What’s covered by landlord insurance?
Cost to repair or replace your rental property building due to damage or loss caused by severe weather, fire, and more.
Debris removal and extra rebuilding costs
Removal of debris, demolition, professional (e.g. architect, surveyor, engineer) and building-application fees, and storage of undamaged contents.
Loss of net rental income for the period your investment property is uninhabitable due to an insured event.
Items permanently attached to the residential dwelling and outbuildings at the insured address, but not carpets or internal window coverings.
Contents you own
Cost to repair or replace (new for old) lost or damaged contents you provide for your tenant’s use, including furniture and whitegoods.
Contents temporarily removed
Contents lost or damaged after being temporarily removed — for 90 days or less — from your insured address.
Replacement of Locks
Replacement of locks or key codes if the keys to your property’s external doors and/or windows are stolen anywhere in Australia.
Loss or damage to your rental property’s carpets (loose and fitted), lights and internal window coverings (e.g. curtains).
Budget Direct landlord insurance covers your investment property and any contents you own against loss or damage caused by the following insured events:
- Impact at home (e.g. fallen tree)
- Breakage of glass, ceramic and sanitary fixtures
- Malicious damage, vandalism, riot or civil commotion
- Earthquake or tsunami
Upgrade your cover
For an additional premium, you can customise your landlord insurance by adding one or more of the following optional covers to your policy:
How do I add an optional cover to my policy?
How much cover do I need?
It’s up to you to determine how much it would cost to replace your investment property and any contents you own if they were totally destroyed, for example, by fire – the ‘sums insured’.
These are the maximum amounts we’ll pay, so it’s important you’re comfortable the sums insured you nominate are sufficient to replace your property and contents you wish to insure, at today’s prices.
Compare home insurance savings
In comparison to their previous insurers’ premiums, customers across Australia who switched to Budget Direct Home and Contents Insurance told us they saved an average of
Use our Comparitron™ tool to compare home insurance savings reported by our customers.
Get a quote online and save up to 30%^
Getting a Budget Direct building and/or contents insurance quote is quick and easy.
Get a quote and buy online and save 15% (building or contents) or 30% (combined building and contents); or call us on 1800 288 149.
Find out more
The information on this page is a summary only. For more details about Budget Direct home and contents insurance, including the terms, conditions, limits and exclusions that apply, please read the Product Disclosure Statement.
How to make a claim
Award-winning Australian home insurance
After comparing quotes for 32 policies and over 2,000 landlord scenarios, Mozo presented us with an Experts Choice 2019 award for Exceptional Value Landlord Insurance.
Also, for three years running (2017–19), we've won a Canstar national award for Outstanding Value Contents Insurance plus we are Money magazine's Best of the Best winners for Home & Contents Insurance 2017-20.
To cap it off, the Australian public voted us the Gold Winner in the Home & Contents Insurance category of the 2019 Reader's Digest Quality Service Awards survey.
Frequently asked questions
I'm a landlord — what am I covered for?
Budget Direct home insurance covers you for, among other things:
- loss or damage to your investment property
- loss or damage to your rental property’s fixed floor coverings (except fitted carpets) and external window coverings (e.g. awnings) — up to 5% of your sum insured
- loss of net rental income for the period your property is unliveable due to an insured event — up to 10% of your sum insured.
You can also, for an additional premium, add one or both of these optional landlord covers to your insurance policy:
- Tenant default — in case your tenant fails to pay their rent or leaves unexpectedly
- Tenant theft and malicious damage — covers theft or damage by your tenants and their visitors or guests — up to $10,000.
Does home insurance cover lost rental income?
Yes – you are covered for the loss of net rental income for the period your Budget Direct-insured property is unliveable due to an insured event – up to 10% of your home sum insured.
You can also, for an additional premium, add one of our optional landlord covers to your insurance policy.
These covers include ‘Tenant Default’, in case your tenant fails to pay their rent or leaves unexpectedly.
Upon acceptance of your claim, we’ll start reimbursing your lost net rental income four weeks after your tenant stops paying and continue paying you until the rental payments resume or your property is re-tenanted.
Does Budget Direct offer strata-title insurance?
We do not insure strata-title buildings, however we do cover their contents.
I'm a landlord – do I have to provide you with a copy of the rental agreement?
You won’t need to provide us with a copy of your rental agreement when you buy Budget Direct home and/or contents insurance.
However, because our acceptance of landlord claims is conditional on a rental agreement being in place, we’ll need to see a copy of the agreement if you lodge a claim.
When should I get home insurance?
It’s not a legal requirement, however your lawyer or conveyancer will usually recommend you insure your home (or investment property) when you exchange signed copies of the purchase contract with the seller.
Also, most mortgage lenders require you to take out insurance before the loan becomes unconditional.
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^ The online discount applies to the premium paid for a new Budget Direct insurance policy initiated online on or after 29 March 2017. The discount varies by product: 30% for combined Smart Home and Contents insurance, 15% for Smart Home only or Smart Contents only policies. We reserve the right to change the offer without notice. The base-rate premiums are subject to change. The discount does not apply to any renewal offer of insurance.
§ The addition of Flood Cover to a policy is subject to our underwriting criteria.