At present, Optional Tenant Default cover for when your tenant fails to pay their rent or leaves unexpectedly and cover for Theft and malicious damage by tenants and their visitors are not available for purchase on new and existing landlord Home and/or Contents policies. If you’re an existing policyholder with these options listed on your current Certificate of Insurance, there’s no change to your cover.
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.
Loss or damage to floor coverings, internal window coverings, and light fittings — up to 5% of your home sum insured.
Contents you own
Cost to repair or replace (new for old) contents you provide for your tenant’s use that are lost or damaged by an insured event.
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.
Extra rebuilding costs
Reasonable and necessary costs to store your contents in a commercial storage facility if your home is unliveable; and remove and dispose of damaged contents.
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 Combined Home and Contents Insurance told us they saved an average of
Get a quote online and save 15%^
Getting a Budget Direct Home Insurance quote is quick and easy.
If you get a quote and buy a policy online, we'll give you a 15%^ discount on your first year's premium.
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 floor coverings, internal window coverings, and light fittings — up to 5% of your home 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 **Currently not available for purchase on new landlord Home and/or Contents Insurance Policies.**
- Theft and malicious damage by tenants — covers theft or damage by your tenants and their visitors or guests — up to $10,000. **Currently not available for purchase on new and existing landlord Home and/or Contents Insurance Policies.**
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. **Currently not available for purchase on new and existing landlord Home and/or Contents Insurance Policies.**
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.
Home Insurance Knowledge Base
Your questions about insurance all
answered in one place.
§ The addition of Flood Cover to a policy is subject to our underwriting criteria.