Landlord Insurance Broker

Public Liability Insurance is automatically covered in your Landlords Insurance and can range from $10M to $30M

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. 

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.