What’s covered by landlord insurance?

Building insurance covers
Contents insurance covers

Investment property

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.

Lost rent

Loss of net rental income for the period your investment property is uninhabitable due to an insured event.

Landlord's contents

Loss or damage to floor coverings, internal window coverings, and light fittings — up to 5% of your home sum insured.

Compare all benefits, features and claim limits

Terms, conditions, limits and exclusions apply.

For full details, please read the Product Disclosure Statement.

Note that, while we do not insure strata-title buildings, we do cover their contents.

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.

Compare all benefits, features and claim limits

Terms, conditions, limits and exclusions apply.

For full details, please read the Product Disclosure Statement.

Note that, while we do not insure strata-title buildings, we do cover their contents.

Insured events

Budget Direct landlord insurance covers your investment property and any contents you own against loss or damage caused by the following insured events:

  • Storm and rainwater (flood cover is optional)
  • Fire
  • Lightning
  • Theft (or attempted theft)
  • Escape of liquid (e.g. burst pipe)
  • Impact at home (e.g. fallen tree)
  • Breakage of glass, ceramic and sanitary fixtures
  • Malicious damage, vandalism, riot or civil commotion
  • Explosion
  • 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:

Tenant Default

In case your tenant fails to pay their rent or leaves unexpectedly.

Theft and Malicious Damage by Tenants

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.

Flood Cover

Covers your building and contents for loss or damage caused by flooding rivers, creeks, lakes, dams and other bodies of water.§

Sum Insured Safeguard

If your nominated sum insured is insufficient to repair or replace your investment property, we’ll increase it by up to 25% (e.g. from $400,000 to $500,000).

How do I add an optional cover to my policy?

You can add one or more of these optional covers when you get a quote and buy a policy or – if you’ve already bought a policy – by contacting us or logging into your online account and editing your 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.

Use these calculators to help you estimate the cost of replacing your property and contents

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

$###

Use our Comparitron™ tool to compare home insurance savings reported by our customers.

†See what this figure is based on

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

If your investment property and/or contents are lost, damaged or destroyed by an insured event and you need to make a claim, we’re here to help. Make a claim on your landlord insurance policy.

Award-winning Australian home insurance

After comparing the cost and features of 129 policies offered by 52 insurers, Canstar presented us with the National award for Outstanding Value Home & Contents Insurance for the fourth year in a row in 2020.

We've also won numerous state level Canstar Awards across Home & Contents Insurance in 2020 and Mozo’s Experts Choice award for Exceptional Value Home & Contents Insurance (2019 and 2020).

Money Magazine's Insurer of the Year 2021
CANSTAR's Outstanding Value Home and Contents Insurance Australia 2017-2020
CANSTAR's Outstanding Value Home and Contents Insurance New South Wales 2019 to 2020
CANSTAR's Outstanding Value Home & Contents Insurance South Australia 2019 to 2020
CANSTAR's Outstanding Value Home & Contents Insurance Western Australia 2019 to 2020
CANSTAR's Outstanding Value Home Insurance New South Wales 2020
CANSTAR's Outstanding Value Home Insurance South Australia 2020
MOZO's Expert's Choice 2019 & 2020 - Exceptional Value Home and Contents Insurance

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
  • 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.

Read more about landlord insurance

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 will pay up to the amount stated on your Insurance Certificate, less any bond money you are entitled to.

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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