Landlord Insurance Cost

For the property types Tank places most, recent placements have landed between approximately $1,400 and $7,100 a year. A single house bought through a bare trust west of Melbourne sat at the low end; a three-unit block owned by a super fund on the NSW mid-north coast, with loss of rent and rent default, sat at the high end. Building sum insured, location and flood mapping, construction and age, occupancy mix, excess and the loss of rent limit explain most of the spread. Your property will be rated on its own details.

Recent Tank placements for houses with a granny flat and for dual occupancy or dual key properties have ranged from approximately $1,700 to $6,500 a year. The low end was a new dual occ under one roofline with a $750,000 building sum insured, both sides rented; the high end was an owner-occupied-plus-tenanted dual occ on the NSW mid-north coast insured for $1.45 million. A 1910 house split into two tenancies with a rented granny flat came in at approximately $2,500 once the rewiring, replumbing and protections were disclosed.

Two recent heritage placements landed at around $3,000 for a converted former bank in regional South Australia and approximately $4,200 for a double-brick heritage block of four units in bayside Melbourne. The spread between insurers on one listed building can be wide: the South Australian property drew a second quote of around $7,000. On a heritage property the sum insured matters more than the premium, because a like-for-like rebuild with conservation approvals costs more than a standard one.

Recent Tank placements at flood-mapped addresses have landed between approximately $2,000 and $4,100 a year, across single houses and small blocks in regional NSW, Victoria and WA. Several were placed with flood excluded or at a higher flood excess. Other quotes on the same property can run to several times that figure: in one WA placement, roughly six times the flood-excluded quote. The flood study, the floor level and any prior flooding decide which side of that line your address sits on.

Generally not. The property is rated, not the owner. Recent fund-owned and trust-owned placements ranged from approximately $1,400 for a single house bought through a bare trust to approximately $7,100 for a three-unit block with loss of rent and rent default, which is the same spread you'd see for the same properties in personal names. What the structure changes is the insured name and the certificate, which have to match the trustee on the title.

Usually one or more of: a sum insured corrected upward after years of creeping underinsurance, a change in the insurer's flood or natural-hazard mapping for your address, a claim, the building ageing past a threshold in that insurer's guidelines, or a second dwelling or tenancy that wasn't rated before. It can also simply be the wrong insurer for the risk now. If the renewal number has jumped, have a broker re-test the market rather than accepting it; different insurers have genuinely different appetite for the same property.

Have the basics ready: address, number of dwellings, year built, construction, rewiring and replumbing dates, a rebuild estimate for everything on the title, the weekly rent on each tenancy, the excess you'd accept, your claims history, the lender to be noted and, if a trust or fund owns it, the trustee's exact legal name. With that in hand we can usually come back with terms in 48 to 72 hours, and in as little as 24 hours for a straightforward risk. Send it through the quote form or call and we'll do the rest.