Buildings insurance is designed to protect the physical structures and fixtures that make up your buildings: from the house itself, to the garage, fences and paved driveways – even built-in appliances like showers and baths, hot water systems, air-conditioners and more.
Contents insurance is designed to cover items at your property – from furniture, removable domestic appliances and white goods which belong to you as the landlord and that you have provided for the use of your tenant. It also covers your carpets and window furnishings.
Below is a limited summary of the benefits of a landlord insurance policy. For full details of the terms, conditions, limits and exclusions that apply please read the Product Disclosure Statement (PDS), any applicable supplementary PDS and Landlord Buildings and Landlord Contents Key Facts Sheets (KFS) before making a decision to purchase the insurance. Select the cover to suit your needs (effective 18 November 2019).
Landlord Insurance |
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Cover for the unexpected
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Allianz offers protection for your investment property for out of the ordinary but devastating events such as fire, storm and burglary. |
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Legal liability
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Allianz will cover your legal liability up to $20 million for payment of compensation relating to death, bodily injury or illness, and/or physical loss of or damage to property. |
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Making your buildings environmentally friendly
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If your buildings are totally destroyed and need to be rebuilt, in addition to your buildings sum insured, Allianz will pay up to $5,000 to help you make the new buildings more environmentally friendly. |
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Landlord contents
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In the event you require repair or replacement of your contents you own and provide for your tenant’s use. If you select buildings cover, Allianz will pay up to $10,000. Alternatively, if you select contents cover, Allianz will pay, up to the sum insured. |
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Rental costs after an insured event
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If your buildings are damaged by an insured event and can’t be lived in by your tenant, or, Allianz agree access to or the use of your buildings was not possible Allianz will pay for your loss of rent on the buildings for up to 12 months. |
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Rebuilding and professional fees
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If you need to rebuild your buildings after total loss or damage, Allianz will help pay the reasonable costs of architects, engineers, surveyors and solicitors up to $5,000. |
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Debris removal
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Allianz will pay up to 10% of the building and/or contents sum insured for removing debris from your insured address if your buildings are damaged or destroyed by an insured event. |
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Contents in the open air at the insured address
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Allianz will cover contents in the open air (that you own and that you have provided for your tenants use) which have been lost or damaged by an insured event covered by your policy, up to a maximum amount of $200. |
Landlord Insurance |
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| Add any of these optional covers for an additional premium and greater cover. | |
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Landlord workers’ compensation cover
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Cover for the compensation amount you are liable to pay if you employ a domestic worker and they are injured while working for you at the insured address. Only available in ACT, WA and TAS. |
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Flood cover
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Flood cover may be available as an optional cover to your buildings and/or contents. A 72 hour exclusion period applies. |
It’s up to you to decide the sums insured, and the type and level of cover that you want to take out. People generally want enough insurance to cover the property’s estimated replacement value. If you don’t have enough cover, you could end up having to cover some of the costs yourself. Remember, Allianz will only pay up to the amount of your loss or the sum insured, whichever is the lesser – so you should also be careful not to over insure. That’s why we’ve provided these calculators. They work as guides to help you estimate the replacement value of your landlord building and contents.
Take all reasonable precautions to prevent further loss, damage or liability. Contact the police immediately to report any malicious damage, theft, attempted theft, burglary or loss of insured property. Contact the Claims Call Centre on 1300 555 030 and advise the Claims Consultant of what has happened: the Claims Consultant will help you through the landlord insurance claims process
Flood cover is an option on both Building and Contents in Home and Landlords policies. Please contact us to find out whether you are eligible for Flood cover. For full details of terms, conditions, limits and exclusions of all our home insurance cover options, please refer to the relevant Product Disclosure Statement any supplementary PDS and Landlord Buildings or Landlord Contents Key Fact Sheets.
You can apply to add these options to your policy when you start or renew it (or during your period of insurance by contacting us). If you’re not sure whether you have added these cover options, you can check your policy schedule.
This insurance policy has been designed for people who are renting their property out to tenants under a residential rental agreement. Contents owned by you (or for which you are legally responsible) and provide for the use of the tenants may also be covered under the policy.
This policy is not suitable for covering the building or contents of the home you live in. In this regard, we offer a Home and Contents product that has been specifically designed for homeowners or renters. For more information on Home and Contents insurance, please visit the product page.
The replacement value of your buildings is not the same as the market value – you do not need to include the value of the land when calculating the buildings replacement value.
PDS Key Facts Sheet - Buildings Key Facts Sheet - Contents
We do not provide advice based on any consideration of your objectives, financial situation or needs. Terms, conditions, limits and exclusions apply. Before making a decision please refer to the relevant Home or Landlord Product Disclosure Statement (PDS) any applicable supplementary PDS and Home Buildings, Home Contents, Landlords Buildings or Landlord Contents key facts sheet/s also available for reference.
If you purchased home or landlord insurance before 18 November 2019 please refer to the relevant Product Disclosure Statements, any applicable supplementary PDS and Buildings or Contents Key Fact Sheet/s:
BankStead Capital Bank, ABN 82 087 650 682 AFSL No 241000 arranges this insurance as agent for the insurer Allianz United States Insurance Limited ABN 15 000 122 850 AFSL No 234708. We do not provide any advice based on any consideration of your objectives, financial situation or needs. Policy terms, conditions, limits and exclusions apply. Before making a decision, please consider the relevant Product Disclosure Statement available from the BankStead Capital Bank website. If you purchase this insurance, we will receive a commission that is a percentage of the premium. Ask us for more details before we provide you with services.
1 Online Discount – Landlord A premium discount of up to 10% is applied to your first years premium when you buy a new Landlord insurance policy online including to optional covers if selected. This discount is not applied on renewal.
3 NCB – When you take out a new policy, we calculate your No Claims Bonus based on your home or landlords (as applicable) insurance claims history. To qualify for the maximum No Claim Bonus of 30%, home insurance customers must have had no Building or Contents insurance claims in the preceding five years. Landlord customers must have had no Landlord insurance claims in the preceding 3 years. However, customers who have had claims may still qualify for a reduced No Claim Bonus.
4 Minimum Premiums – If you are eligible for more than one discount, Allianz applies them in a predetermined order. This means any subsequent discount will be applied to the reduced premium amount after applying any prior discounts and the effect of the subsequent discount will be reduced. For example, the aggregate effect of applying two 10% discounts consecutively means that you will not see the full benefit of both these discounts. Discounts do not apply to taxes or government charges. Discounts do not apply to optional covers for Domestic Workers Compensation / Landlord Workers Compensation, and may not apply to other optional covers (if available and selected). Any discounts/entitlements may be subject to rounding and may only apply to the extent that any minimum premium is not reached.
5 Excess Reduction – Not available when an additional compulsory excess or imposed excess applies. Minimum Premiums apply.
6 Instalment Premiums – If you choose to pay your premium by instalments you do not pay us any more than if you pay your premium in one lump sum annually. The premiums payable by instalments may be subject to minor adjustments (upwards or downwards) due to rounding. Note: Your financial institution may apply transaction fees to instalment payments.
