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.
Whether you have a holiday rental on the beach or an apartment in the city, our Landlord Insurance policies offer landlord buildings insurance and landlord contents insurance for Queenslanders to protect against loss or damage in an insured event.
Landlord Insurance Solved® with Budget Direct
Most popular
30%^OFF
on your first year’s premium for a new combined policy purchased online
Know your investment property and its belongings are protected from a wide range of insured events.
Landlord Building and Contents Insurance is a combined policy and can provide cover for:
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Repair or replacement of your property
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Repair or replacement of your property's contents
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Legal liability up to $20 million
15%^OFF
on your first year’s premium for a new policy purchased online
Landlord Building Insurance covers loss or damage to your property and outbuildings, such as garages and sheds, due to insured events like storms and fires.
Landlord Building Insurance can provide cover for:
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Repair or replacement of your property
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Repair or replacement of your property’s contents
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Legal liability up to $20 million
15%^OFF
on your first year’s premium for a new policy purchased online
Landlord Contents Insurance covers loss or damage to the belongings within your property due to events like storms, fire, and theft.
Landlord Contents Insurance can provide cover for:
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Repair or replacement cost of your property
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Repair or replacement of your property’s contents
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Legal liability up to $20 million
Terms, conditions, limits and exclusions apply. See Product Disclosure Statement for full details.
Benefits Included in Landlord Insurance
We can cover you for loss of net rental income up to 10% of the building sum insured amount for the period your investment property is unliveable due to an insured event.
We'll cover the removal and disposal of your damaged belongings during the time it takes to repair your property.
You can be covered for contents you own within your rental property up to 5% of your home sum insured such as loss or damage to floor coverings, internal window coverings, and light fittings.
To ensure your property remains secure, we will pay up to $1,000 to replace stolen keys, locks and key codes.
With Budget Direct’s online policy manager, you can manage and update all the insurance policies for your rental portfolio in one location. You can also easily review your claims, coverage and inclusions for each property online.
We can cover up to $3,000 of legal expenses for each property that you insure with Budget Direct. However, this excludes the creation of rental contracts.
When you make a claim on your Landlord Insurance policy, we guarantee the quality of all authorised repairs, including the materials and workmanship provided. With the help of our trusted partners, you can rest assured that all authorised repairs will be performed properly as you rebuild your property.
Legal liability is included in your Landlord Insurance cover up to $20 million. Legal liability can cover you for the death or physical injury to other people, or for loss or damage to other people’s property caused by an accident. Landlord Building Insurance provides legal liability cover at the insured address. Landlord Contents Insurance provides legal liability cover anywhere in Australia.
To help keep pace with rising building costs and inflation, each year we’ll automatically increase the sum insured amounts of your property and/or contents and adjust your premium accordingly. This means your cover will reflect more current replacement costs than when your property and/or contents were first insured.
We do not automatically increase the sums insured for specified items or personal effects items. So, it’s important to review the value of these items regularly to make sure they are sufficiently insured for the cost of replacement.
Terms, conditions, limits and exclusions apply. For full details, please read the Product Disclosure Statement (PDS)
What's Covered by Landlord Insurance?
Budget Direct Landlord Insurance covers your investment property as well as any loss or damage to contents you own within your investment property caused by the following insured events:
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Storm and rainwater (does not cover any loss or damage caused by flood). If this doesn't meet your needs, you can add optional flood cover§.
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Fires (including bushfires and grassfires)
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Lightning
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Theft (or attempted theft)
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Escape of liquid (e.g. burst pipe)
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Impact at home (e.g. fallen tree)
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Breakage of glass, ceramic and sanitary fixtures
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Malicious damage, vandalism, riot or civil commotion
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Explosion
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Earthquake or tsunami
What's Not Covered by Landlord Insurance?
Budget Direct Landlord Insurance does not cover you for loss or damage for every circumstance. There are exclusions such as:
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Action of the sea, high water or underground water
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Asbestos
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Breaking the law
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Business activity (not including Home Office)
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Communicable disease
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Contamination or pollution
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Defects, structural faults, or design faults
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Hacking or cyberattacks
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Loss of data (including access denial, recovery, reinstallation or replacement of data)
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Fire maliciously lit by tenants (optional cover is available)
Terms, conditions, limits and exclusions apply. Please read the Product Disclosure Statement (PDS) for full details on what’s covered by Budget Direct Landlord Insurance.
Award-Winning Home Insurance
After comparing the cost and features of 67 products offered by 49 providers, Canstar presented us with the National award for Outstanding Value Home & Contents Insurance for the eighth year in a row in 2024.
We’ve also won Money magazine’s Insurer of the Year title eight years running (2017–2024); and Best of the Best title for Home & Contents Insurance (2022–2024).
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:
If you take out optional Flood Cover, this can cover you against loss or damage caused by a flood.§
We define a ‘flood’ as the covering of normally dry land by water that has escaped or been released from the normal confines of a lake, river, creek or other natural watercourse (whether or not any of them have been altered or modified) or a reservoir, canal, or dam.
Learn more about Flood Cover
§ The addition of Flood Cover to a policy is subject to our underwriting criteria.
Accidental damage is loss or damage caused by a sudden, unintended and unexpected event that is not the result of a deliberate act – useful if you want to be covered for some damage that’s not automatically included as part of your Landlord Insurance. For example, spilling red wine on a carpet by mistake, or unintentionally dropping and breaking a fragile item, such as a vase.
Learn more about Accidental Damage
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.
Motor Burnout Cover covers you for loss or damage to electric motors that are less than ten years old if the motor burns out due to an electric current or power surge. Electric motors are commonly found in home appliances like fridges, freezers, or washing machines. If you have Landlord Contents insurance, we can also pay for related food spoilage as a result of motor burnout.
Learn more about Motor Burnout
If the cost to replace, repair or rebuild your home exceeds the amount of your nominated sum insured, Sum Insured Safeguard means we’ll increase it by up to 25% (e.g. from $400,000 to $500,000) to help cover the necessary repairs.
With Tenant Default Cover, we'll provide protection for loss of rent if your tenant stops paying rent or leaves unexpectedly.
How do I add an optional cover to my Landlord Insurance 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 – add optional cover by contacting us or logging into your online account and editing your policy.
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.
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 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 rental 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 rental agreement in place.
It’s not a legal requirement, however your lawyer or conveyancer will usually recommend you insure your 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.
Yes, according to the ATO, landlord insurance is tax deductible as of 2022. You can only claim deductions for expenses that relate to your rental property and contribute to your income.
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.
Residential rental properties are homes usually purchased by an investor and rented out to tenants on a lease or another form of rental agreement.
Landlords must also make sure that their rental property meets minimum living standards on or before the day a renter moves in.
