Landlord Insurance

The cost of your insurance is called a ‘premium’. Your premium will depend on a number of factors and can change each year when you renew your policy. Your premium for each period of insurance will be shown on your policy schedule.

There are a number of factors that determine how your Landlord Insurance premium is calculated, including:

• Your risk profile. We work this out using a number of factors such as:
  
  • Where your investment property is located
  • The type of property you’re insuring
  • The amount and type of cover you require
  • The relevant claims history of your property
  • The likelihood of a claim being made on your policy
  • The value of the insured investment property and/or contents cover (sum insured)
• Any discounts that may apply
• Any compulsory government charges such as Stamp Duty and GST
• Emergency Services Levies if they apply to the State or Territory where your home is located
• Any other charges we tell you of
• The excess you choose⁴

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We‘ll pay rental costs after an insured event as part of your Landlord Insurance policy when you have buildings cover, or the building is part of a strata title development and you have contents cover.

If your building is damaged by an insured event to an extent that the tenant can’t live in it, or access to use your building wasn't possible for a minimum of seven days, we’ll pay for loss of rent on the insured property for the time necessary to reinstate your building, or for which access to the building is denied, or up to a maximum of 12 months, whichever period of time is the lesser.

This benefit is automatically included.

Note that this is different to the optional Rent Default & Theft by Tenant cover which is available to be added to new Landlord Insurance policies which don’t already have this cover. If your policy is up for renewal and you’d like to add this optional cover, contact us on 13 1000.

Flood cover is included in Allianz Landlord Insurance policies that start from 14 January 2025.

For Allianz Landlord Insurance policies starting before 14 January, flood cover was optional.

If you’re a renewing customer, you may be able to continue without flood cover if:

• you previously opted out and met certain flood risk criteria
• we weren’t able to offer you flood cover
• we've agreed you can opt-out of flood cover as standard

If you’d like to find out whether your policy currently has Flood cover, you can log onto My Allianz to check your policy documentation or call us on 13 1000.

Call us as soon as reasonably possible on  13 10 13 and advise the claims consultant of what has happened. Try to get names and addresses of any witnesses to the event which has brought about the claim. Don't make any admissions of liability and don’t attempt to settle any claim made against you.

If you do, we may reduce or refuse your claim to the extent we’re prejudiced. The claims consultant will advise you of what steps you need to take and will help you through the Landlord Insurance claim process.

Landlord Insurance covers you against financial losses associated with the damage or loss of the residential investment property you own. Landlord insurance isn’t a legal requirement, but if you have a mortgage on your property, most banks and mortgage lenders require you to purchase Landlord Buildings insurance as security to safeguard themselves against financial risk caused by unexpected damage or loss to your property.

Lenders may require you to list them as an interested party when buying insurance and may also request proof of insurance (Certificate of Currency) before the loan is finalised or for each year your mortgage is held with them.

To request a Certificate of Currency for your existing Allianz Landlord Insurance policy, call us on 13 1000 or log onto My Allianz.

If you choose to get both your investment building and the investment contents you’ve provided for your tenants’ use covered with us, you can do so with the convenience of having them on the one Landlord Insurance policy. This means you get the great benefits of our Buildings cover and Contents cover, and only have one policy number.

Additionally, if you need to make a claim for both your building and your contents due to the same insured event, you’ll only need to pay one excess. Here’s an example of how your combined Landlord Buildings and Contents policy could work:

Disaster strikes and your investment property’s building, as well as the contents inside it that you’re responsible for as a landlord, have been totally destroyed by an insured event. Where we’ve agreed to accept your claim, you’ll only need to pay one excess. 

With your building insurance, we’ll pay the cost to rebuild your building which has been completely destroyed and also pay up to $5,000 (after deduction of any government or council rebates you’re eligible for) to make your property more environmentally friendly, e.g. by installing any combination of a rainwater tank, solar power systems, hot water heat exchange system, and grey water recycling system.

We’ll also replace your contents that you’ve insured with us up to the policy limits, like your carpets, curtains, furniture, and household goods, including utensils and domestic appliances that you’ve supplied for your tenants’ use.

Unless we state otherwise in the PDS, when you make a claim under the policy, you’ll need to pay an excess as a contribution towards your claim.

Charging an excess also helps to keep the cost of premiums down by reducing the number of small claims. The amount and type of excess you have to pay will be shown in your policy schedule or in your PDS.

For full details of conditions and exclusions, refer to your policy schedule or the relevant PDS and any supplementary PDS (where applicable).

If you live in your main residence and rent out your granny flat to tenants, cover isn’t available under an Allianz Home Insurance policy. You may wish to consider an Allianz Landlord Insurance policy to cover your granny flat.

Where your granny flat and your main house are both rented out to the same tenant, you’re covered on the one Landlord Insurance policy. The sum insured for your granny flat will be included in the sum insured for the main house.

However, if your main house and granny flat are rented out to two different tenants, you’ll need to take out two separate Landlord Insurance policies.

You must tell us as soon as reasonably possible if, during the period of insurance: 

• You start using any part of your home for business, trade or professional purposes – except for a home office. 
  
• You remove or stop using any security devices that were specifically required by us. 
  
• You carry out any alterations, additions, demolition, repairs to, or decorations of your buildings costing more than $75,000. 
  
• You appoint or terminate a licensed managing agent for the property. 
  
• Your buildings haven’t been lived in, or won’t be lived in, for more than 60 consecutive days. 
  

If you don’t provide this information as soon as reasonably possible, we may refuse or reduce a claim.