Building Insurance Cover for Landlords
If your property is not covered by an Owners Corporation (OC) or Strata, it needs its own Building policy. This applies to any standalone property.
Our home building insurance policy covers the property's structure, including built-in and plumbing fixtures, and accidental damage cover protection against common perils such as fire, impact, and storm damage.
Our Home Building Insurance Options
Temporary Repairs Coverage
Tenant Default & Crisis Protection
Get up to 20 weeks of coverage for tenant default and 26 weeks for death, murder, or suicide.
Drug-Related Damage Coverage
Obtain up to $60,000 as the sum insured in way of coverage for controlled drug-related damages and cleanup.
"Duo Insurance exceeded what I had hoped for by providing expert counsel and a tailored policy for my investment real estate. The complete coverage and individualized recommendations delivered peace of mind. I highly recommend them."
Lost Rental Income Protection
Secure up to 52 weeks coverage for lost rental income from non-tenant damages.
Legal Expense Coverage
Our building insurance covers up to $7,500 for legal liability expenses like court costs, bailiff fees, and representation.
Solar Panel Coverage
If your building needs to be replaced, you can gain up to an additional $2,000 from the sum insured to upgrade to solar panels.
List of Building Insurance Cover Inclusions
Cause of Loss
Up To:
Accidental Loss or Damage
Sum Insured
Production of Controlled drugs
Up to 10% Building sum insured
Legal Liability
Up to $20,000,000
Production of Controlled drugs
Up to $60,000
Removal of Debris
10% of Sum Insured
Temporary repairs
Reasonable Costs to prevent further loss or damage
Authority Fees
10% of Sum Insured
Exploratory Costs
Up to $5,000
Locks and Keys
Up to $1,000
Landscaping, Trees, Plants and Shrubs
Up to $2,000
Loss of Metered Water or Gas
Up to $500
Rainwater Tank
Up to $1,500
Solar Panels Up to $2,000
Up to $2,000
Mortgage Discharge Costs
Up to $5,000
Fumigation Costs
Up to $5,000
Legal Expenses
Up to $7,500
Tax Audit Fees
Up to $5,000
Electrical Motor Burnout
10 Years
Excess
Accidental Damage by a Third Party other than your Tenant
The greater of your standard excess and $250
Accidental Damage by Tenant including Damage by Pets
$250 up to a max of two excess’s
Theft by Tenant
$250
Cyclone, Earthquake, Volcano or Tsunami
$5,000
Flood
$500
Tenant Default and Tenants Damage (if owner managed)
1 week’s rent
Why Home Building Insurance Is Essential for Landlords
As a landlord in Australia, your property is often one of your most considerable assets, so, ensuring it is properly protected should be a high priority. Building insurance serves as one such protective mechanism, designed to safeguard your property against damage resulting from unforeseen incidents such as:
-
extreme weather conditions
-
fire incidents
-
theft or vandalism
-
accidental damage
-
Tenant damage, and more.
Reap The Many Benefits
While landlords are not legally obliged to hold landlord insurance in Australia, it offers plenty of protection against any valid insured event. This means it’s a popular option for those looking for optional cover on their investment.
Basically, this form of landlord insurance is a vital pillar of financial strategy. It allows for control over unforeseen and potentially costly outcomes, which is often quite significant, given the volatility of the current rental market.
Ready to see how our building insurance policies can give you more peace of mind? Get in touch now for a no-obligation quote.
Frequently Asked Questions
What benefits can I expect from building insurance?
With building insurance, landlords can enjoy a selection of potential benefits. Primarily, the peace of mind that arises from knowing your investment is protected ranks at the top of the list.
Plus, our building insurance covers damages caused by unpredicted events such as storms, fires, or thefts. And, in instances where damage is so extensive that it means the eviction of your tenants, our insurance cover compensates for loss of rental income during repair periods.
An additional benefit is our provision for legal liability expenses. Legal costs, especially those related to tenant disputes, can be financially draining. In such events, our building insurance covers a significant part, if not all, of these costs.
On top of that, this optional cover includes extras that allow you to customise coverage according to your specific needs. These options range from tenant default coverage to pet-caused damages, replacement keys and locks, and even flood coverage.
How can building insurance solve common problems faced by landlords?
In the event your property is damaged by storms, fire, theft, flooding, or acts of vandalism, landlord building insurance has your back. It covers the cost of repairs or even entire property replacement.
Furthermore, if your tenants decide to leave unexpectedly or can’t pay their rent, your insurance policy can cover the rental income you would have otherwise lost during that period. This ensures continued cash flow despite sudden disruptions in your rental income.
Landlord insurance also covers any legal costs arising from tenant disputes. And while every landlord hopes to never be in this kind of situation, having insurance gives comfort in knowing you have financial backing if necessary.
How Can Duo Insurance Help Me?
If you are a landlord in Australia, you’re likely grappling with unique obstacles when it comes to protecting your investment property.
With building insurance – a service offered by Duo Insurance – you can enjoy peace of mind and assurance that your properties are suitably safeguarded from potential risks and threats.
With a plethora of experience in the insurance industry, Duo Insurance is well-equipped to guide you to the right type of cover for your property. By prioritising transparency and understanding, we take you through each step of our hassle-free policy-setting process. Here’s how we can lend a helping hand:
- Expert guidance: Our knowledgeable team will take the time to comprehend your individual needs and accordingly recommend a policy that fits you.
- Extensive coverage: From damages due to natural disasters, theft, and unforeseen maintenance issues, we strive to present policies that cover a broad range of potential mishaps.
- Ease of processing: As we deal with the paperwork, you can keep your focus on managing your property and being a successful landlord.
- Swift claim settlement: In case of a claim, you’ll discover our process is rapid and uncomplicated, ensuring you can get back on track as quickly as possible.