Landlord Insurance In Queensland

If you’re a landlord of a property in Queensland, it’s important to understand how landlord insurance works and what you can do to protect your property against financial losses.
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In this article, we’ll take a look at landlord insurance in the state of Queensland, including the benefits of taking out a policy, and what to consider when you're reviewing providers.

What is landlord insurance?

Depending on the policy you choose, landlord insurance can cover you in the event of possible financial losses such as damage to your property by tenants, or some circumstances where your tenants leave without paying rent1. Landlord insurance covers damage to the building itself, but you can also choose to insure any contents within the building that belong to you1.

Additionally, Landlord insurance costs can be tax deductible2.

What’s the difference between landlord insurance and building insurance?

Landlord insurance covers you for unforeseen circumstances relating to your tenants, such as if they damage or destroy your property, or in some cases where they leave without making their rental payment.

Building insurance (often called home insurance) on the other hand covers the cost of building repairs or replacement - for example, if your house burns down in a fire3. You’ll need to organise building insurance for your property, unless you buy a unit, in which case the building insurance will be paid from your strata levies.

How does landlord insurance work in Queensland?

As a landlord in Queensland, you can choose to take out landlord insurance for your rental property.

While you don’t have to take out this type of insurance, it’s an important consideration, as it will cover you for potential financial losses which could be costly if you don’t have insurance in place. These losses may result from a range of scenarios, from damage to the building caused by your tenants, to a loss of rental income should tenants leave without paying.

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What can landlord insurance cover?

As with any type of insurance, what you’re covered for will vary between providers and the policies they offer. The following are examples of things that may be covered by a landlord insurance policy, either as part of a standard policy or as optional extras:

  • Accidental loss or damage to your property
  • Malicious damage caused by tenants, their family or visitors
  • Insured natural disasters such as fire, storm, rainwater, lightning, and earthquakes
  • Loss of rent following damage to property
  • Rent default by tenant

What do I need to consider when purchasing landlord insurance in QLD?

Although landlord insurance is optional, there are a number of reasons why Queensland landlords may benefit from taking out a landlord insurance policy.

In recent years, North Queensland in particular has been severely impacted by natural disasters including cyclones and floods4. This means properties located in disaster-prone areas are at higher risk of damage caused by unforeseen events - and without an effective insurance policy in place, landlords of these properties could face significant out-of-pocket costs.

If you live in a higher-risk area, be sure to check whether your landlord insurance covers you for natural disasters and which disasters are covered by your policy.

Before deciding on a policy be sure to read the product disclosure statement for information about coverage and limitations.

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How can I purchase landlord insurance in Queensland?

Click here to view iSelect’s range of home & contents providers, and select the one which suits you.