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.
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 the cost and features of 72 policies, from 50 other insurers, Canstar presented us with the National award for Outstanding Value Home & Contents Insurance for the seventh year in a row in 2023.
We’ve also won Money magazine’s Insurer of the Year title seven years running (2017–2023); Best of the Best title for Home & Contents Insurance in 2022 & 2023; and Finder's 2023 Best Home Insurance - Value award.
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.
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 the basic and additional excesses.
Does Budget Direct offer strata-title insurance?
We do not insure strata-title buildings, however we do provide personal and landlord contents cover for items within the insured premises, conditions apply to coverage of contents in common areas.
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.
§ The addition of Flood Cover to a policy is subject to our underwriting criteria.