Landlords Insurance
Cover for your investment property, its contents and rent default all under one roof.{sub-heading}
Help protect your investment property and landlord contents
Landlords Insurance covers your investment property for the essentials, and helps you mitigate your financial risk including cover for rent default and accidental damage by tenants.
Summary of benefits
Highlights of our building and contents cover{sub-heading}
Natural disaster damage
If your property is damaged by storm, fire or flood, we can cover the cost of reconstruction and replace your eligible contents up to the sum insured.
Accidental damage by tenant
If your tenant accidentally damages your property, get help with repair costs up to 15% of your sum insured (less bond entitlement).
Loss of rent
When your property is unfit to live in and being repaired after an insured event, we can cover the net rental income lost for up to 12 months (up to 10% of your sum insured).
Malicious damage or theft by tenant
Cover for loss or malicious damage to your property and contents for up to 15% of your sum insured (less bond entitlement).
Fixtures and fittings
Cover for loss or damage to floors, blinds and curtains up to 5% of your building sum insured (for non-strata) or up to the contents sum insured (for strata titled properties).
New for old
Cover for the cost of replacing eligible contents lost or damaged in an insured event with new ones.
Rebuilding your property
On top of your sum insured, there's cover for the costs of demolition and design fees.
Rent default
When your tenant is in default, we can pay the net rental income lost up to $5k after bond entitlement.
Water damage
If your rental property and contents are damaged by water (eg. due to a pipe bursting), there's cover to repair them.
Frequently asked questions
See all FAQs{small-button, external-link}
What is landlords insurance and why is it important?
What’s the difference between landlords and homeowners insurance?
Landlords insurance provides protection for an investment property you are renting out and not living in, whilst homeowners insurance is for your primary residence.
Homeowners insurance covers the home and contents of the house you permanently live in, the contents in your house, and your legal liability related to the investment property.
It does not cover the risks that come with having a tenant living at your investment property, such as tenant damage and rent default, making landlords insurance relevant to cover any investment property that you permanently rent out.
I already have home insurance, do I need landlords insurance too?
Landlords insurance should not be used to cover your primary residence, however, if you have an investment property, Virgin Money Landlords Insurance could be an option.
Landlords insurance can protect your investment property from the risks that come with having a tenant living at your investment property. Additionally, if you’ve borrowed money to buy your investment property, your financial institution may require you to take out insurance on it
Am I covered if my tenant defaults on their rent payments or for other forms of loss of rent?
If you take out a Virgin Money Landlords Insurance policy, when your tenant is in default, we may pay the net rental income lost up to $5k, minus any bond entitlement.
If your property is damaged by an insured event and is being rebuilt or repaired such that the tenant can't live in it, we may pay for loss of rent on the insured property for the time it is unoccupied (for up to 12 months and up to 10% of your sum insured). This benefit is automatically included in your policy and subject to terms and conditions in the PDS{external-link}.
Am I covered if my investment property becomes unoccupied?
Your investment property will continue to be insured under a Virgin Money Insurance Landlords policy against insured events even if it becomes unoccupied. You may be required to pay an additional unoccupied excess in the event of a claim, but you can rest easy knowing the investment property remains insured.
We consider your investment property unoccupied if no one has been living in it for more than 60 consecutive days or if someone stays there on average for less than one night a week during the 60 day period.