4 ways to make the most of your landlord insurance
- As a landlord, it’s important to make sure your investment is protected
- That’s why it can pay to compare landlord insurance
- Finding coverage to suit your specific needs is key
Let’s face it – life is getting more expensive, and no one wants to spend their hard-earned money on landlord insurance that doesn’t provide the necessary coverage when things go wrong.
So, how do you get value for money without sacrificing cover? From understanding your risks to shopping around, here are four ways to help you protect your investment with a policy that suits your budget.
“It helps to weigh up what cover is available to you, and risks you may face as a landlord,” says Angelo Colosimo, National Portfolio Manager – Householders, QBE.
1. Understand your risks
When looking into landlord insurance, it’s important to understand the risks you face and how you’d manage financially if they occurred. From there you can compare policies to see if you’ll be covered for losses you wouldn’t be able to afford without insurance.
Let’s say you have a mortgage on the property. Could you still manage payments if the property was damaged by a tenant, and you weren’t receiving rent while it was being repaired?
In this situation, some policies would provide cover for repair costs and loss of rent while the property is under repair, and some wouldn’t. That’s why it helps to do your research.
When did you last review the value of your rental property? Is it adequately covered?
Related article: Landlord insurance for rental properties
2. Shop around to find the right cover for you
To ensure you’re getting the best insurance for your needs, take the time to compare different policies. Don’t settle for the first quote you receive. Instead, look at different insurance providers.
Comparison websites and awards can be handy, as providers have analysed various products and done the number crunching for you. QBE Landlord Insurance has been awarded Canstar’s Outstanding Value Landlord Insurance Australia 2025, so that might be a good place to start.
Colosimo advises it’s important to shop for value, not just price.
“It shouldn’t just be about finding the cheapest policy – one that has broader coverage could potentially save landlords more in the long run.”
3. Work out all your coverage needs
While cost is important, it’s crucial to look beyond the price tag and assess the actual coverage you need. Some policies might seem cheaper but could lack important protection. Consider cover for things like tenant damage, pet damage, loss of rental income, and legal liability.
Landlords also need to weigh up the possibility of unpredictable events, which could have a significant impact on finances. Having a policy that suits your specific needs means you’re more likely to be covered if the unexpected happens.
Related article: Home insurance and landlord insurance – what’s the difference?
4. Check policies for excess and exclusions
When comparing insurance quotes, be sure to check the excess and exclusions. The excess is the amount you need to pay when making a claim, and this can vary between insurance providers.
If there’s anything you’d like clarification on, your insurer will be able to help. Feel free to contact our friendly QBE Insurance team online or on 133 723.