.svg)
Landlord Insurance in Tasmania
Written by
Tina Sendin
Edited by
Ellie Garran
Reviewed by
Adrian BennettOur Home and Contents partners
iSelect does not compare all providers in the market or all policies offered by our partners in your area. Not all policies or special offers are available to all customers. Learn more.
What is landlord insurance?
Landlord insurance is a bit like regular building insurance or home and contents insurance, but designed with – you guessed it – landlords in mind.
It can cover loss of rental income if a tenant leaves your place unliveable, or hefty repair costs if a freak storm decides to unexpectedly roll in (and we know Tassie can have a few).
Is landlord insurance mandatory in Tasmania?
No, landlord insurance is totally optional in Tassie – or anywhere else in Australia, for that matter.
But, like choosing to wear a seatbelt or pack an umbrella, it’s one of those things that might save you a lot of trouble down the track. Sure, you don’t have to get it, but that extra safety net could make all the difference when life throws curveballs at your rental property.
Plus, many property management teams often require one before they facilitate the rental of your property.
What does landlord insurance generally cover in Tasmania?
Landlord insurance coverage varies by policy and provider, but here are some general inclusions:
Rent default (or lease break)
Being a landlord shouldn’t mean playing hide-and-seek with your tenants. Whether payments are late or they’ve disappeared entirely, this coverage steps in to help you recoup your lost income.
Theft or malicious damage by tenants
Sometimes things go missing, or worse, end up damaged beyond repair. Whether a tenant, their plus-one, or an overly eager dog is to blame, landlord insurance has you covered.
Natural disasters
From wild storms to unpredictable mishaps like earthquakes or cyclones, most policies will have your back. Just watch out – flood cover might require a separate add-on, depending on your policy.
Loss of rent
If your property is left unliveable after an ‘insured event’ like a fire or a storm, you don’t have to kiss your rental income goodbye. This coverage helps cover you financially while the repairs are underway.
Legal liability
Accidents happen. If someone gets injured, landlord insurance can cover fees and compensation you might owe. Think lawyer fees, agent costs, or even tribunal expenses.
Contents coverage
Renting out a furnished property can be a win-win – until it’s not. Landlord insurance can cover items like curtains and carpets, plus whitegoods like washers and fridges.
What does landlord insurance not cover in Tasmania?
Even the most robust landlord insurance has its exclusions. Here are some of the more common ones:
Damage from the sea, flooding, or underground water
Your policy might cover storms, but the ocean creeping into your rental? Probably not.
Anything asbestos-related
If your rental still has a vintage touch of asbestos, your insurer might tell you to consult a specialist instead.
Illegal activities
No surprises here. Anything dodgy happening on your property? That’s not on the insurer to fix.
Business operations
Whether it’s a café or a side hustle, unless it’s an approved home office, it isn’t covered.
Communicable diseases
Sorry, but if germs spread, your policy won’t be stepping in.
Pollution or contamination
Burst pipes? Covered. Pollution or contamination issues? Not really.
Structural problems or design flaws
If the property has been built on shaky ground, that’s the builder’s problem, not the insurers.
Cyberattacks
Yes, even rental properties can fall victim to hacking, but landlord insurance doesn’t typically cover these tech difficulties.
Data loss
Whether it’s denied access or the need to recover files, data loss isn’t typically covered.
Tenant-started fires
If a tenant goes full pyro, most policies won’t cover it – though optional cover is sometimes available for this.
Are there any laws in Tasmania that specifically impact landlords?
Tenants can bring their pets
Renters can keep their pets at your property, but only if you have agreed or it’s in the lease. Also, landlords can’t charge pet bonds.
If the tenant has a guide dog, tenants don’t have to get your consent, based on the Guide Dogs and Hearing Dogs Act 1967.
There are laws designed to stand by victims of family violence
If a court issues a family violence order against a tenant, it can also step in to end their residential tenancy agreement. It might then create a new agreement, either for the person affected by the violence or even for the person responsible for it. The new arrangement keeps the same terms as the original lease, just with the involved individual(s) removed from it.
And if a family violence order is in place, the tenant has the right to change or remove locks and other security devices – even without the owner’s green light.
General and urgent repairs have different timelines
When it comes to repairs, here’s how it works. For general issues, landlords have 28 days to sort things out after being notified by the tenant. There’s one exception, though: If it’s a cooking stove that needs fixing, they’ve got just 14 days to get it done.
When an ‘essential service’ stops working, it’s classified as an urgent repair – and it needs attention fast.1For more information, see Consumer, Building & Occupational Services – The Rental Guide, p30 The tenant should notify the owner about the issue as soon as they notice it. From there, it’s the owner’s responsibility to step up and fix the problem as quickly as possible.
Helpful tip:
Set aside some time to really dive deep into the product disclosure statement (PDS). Yes, it’s not necessarily a page-turner, but it’ll save you from surprises or ‘wait, what?’ moments later on.
Adrian Bennett
General Manager for General Insurance
What factors determine landlord insurance premiums in Tasmania?
Property type and age
If you’ve got a charming old home or one that’d cost a fortune to rebuild, chances are you’re looking at higher insurance premiums. Age and the home’s replacement value play a big role in assessing risk.
Extras
Extras like flood or pet damage cover can add protection but also raise your premiums. It’s about striking a good balance between peace of mind and extra costs.
Claims history
Insurers love landlords who take care of their properties and keep a zero-claims history. Stay on top of regular maintenance and property inspections, and you might just land yourself a better insurance deal.
Location risk
Properties that are in a spot that’s prone to crime (and natural disasters like bushfires or cyclones) tend to have higher insurance premiums.
What kind of location risks might impact my landlord insurance premiums in Tasmania?
Sadly, theft and malicious damage to property are trending upwards. Property offences in Tassie saw an 11% jump in 2024, rising from 25,046 in 2022–23 to 27,902 in 2023–24. This follows a 30% increase from the year before.2Tasmanian Government Department of Police, Fire & Emergency Management – 2023-24 Crime Statistics Supplement, p5
Trespassing led the way with a 30% rise, while stealing (not including motor vehicles), arson, and property damage each climbed by 14–16%.3As above
Frequently asked questions
Is landlord insurance tax deductible?
Yes, it sure is! In Tasmania, like the rest of Australia, landlord insurance premiums are generally tax deductible. You can claim them as a deduction on your tax return.
Is there a difference between landlord insurance and building insurance?
Building insurance and landlord insurance might overlap a bit, but there’s a subtle difference between the two.
Building insurance steps in to protect your property’s structure. Think fires, storms, or accidental damage. It’s a good idea, whether you’re living there or renting it out.
Landlord insurance is tailored for rental risks, covering things like tenant damage or loss of rental income – stuff building insurance usually doesn’t handle.
A lot of landlords go for both to keep themselves fully covered. Some insurers even bundle them into one handy package!
How can I find landlord insurance policies in Tasmania?
Finding landlord insurance policies can feel overwhelming, especially with the slew of options available. But we know of savvy Tasmanians doing the following to make landlord life easy-breezy:
Compare providers
Not sure where to begin? Online comparison tools (like ours) are a real lifesaver. They let you line up landlord insurance policies side by side, all in one spot. It’s a way to find coverage without opening tabs that go as long as the Tasman Highway.
Gauge your risk levels
Here’s the trade-off to think about: Lower premiums often come with a higher excess, and higher premiums likely mean you’ll have a smaller excess to cover.
Planning on the low-premium route? Stash away some savings for that higher excess just in case. If you need to claim, it’s ready to go. And if you don’t, you’ve got a little bonus waiting for you – win-win!
Explore flexible policies
Keep an eye out for policies that offer optional extras, like flood protection. If you’re in areas prone to heavy rain or cyclones, these add-ons can be a total lifesaver. The more flexibility a policy offers, the more you can tailor it to what you actually need.
Review the PDS
The product disclosure statement (PDS) is your best friend when it comes to understanding the fine print. It spells out what’s covered, what’s not, and any extras you can add.
Compare landlord insurance policies in Tassie today
Rest easy knowing your property is covered with landlord insurance – whether it’s from Tassie’s wild weather, tenant issues, or other unexpected twists.
Want to see what’s out there? iSelect can help you explore policies and find one that fits your property like a glove.
Get started on comparing home and contents today!
Save time and effort by comparing a range of home and contents insurance policies with iSelect
iSelect General Pty Ltd (ABN 90 131 798 126. AFSL 334115) has partnered with Compare the Market (ABN 83 117 323 378. AFSL 422926) to compare a range of home insurers and policies. Not all providers in the market or all policies offered by the partners are compared and not all policies or special offers are available to all customers.
A number of our participating general insurance brands are arranged by Auto & General Services Pty Ltd ACN 003 617 909 on behalf of Auto & General Insurance Company Limited 111 586 353, both of which are related entities of iSelect Limited. Our relationship with those companies does not impact the integrity of our comparison service. Click here to view iSelect’s range of providers.
Any advice provided by iSelect is of a general nature and does not take into account your objectives, financial situation or needs. You need to consider the appropriateness of any information or general advice iSelect gives you, having regard to your personal situation, before acting on iSelect’s advice or purchasing any policy. You should consider iSelect’s Financial Services Guide which provides information about our services and your rights as a client of iSelect. iSelect receives commission for each policy sold that is a percentage of the premium or a flat fee. Ask us for more details before we provide you with any services.