Landlord Insurance

Is it worth getting landlord insurance?

The fact is that about 85% of Australian landlords do not fully understand what their insurance policy covers. We aim to resolve this confusion.

In a nutshell, it’s always worth getting landlord insurance, especially in Australia, where property-related disputes can be quite common.

As a landlord, you expose yourself to various potential risks, from non-payment of rent to unexpected property damages. Landlord insurance offers you peace of mind as it handles the financial implications of these risks so you can focus on growing your investment. 

Obtaining landlord insurance covers scenarios like loss of rental income, legal expenses, and tenant-related damages, making it a strategic move to secure your investment.

How much does landlord insurance cost?

A landlord insurance quote can vary significantly based on many variables. For example, the average price for a policy in Australia is $1,200 per year.

Factors influencing the cost include the type of property, its location, the age and condition of the property, and the coverage level you choose. 

Typically, in Australia, landlord insurance costs between a few hundred and over a thousand dollars per year. But remember, it’s a wise investment, considering the safeguards it provides for your precious assets.

The exact cost is determined by the policy and features you choose, so it’s important to discuss your specific requirements with your insurer, such as Duo Insurance.

What insurance does a landlord need in Australia?

In Australia, landlords typically need three types of insurance: Property, Liability, and Landlord. Property insurance protects against physical damage to the property due to unforeseen events like fire, storm damage, and theft. Meanwhile, liability insurance covers legal expenses and damages if a tenant or visitor is injured on the property due to potential neglect or failure to keep the property safe.

That said, landlord insurance is the most comprehensive coverage for residential rental property owners. This coverage goes beyond standard coverage and liability policies to cover loss of rent and damage caused by tenants. We provide an all-encompassing policy tailor-made for property investors, addressing the unique risks of renting their investments out.

How does landlord insurance work in Australia?

This optional cover operates as a financial safety net for property owners in Australia. When you lease out your property, and something goes awry, such as a tenant rent default or causing property damage, landlord insurance comes into play. Whether you’re dealing with damage from natural disasters or legal liability, a good policy, like the one offered by our team, provides the necessary coverage.

We cover not only the standard incidents but also offer some unique benefits. Features like loss of rental income, cover for events such as natural disasters, and malicious damage by tenants are included. Property owners can breathe easy knowing they have solid insurance cover behind them, providing full peace of mind.

Importantly, each investor’s situation and property are different, so if you need to compare landlord insurance, we make that process simple too.

We offer customised plans to match each landlord’s specific needs. Our range of policies adapts to meet the diverse demands of landlords across Australia, offering them the most comprehensive protection in the market.

This coverage shields your insured property from unforeseen insured events’ financial and physical impacts. We wouldn’t want you left stranded, dealing with the massive cost of rebuilding and having no financial security as a result. So, we stand beside you, ensuring you’re never left in the lurch and your investment is always secure. 

What is the process of filing a claim for home insurance?

We make the process of filing a claim simple and straightforward. When an incident occurs, you just need to contact us. All you need is your policy number and details about the incident, such as when it occurred, the damage it caused, and any other relevant information. In some cases, we may need to see a written rental agreement.  

Our experienced team will guide you in filling out the claim form accurately, ensuring a speedy response. Plus, we have skilled claim handlers who aim to finalise your claims as swiftly as possible while maintaining high professional care toward all insured events. From there, we’ll work out the sum insured against your property, the full details and the security you can access. 

Do you provide landlord insurance for all types of properties?

We are dedicated to ensuring that all landlords, regardless of the type of property they own, receive adequate protection. Our landlord insurance caters to a wide range of properties, from single-unit homes, and holiday rental properties, to multi-story apartment complexes, commercial buildings and real estate to mixed-use properties. 

We have established a reputation for providing comprehensive and flexible coverages that align with each property type’s unique needs. This guarantees that whatever your property type or investment goal, Duo Insurance has got you covered.

How can Duo Insurance help landlords in Australia?

As a landlord in Australia, you are presented with unique challenges and responsibilities. Managing these can sometimes be overwhelming, but that’s where we step in to help you understand the landlord insurance policies available to you. 

Our comprehensive coverage protects you and your investment against a range of potential risks and insured events – adding a layer of security to your venture. 

• Wide range of coverage: Our landlord insurance coverage spans across everything from damage caused by tenants or their guests, loss of rental income, some aspects of contents cover, legal expenses, and even natural disasters. Whether it’s a residential property or a commercial building, we’ve got you covered.
• Personalised policies: We understand that every landlord and investment property is unique. That’s why we offer customised policies tailored to meet your specific needs and circumstances, ensuring complete protection.
• Efficient claims process: In the unfortunate event that you need to make a claim, our process is simple and swift, ensuring minimum disruption to your business.

Investing in rental property requires a lot of effort and plenty of financial risk. We protect you from an insured event if it happens to pop up. Let us give you peace of mind and the freedom to focus on maximising your property returns without major distractions or worries.