Insure your investment property and landlord's contents for insured events such as theft, fire7, storm7 and malicious damage.
- Cover for your investment property from insured events
- Save up to 10% on your first year's premium when you quote and buy a new landlord insurance policy online1, 4
- Pay by the month at no extra cost6
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A residential investment property needs to be appropriately insured. Landlord insurance can give you the confidence that your property will be covered should something go wrong. Allianz Landlord Insurance covers the property and/or the contents you provide for your tenant’s use from loss or damage by insured events.
To help you decide the cover you need, Here’s a brief outline of the difference between Buildings and Contents cover.
Buildings
Designed to cover the physical structures that make up your property, like the house itself, garage, sheds, permanently installed swimming pools and decks.
Contents
Designed to cover items at your property – from furniture, white goods and removable domestic appliances which belong to you as the landlord and that you have provided for the use of your tenant. It also covers your carpets and window furnishings.
Features and Benefits:
The better you understand your policy, the easier it will be if you ever have to claim.
Here is a limited summary of the benefits of a landlord insurance policy. For full details of the standard terms, conditions, limits and exclusions that apply please read the Product Disclosure Statement, any applicable supplementary PDS before making a decision to purchase the insurance. The Landlord Buildings and Landlord Contents Key Fact Sheets (KFS) also set out some information about the cover.
Cover for the unexpected |
Allianz offers protection for your investment property for out of the ordinary but devastating events, such as fire7, storm7 and burglary. |
Legal liability |
Allianz will cover your legal liability up to $20 million for payment of compensation relating to death, bodily injury or illness, and/or physical loss of or damage to property caused by an accident (or series of accidents). If you have contents cover, it does not cover any legal liability you may incur as owner of the buildings unless the buildings are defined as a lot. |
Making your buildings environmentally friendly |
If you have buildings cover and your buildings are totally destroyed and need to be rebuilt, in addition to your buildings sum insured, Allianz will pay up to $5,000 (after deduction of any government or council rebates) to help you make the new buildings more environmentally friendly. |
Landlords contents |
Allianz will pay for repair or replacement of the contents you own and provide for your tenant’s use as a result of an insured event. If you have buildings cover only, Allianz will pay up to the lesser of $10,000 or the remainder of the sum insured after payment of the buildings claim, for certain landlords contents under this additional benefit. |
Rental costs after an insured event |
If your buildings are damaged by an insured event and can’t be lived in by your tenant, or access to or use of the buildings is not possible for at least 7 days after an insured event Allianz will pay for your loss of rent on the buildings for up to 12 months if you have buildings cover or if your building is part of a strata title development and you have contents cover only. |
Rebuilding and professional fees |
If you have buildings cover and need to rebuild your buildings after total loss or damage, Allianz will help pay the reasonable costs of architects, engineers, surveyors and solicitors up to $5,000. |
Debris removal |
Allianz will pay up to 10% of the building and/or contents sum insured for removing debris from your insured address if your buildings are damaged or destroyed by an insured event. |
24/7 online claim lodgement |
When you need to make a claim Allianz are there for you with 24 hour claim lodgement available online, or you can call the claim line to commence the claims process over the phone. |
Contents in the open air at the insured address |
If you have contents cover, Allianz will cover contents in the open air (that you own and that you have provided for your tenants use) which have been lost or damaged by an insured event covered by your policy, up to a maximum amount of $1000. |
Optional covers
Apply to add any of these optional covers for an additional premium and greater cover:
Landlord workers’ compensation cover |
Cover for the compensation amount you are liable to pay if you employ a domestic worker and they are injured while working for you at the insured address. Only available in ACT, WA and TAS. |
Rent default & Theft by tenant |
Option to be covered for loss of rent due to specified rental defaults, up to $10,000 in total for all claims during the period of insurance. Cover for loss or damage to your insured buildings or contents caused by theft, burglary or housebreaking committed by your tenant or invitees of your tenant. |
Flood cover |
Flood cover may be available as an optional cover to your buildings and/or contents. A 72 hour exclusion period applies7. |
Policy Documents and Key Fact Sheets
We do not provide advice based on any consideration of your objectives, financial situation or needs. Terms, conditions, limits and exclusions apply. Before making a decision, please refer to the Landlord Product Disclosure Statement, any applicable supplementary PDS and Landlord Buildings or Landlord Contents Key Fact Sheets (KFS) also available for reference.
Landlord Insurance Calculators
It’s up to you to decide the sums insured, and the type and level of cover that you want to take out. People generally want enough insurance to cover the property’s estimated replacement value. If you don’t have enough cover, you could end up having to cover some of the costs yourself. Remember, Allianz will only pay up to the amount of your loss or the sum insured, whichever is the lesser (subject to the policy terms and conditions) - so you should also be careful not to over insure. That's why we've provided these calculators. They work as guides to help you estimate the replacement value of your landlord building and contents.
Frequently asked questions
What do I do if I need to make a landlord insurance claim?
Do what you reasonably can to prevent further loss, damage or liability. Tell the police as soon as reasonably possible about any malicious damage, theft, attempted theft, burglary or loss of insured property. Contact the Claims Call Centre on 1300 139 418 and advise the Claims Consultant of what has happened: the Claims Consultant will help you through the landlords insurance claims process. In order to be sure that you are covered under this policy you should always contact Allianz for approval before you incur expenses you wish to claim. If you do not, Allianz will pay for expenses incurred to the amount Allianz would have authorised if you asked Allianz first.
Am I covered for Flood?
Flood cover is an option on both Building and Contents in Home and Landlords policies. Please call us on 1300 139 418 to find out whether you are eligible for Flood cover. For full details of terms, conditions, limits and exclusions of all our home insurance cover options, please refer to the relevant Product Disclosure Statement, any supplementary PDS and Landlord Buildings or Landlord Contents Key Fact Sheets.
How do I know if I have optional covers on my policy?
You can apply to add these options to your policy when you start or renew it (or during your period of insurance by contacting your local gmcu branch). If you’re not sure whether you have added these cover options, you can check your policy schedule.
Who is a Landlord Insurance Policy designed for?
This insurance policy has been designed for people who are renting their propery out to tenants under a residential rental agreement.
Contents owned by you (or for which you are legally responsible) and provide for the use of the tenants may also be covered under the policy.
This policy is not suitable for covering the building or contents of the home you live in. In this regard, Allianz offer a Home and Contents product that has been specifically designed for homeowners or renters.
For more information on Home and Contents Insurance, please visit the product page.
How should I determine the replacement value of my buildings?
The replacement value of your buildings is not the same as the market value - you do not need to include the value of the land when calculating the buildings replacement value.
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Disclaimers
Goulburn Murray Credit Union Co-operative Ltd ABN 87087651509 AFSL/Australian Credit Licence No. 241364 arranges this insurance as agent for the insurer Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL No 234708. We do not provide any advice based on any consideration of your objectives, financial situation or needs. Policy terms, conditions, limits and exclusions apply. Before making a decision, please consider the relevant Product Disclosure Statement available from www.gmcu.com.au or by calling (03) 5821 9033. The relevant Target Market Determination is available by calling (03) 5821 9033. If you purchase this insurance, we will receive a commission that is a percentage of the premium. Ask us for more details before we provide you with services.
1. Online discount
When you quote and buy a new Landlord insurance policy online a premium discount of up to 10% is applied to your first years premium including the optional covers (If selected) Flood & Rent Default and Theft by Tenant. This discount is not applied on renewal.
3. No Claims Bonus
When you take out a new policy, we calculate your No Claims Bonus (NCB) based on your home or landlord (as applicable) insurance claims history. To qualify for the maximum No Claim Bonus of 30%, home insurance customers must have had no Building or Contents insurance claims in the preceding 5years. Landlord customers must have had no Landlord insurance claims in the preceding 3 years. However, customers who have had claims may still qualify for a reduced No Claim Bonus. The No Claim Bonus discount doesn’t apply to optional cover Flood, if selected, but is applied to Rent Default and Theft by Tenant, if selected.
4. Minimum premiums
If you are eligible for more than one discount, Allianz applies them in a predetermined order. This means any subsequent discount will be applied to the reduced premium amount after applying any prior discounts and the effect of the subsequent discount will be reduced. For example, the aggregate effect of applying two 10% discounts consecutively means that you will not see the full benefit of both these discounts.
Discounts do not apply to taxes or government charges.
Discounts do not apply to optional covers for Domestic workers’ compensation / Landlord workers’ compensation, and may not apply to other optional covers (if available and selected).
Any discounts/entitlements may be subject to rounding and may only apply to the extent that any minimum premium is not reached.
5. Option to change your excess
Not available with respect to any additional compulsory excess, or to the imposed excess applied to the policy. Any reduction in premium will not be applied to government taxes and charges, or to optional covers (if available and selected): Landlord’s Workers Compensation, or Flood. Minimum premiums apply
6. Installment premiums
If you choose to pay your premium by instalments you do not pay us any more than if you pay your premium in one lump sum annually. The premiums payable by instalments may be subject to minor adjustments (upwards or downwards) due to rounding. Note: Your financial institution may apply transaction fees to instalment payments.
7. 72 hour exclusion period
We may not provide cover for any loss of or damage to your property caused by cyclone, flood, grassfires and bushfires, during the first 72 hours after you first purchase a policy or increase your cover under an existing policy. Refer to PDS for when exclusion periods apply.
8. Earthquake excess
An additional imposed excess amount of $250 applies for each claim or loss or damage caused by an earthquake or tsunami, or a series of earthquake or tsunamis, during any period of 48 consecutive hours.
