Landlords Insurance

Frequently asked questions

• What is Landlords insurance and what does it cover?

  Landlords insurance is a type of insurance that can help provide cover for accidental loss or damage to the buildings, structures or contents inside a rental property. Depending on the property and the type of insurance required, there’s a range of insurance options that a landlord can purchase.

  Typically, a Landlords insurance policy helps provide cover for accidental loss or damage to the buildings and/or contents that make up a rental property. The level of cover you have will vary depending on the type of Landlords insurance policy you choose. The options we offer are Building and Contents cover, Buildings cover, and Contents cover. You can also add optional extras to our policies that can help protect against loss of rent for up to 12 months, rent default and theft by a tenant, liability, and workers’ compensation.

• Is Landlords Insurance expensive?

  The cost of Landlords Insurance can differ based on many factors such as the type of cover requested, the type of dwelling, year of construction, length of tenancy and more.

  The price of your Landlords insurance is also based on the likelihood of a claim being made on your policy in the future and can therefore vary. There are several factors we consider when calculating your premium.

  We calculate your premium by combining the:

  • Pricing factors
  • Policy options
  • Minimum and maximum premium
  • Government charges
  • Any discounts you’re eligible for

  To find out more about how we work out your premium, have a look at the relevant Product Disclosure Statement.

  To find out how much Landlords insurance would cost you, get a free quote through P&N Bank today.

• What type of insurance do landlords need?

  There are multiple types of Landlord insurance policies that landlords can choose from depending on their concerns and financial situation. The three main types of Landlord Insurance include Building and Contents cover, Buildings cover, and Contents cover. Building and Contents insurance is the most comprehensive Landlord Insurance policy we offer.

  You can also add optional extras to our Landlords insurance policies depending on the level of cover you require. These include cover for theft by a tenant, loss of rent for up to 12 months, legal liability cover, and workers compensation cover.

  As there is a risk of loss or damage to your property when renting out your property, if you don't have Landlord Insurance you may be liable to pay all costs for repairs, should damages occur.

• Is Landlord insurance different to Building insurance?

  In short, yes, it is. Landlords insurance includes the option to cover landlord-specific problems and insured events such as loss of rental income for up to 12 months, theft by a tenant, and damage caused by a tenant to a property, whereas Building insurance simply provides residential building protection.