. Rental Income

The amount of rental income your property generates can influence your premium. Generally, the higher the weekly rent insured, the higher the premium.

However, rental income is not usually one of the major pricing factors. In many cases, the premium difference between insuring a property for $500 per week compared to $1,000 per week is relatively modest.

This is because insurers typically place greater weight on factors such as location, construction type, claims history and overall risk exposure.

6. Claims History

Your previous claims history can heavily impact premiums. Even just 1 claim over $50,000 (which isn’t hard these days with the cost of trades and materials) can seriously impact your insurance for the next 3-5 years. With multiple claims, or just a single large claims, it can even impact your chances of getting insurance at all.

Is the Cheapest Landlord Insurance the Best Option?

The old saying “you get what you pay for” is particularly relevant when it comes to insurance. Lower premiums are often a sign that either the level of cover is reduced, certain benefits are excluded, or the excesses are higher.

Many online comparison websites initially present quotes based on basic cover only. While the price may look attractive at first glance, additional covers often need to be added back in to obtain more comprehensive protection.

This pricing strategy is sometimes referred to as “price anchoring” where a lower starting premium makes the policy appear more appealing, even though it may not provide the level of protection you actually need.

When comparing landlord insurance policies, it’s important to look beyond the first price and carefully review the inclusions, exclusions, limits and excesses to ensure the cover aligns with how you want your insurance policy to actually respond when you need it to.

How Can an Insurance Broker Help?

Morgan Insurance Brokers has access to a large panel of landlord insurance providers, allowing us to compare multiple policy options on your behalf. Rather than being limited to a single insurer, we can assess different levels of cover, policy wording, excesses and premium pricing to help you make an informed decision.

Every landlord’s situation is different. Your budget, the type of property you own, its location, your claims history, and even your relationship with your tenants can influence the level of protection that may be appropriate. For example, some landlords may feel comfortable self-insuring minor risks, while others may prefer comprehensive cover including loss of rent and tenant default protection.

An insurance broker helps you weigh up these considerations. Instead of simply selecting the cheapest option online, we review the policy details to ensure you understand.

Final Thoughts

The cost of landlord insurance depends on so many different factors, including the address, how much you’re insured for, what the construction of the property is, and how much rental protection you’d like to insure for.

Before choosing a policy based purely on price, it’s worth understanding what is and isn’t included.

Your investment property is a major asset. Making sure it’s properly protected is just as important as securing a tenant.

Landlord FAQ’s

Does landlord insurance cover loss of rent or tenant default?

When insuring your property under a landlord insurance policy, it’s important to check whether loss of rent following an insured event is included. Some policies automatically provide this cover, while others require it to be selected as an optional benefit.

Rent default cover which protects you if a tenant stops paying rent or abandons the property, is typically an optional add-on and not automatically included in every policy.

Is landlord insurance tax deductible?

Yes, landlord insurance premiums are generally tax deductible in Australia if the property is used to produce rental income.

The Australian Taxation Office (ATO) allows property investors to claim the cost of landlord insurance as an expense in the same financial year the premium is paid. This can include cover for building insurance (if applicable), contents, public liability, and loss of rent protection.

How much does Landlord Insurance Cost in Australia?

The cost of landlord insurance in Australia varies widely depending on several factors, but most policies fall roughly between $400 and $2,500 per year for standard cover on a typical investment property.

General Advice Warning

The information in this article is general advice only and does not take into account your personal objectives, financial situation or needs. Before making any decision, you should consider whether the advice is appropriate for you and review the relevant Product Disclosure Statement (PDS) and policy wording. Please refer to our Financial Services Guide for details about our services