Owning a rental property comes with plenty of risks. From storm damage to tenant-related issues, depending on your policy, landlord insurance can help cover your property, your income, and your legal liability when the unexpected happens.
What does AAMI Landlord Insurance cover?
AAMI Landlord Insurance can help cover three key things landlords care about the most:
- loss or damage to your building,
- your landlord contents, and
- your legal liability.
It can cover a range of insured events, including fire, storm, flood, theft and malicious damage by people who aren’t your tenants or their guests. You can choose Building Only, Contents Only, or combined cover, depending on what you own and how your property is set up.
What events are covered?
AAMI Landlord Insurance can cover loss or damage caused by:
- fire,
- flood,
- storm and storm surge,
- lightning,
- theft or burglary,
- escape of liquid,
- impact or explosion,
- damage by animals,
- riot, civil commotion or public disturbance, and
- malicious acts or vandalism.
For full definitions, limits and exclusions, refer to the Landlord Insurance Product Disclosure Statement.
How landlord insurance can help
Landlord insurance isn’t legally required in Australia, but it can make a big difference when something goes wrong. Some landlords choose cover if they rely on rental income, own landlord contents, or want cover for insured events and liability risks. Landlord insurance can help you manage your property with greater confidence.
Do I need landlord insurance if I already have home or building insurance?
It depends, as often home insurance isn’t designed for rental properties. Landlord insurance offers additional protection for:
- landlord contents,
- tenant related risks,
- legal liability, and
- loss of rent after an insured event.
These are typically not covered under regular home insurance policies.
What can AAMI Building Only Landlord Insurance cover?
Legal liability
If you have building cover, AAMI may cover your legal liability if someone is injured or their property is damaged at your rental property. Subject to policy limits and exclusions.
Repair or rebuild after an insured event
If your property is damaged by an insured event like fire, flood or storm, building cover can help pay to repair or rebuild it.
Loss of rent after an insured event
If your rental can’t be lived in due to insured damage, AAMI may cover the weekly rent while repairs are carried out, subject to policy terms and conditions.
Tenant damage (optional)
Damage caused by tenants isn’t included under building cover, but you can add optional Tenant Protection for extra peace of mind.
What is optional Tenant Protection?
Tenant Protection helps safeguard landlords against common tenant related risks, including:
- unpaid rent,
- theft by tenants or their guests,
- malicious damage, and
- replacement of locks if keys aren't returned.
Limits and exclusions apply. Full details are in the Landlord Insurance PDS.
What can AAMI Contents Only Landlord Insurance cover?
Landlord contents
This includes items you own at the property, such as furniture, appliances, blinds and rugs. If they’re damaged by an insured event, AAMI can arrange to repair or replace them.
Tenant belongings aren’t covered – tenants should consider their own contents insurance.
Legal liability
Your legal liability related to landlord contents may be insured if someone is injured or their property is damaged because of them.
Storage during repairs
If undamaged contents need to be moved during repairs, AAMI may cover packing, transport and storage costs up to specified limits and timeframes.
Other optional covers to consider
Complete Replacement Cover (Building Only)
This optional cover helps remove the guesswork from rebuilding. If your property is damaged by an insured event, AAMI covers the assessed cost to repair or rebuild it as new – even if building costs have increased.