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.

There are several 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 the people being insured
  • 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 choose within a given range⁴

Landlord insurance isn’t a legal requirement. If you have a mortgage on your property though, most mortgage lenders require you to purchase Landlord Buildings insurance.

Lenders often request proof of insurance (Certificate of Currency) before the loan is finalised.

To request a Certificate of Currency for your existing Allianz Landlord Insurance policy, call us on 13 10 00 or log onto My Allianz.

Yes, landlord insurance premiums are generally tax deductible according to the Australian Taxation Office (ATO). This includes premiums paid for building and contents.

Everyone’s situation is different, so it’s a good idea to speak with a registered tax agent to understand what applies to you.

Home insurance is designed for people who live in the property full-time. It usually covers:

• The building and your personal belongings

Landlord insurance is designed for people who rent their property out to a tenant. It usually covers:

• The building and any contents you provide for your tenant's use (but not your tenant’s belongings)
• Loss of rent because of damage from an insured event²
• Legal liability if a tenant is injured and you're liable
• Vandalism, malicious damage or theft by tenant

Like many insurers, we don’t offer home insurance for investment properties. This is because they come with different risks, like rent not being paid or the property being left empty.

Allianz Landlord Contents Insurance can cover fixtures, fittings, or improvements you own in a strata unit. This applies when they aren’t covered by your building’s strata insurance.

This can include:

• Kitchens or bathrooms
• Built-in wardrobes
• Built-in appliances, like ovens and rangehoods

For example, if your kitchen is damaged by an insured event, landlord contents insurance can cover you (if it's not covered under your building's strata insurance).

However, building issues, such as a leaking pipe behind the wall, is typically covered by strata. Strata insurance only covers issues within common property. Check with your strata manager to confirm.

We’ll cover rental costs after an insured event under your Landlord Insurance policy if you have Buildings cover. We’ll also cover you if the building is part of a strata title and you have contents cover.

If the building is damaged by an insured event and your tenant can’t live there, we can pay for your lost rent. This will continue until the building is fixed, access is restored, or for up to 12 months – whichever period is shorter.

If you have Buildings Insurance, we’ll cover up to an additional 10% of your buildings sum insured. If you have Contents Insurance and your property is in a strata title development, we can cover up to an additional $25,000.

Insured events include:

• Fire¹ or smoke
• Malicious acts
• Storm¹ or rainwater
• Flood and/or run-off¹
• Water or other liquid damage

Always read the product disclosure statement for the full list.

Some insurers also offer rent default cover. This can help if your tenant stops paying rent. You can add optional Rent Default cover to your Allianz Landlord Insurance policy for an additional premium. It’s available with both Building and Contents cover. Eligibility applies.

Allianz Landlord Insurance covers you for malicious or intentional damage caused by tenants. This can include covering lost rent if your property becomes uninhabitable due to the malicious damage by the tenant.

However, Landlord Insurance doesn’t cover you for accidental damage by your tenant. You’re covered if your tenant accidentally breaks glass or ceramic items though.

Damage caused by negligence isn’t covered. For example, if a tenant spills something on the carpet or makes a hole in the wall.

You have a choice of landlord building insurance, landlord contents insurance or you can combine both.

Building insurance covers the structure itself (like walls, roof and fixtures). Contents insurance covers items you’ve provided inside the home for your tenant’s use.

The landlord pays for building insurance as the property is your responsibility. Tenants may want to get Renter Insurance for their belongings.

You may want to add contents insurance cover to your policy if your property is fully or partially furnished. This can include:

• Furniture
• Curtains or blinds
• Appliances like fridges or washing machines
• Carpets or rugs

Yes, it’s possible. If you don’t do regular inspections and something goes wrong, like a slow leak, the insurance company might deny your claim. Regular home maintenance checks help catch small problems before they turn into big ones.

As the landlord, you’re responsible for ongoing maintenance.

For example, if you don't clean the gutters, water can back up and damage the roof or walls. Insurance usually won’t cover damage caused by poor upkeep, so staying on top of maintenance is important.

Wear and tear means the normal ageing and use of things in the home. This can include things like faded paint, worn carpets, small cracks in walls, deterioration of roof tiles or ridge capping, the breakdown of wall or floor tiles, grout or adhesives, and the gradual deterioration of bricks, mortar or concrete. It can also include issues such as sagging floors or cracks in walls that occur due to the age of the property.

Landlord insurance doesn't cover wear and tear. Insurance helps cover sudden damage, like from a fire or theft. It doesn't cover the slow wear of everyday items.