24/7 Claims
With Budget Direct, you can conveniently make a claim online or over the phone at any time of the day or night, 365 days a year.
Why get Landlord’s Insurance?
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Theft, attempted theft, vandalism or malicious damage
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Storm and rainwater damage
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Fire, bushfire & grassfire damage
Budget Direct paid out over $1.5 billion on car + home insurance claims in the last 12 months.
When you get a Home Insurance quote, just tell us if your property is being rented out, and we will give you baseline Landlord Insurance which will cover you for a range of insured events.
You will also get benefits tailored for landlords, for example, cover for net rental income lost during the time the property is unliveable as a result of an insured event (limits apply). Net rental income is the amount you received after you have paid agent commissions and administration costs.
You may be eligible to add Landlord options to your policy to protect your rental property and reduce unexpected costs such as damage from tenants and lost rent.
What's Protected by Landlord Insurance?
With Landlord Building Insurance, we'll cover the cost to repair or replace your rental property building due to loss or damage caused by severe weather, fire, and more.
Note that, while we do not insure strata-title buildings, we may cover their contents.
With Landlord Contents Insurance, we'll cover the cost to repair or replace contents that you provide for your tenants to use if they are lost or damaged by an insured event.
We can cover you for loss of net rental income up to 10% of the building sum insured amount for up to 12 months if the period your investment property is unliveable due to an insured event.
Terms, conditions, limits and exclusions apply. For full details, please read the Product Disclosure Statement.
Landlord Insurance Solved® with Budget Direct
What’s covered? |
Home Only
on your first year’s premium for a new policy purchased online |
Home & Contents
on your first year’s premium for a new policy purchased online |
Contents Only
on your first year’s premium for a new policy purchased online |
|---|---|---|---|
Your rental property building |
Yes | Yes | No |
Legal liability |
Yes | Yes | Yes |
Permanently attached fixtures such as external awnings |
Yes | Yes | No |
Permanent floor coverings such as tiles, linoleum and timber |
Yes | Yes | No |
Carpets, light fittings, internal blinds, and curtains |
Limited cover (up to 5% of the sum insured) |
Yes | Yes |
Contents you provide for your tenant’s use e.g. furniture and whitegoods |
No | Yes | Yes |
Cover for tenant default and/or theft & malicious damage by tenants their visitors |
Optional |
Optional |
Optional |
Terms, conditions, limits and exclusions apply. See Product Disclosure Statement for full details.
What's covered by Landlord Insurance?
When you insure your investment property and its contents with us, Budget Direct Landlord Insurance covers you for loss or damage from a range of events including any optional covers you have included on your policy. For full details of the insured events and optional covers, please check out our PDS.
What's not covered by Landlord Insurance?
Budget Direct Landlord Insurance does not cover you for loss or damage for every circumstance.
Theft and malicious damage by tenants are not automatically included in the cover as these are optional covers. For an additional premium, you may be eligible to add these to your policy, as well as tenant rent default.
A full list of exclusions can be found in the Product Disclosure Statement (PDS).
Upgrade Your Landlord Insurance Cover
Need more cover? For an additional premium, you can customise your Landlord Insurance policy by adding one or more of the following optional covers. Or – if you’ve already bought a policy – add optional cover by contacting us or logging into your online account and editing your policy.
In the case of your tenants or their guests stealing or maliciously damaging your property, we'll pay up to $150,000 when we insure your investment property, and up to $20,000 when we insure your contents.
If a fire is maliciously lit by your tenant or their guests, we’ll pay up to the sums insured shown on your Insurance Certificate.
With Tenant Default Cover, we'll provide protection for loss of rent if your tenant stops paying rent or leaves unexpectedly.
If you add optional Flood Cover to your Budget Direct Landlord Insurance, it can help protect your investment property from loss or damage caused by flooding.§
Our Flood Cover defines a ‘flood’ as water covering land that is normally dry, such as water coming from natural sources like rivers, lakes, dams, or canals.
§ Before adding Flood Cover, we will need to check your property and policy to make sure it is in line with our underwriting criteria
Motor Burnout Cover protects loss or damage to electric motors in your rental property’s appliances if they fail due to an electrical fault or power surge. This includes appliances like fridges, freezers, and washing machines, as long as the motor is under ten years old.
If you have Landlord Contents Insurance, we can also cover the cost of spoiled food caused by a motor burnout, helping you keep your tenants happy and protect your property at the same time.
Learn more about Motor Burnout
If the cost to repair, replace or rebuild your rental property is above your chosen sum insured, Budget Direct can automatically increase your cover by up to 25% (for example, from $400,000 to $500,000). This helps to ensure your property is covered, and you do not have to pay unexpected repair costs.
Get a Quote Online and Save 30%^
If you get a quote and buy a new policy online, you’ll receive a 15%^ discount (Landlord Building Insurance only or Landlord Contents Insurance only) or 30%^ discount (combined Landlord Building and Contents Insurance) on your first year’s premium.
Calculate your cover for your investment property
When you get Landlord Insurance, it is important to know how much it would cost to repair, replace, or rebuild your property and contents if they get damaged by weather events like storms and fires.
This amount is called your ‘sum insured’ and is the most we will pay after a claim. Your sum insured should reflect the current cost to replace your property and belongings at today’s prices, not the market value, or what you originally paid.
To make it easier, Budget Direct has an online calculator to help you estimate the sum insured, so your property and belongings stay protected.
If your property and/or contents suffer loss or damage, or are destroyed by an insured event and you need to make a claim, we’re here to help.
Budget Direct customers can make a claim, view and edit their Landlord Insurance policies, and buy more insurance online.
The information on this page is a summary only. For more details about Budget Direct Landlord Insurance, including the terms, conditions, limits and exclusions that apply, please read the Product Disclosure Statement (PDS).
Landlord Insurance FAQs
Budget Direct home insurance covers:
loss or damage to your investment property
loss or damage to floor coverings, internal window coverings, and light fittings — up to 5% of your property's 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 for a maximum of 12 months.
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
Theft and malicious damage by tenants — covers theft or damage by your tenants and their visitors — When we insure your home, we will pay up to $150,000 and when we insure your contents, we will pay up to $20,000. If a fire is maliciously lit by your tenant or their guests, we’ll pay up to the sums insured shown on your Insurance Certificate.
These upgrades are subject to underwriting criteria.
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 for a maximum of 12 months.
You can also, for an additional premium, add the ‘Tenant Default’ cover, in case your tenant fails to pay their rent or leaves unexpectedly. Upon acceptance of your claim, we will pay up to the amount stated on your Insurance Certificate, less the basic and additional excesses.
We do not insure strata-title buildings. However, we do provide cover for landlord contents items within the insured premises.
While you won't need to provide us with a copy of your rental agreement when you buy Budget Direct home and/or contents insurance, our acceptance of landlord claims is conditional on a valid, signed, written lease agreement being in place. We’ll need to see a copy of the agreement if you lodge a claim. Therefore, it's important that whenever you're renting out your property, even to family members and close friends, that you have a signed written lease agreement in place.
Budget Direct's Landlord Insurance is similar to our Home and Contents Insurance but with additional optional covers like Tenant Default and Theft and Malicious Damage by Tenants. There are also additional benefits which apply to Landlord policies, like Loss of Rent and Landlords Contents.
We consider a rental property to be a home that you are renting out to tenants under a signed written lease agreement with individuals for the purpose of residential tenancy.
