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Guide to Building Insurance for landlords

By  AAMI

Why do I need Landlord Insurance?

If you’re a landlord, your rental property represents a pretty sizeable investment. If something unexpected happens to that property and leaves it unable to be rented out, it’s not just the cost of repairs that you’ll be on the hook for—you could be facing weeks, if not months, of lost rental income. Nobody wants that.

What will I be insured against?

With AAMI Landlord Insurance, damage to or loss of your property’s buildings—that’s the house itself along with permanent structures like garages and carports—will be covered after weather events like floods, storms, lightning, and so on.

You’ll also be covered for unfortunate events like break-ins, so, if you’re worried about unwelcome visitors, AAMI Landlord Insurance could be right for you.

For more detail on what’s covered, check out the Product Disclosure Statement (PDS). It’s not the most riveting reading, but there’s a lot of handy info in there.

Do I need Contents Insurance?

You can just insure the building and this may cover you for the most expensive and potentially catastrophic events. After all, most of the stuff inside the house probably belongs to your tenants, and they can sort out their own Contents Insurance.

However, you may be renting out a property containing items that belong to you, not your tenants, and as such won’t be covered by their Contents Insurance. This could include things like carpet, rugs and blinds. You may even own a fully furnished property containing things like furniture, appliances and artwork. If this is the case, you’ll want to give some serious thought to Landlord Contents Insurance.

Of course, Landlord Building Insurance and Contents Insurance can be bundled together to give you your highest level of cover.

What about damage caused by my tenants?

No landlord wants to deal with tenants who intentionally cause damage to the property, or steal items belonging to the landlord. If you’re worried about such tenants, you should consider Tenant Protection, available as an optional extra with Building Insurance.

Tenant Protection may also cover you for lost rent caused by tenants failing to pay. For more info, please refer to the PDS. Get a quote now, or contact us for more info.