Landlord Insurance

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 personal and landlord contents cover for items within the insured premises, conditions apply to coverage of contents in common areas.

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.