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Landlord Insurance

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A residential investment property needs to be appropriately protected. Landlord insurance can give you the confidence that your property will be looked after should something go wrong. Allianz Landlord Insurance through Northern Inland Credit Union covers the property and/or the contents you provide for your tenant’s use.

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To help you decide the cover you need, here’s a brief outline of the difference between Buildings and Contents cover.

  Buildings
  • Designed to cover the physical structures that make up your property, like the house itself, garage, sheds, permanently installed swimming pools and decks.

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  Contents
  • Designed to cover items at your property – from furniture, removable domestic appliances 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.

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The better you understand your policy, the easier it will be if you ever have to claim.

Here is a limited summary of the benefits of a landlord insurance policy. For full details of the standard terms, conditions, limits and exclusions that apply please read the Product Disclosure Statement (PDS), and any applicable supplementary PDS before making a decision to purchase the insurance. The Landlord Buildings and Landlord Contents Key Fact Sheets (KFS) also sets out some information about the cover.

Select the cover to suit your needs.

Effective 22 February 2021

 
Cover for the unexpected

Allianz offers protection for your investment property for out of the ordinary but devastating events such as fire, storm and burglary.

Legal liability

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 caused by an accident (or series of accidents). If you have contents cover only, it does not cover any legal liability you may incur as owner of the buildings unless the buildings are defined as a lot.

Making your buildings environmentally friendly

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 (after deduction of any government or council rebates) to help you make the new buildings more environmentally friendly.

Landlords contents

Allianz will pay for repair or replacement of contents you own and provide for your tenant’s use as a result of an insured event. If you have buildings cover only, Allianz will pay up to the lesser of $10,000 or the remainder of the sum insured after payment of the buildings claim, for certain landlords contents under this additional benefit. 

Rental costs after an insured event

If your buildings are damaged by an insured event and can’t be lived in by your tenant, or access to or use of the buildings is not possible after an insured event Allianz will pay for your loss of rent on the buildings for up to 12 months if you have buildings cover or if your building is part of a strata title development and you have contents cover only.

Rebuilding and professional fees

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.

Debris removal

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.

24/7 claims lodgement

When you need to make a claim Allianz are there for you with 24 hour claims lodgement available online, or you can call the claims line to commence the claims process over the phone.

Contents in the open air at the insured address

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 $1000.

 

Optional Covers

Apply to any of these optional covers for an additional premium and greater cover.
Optional Cover - Landlord workers’ compensation cover

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

Optional Cover - Flood cover

Flood cover may be available as an optional cover to your buildings and/or contents. A 72 hour exclusion period applies.

Rent default & theft by tenant

Option to be covered for loss of rent due to specific rental defaults, up to $10,000 in total for all claims during the period of insurance. Cover for loss or damage to your insured buildings or contents caused by theft burglary or housebreaking committed by your tenant or invitees of your tenant.

 

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Important Information:

Northern Inland Credit Union Limited ABN 36 087 650 422 AFS Licence No. 235022 (Northern Inland) arranges this insurance as agent for the insurer Allianz Australia Insurance Limited (Allianz) ABN 15 000 122 850 AFS Licence No. 234708. Any advice provided is general in nature and does not take into consideration your objectives, financial situation or needs. Terms, conditions, limits and exclusions apply. Before making a decision please consider the Product Disclosure Statement available from the Northern Inland Credit Union website. The relevant Target Market Determination is available by calling 02 6763 5111.
If you purchase this insurance, Northern Inland will receive a commission that is a percentage of the premium. Ask us for more details before we provide you with any services.
1. Online discount
When you buy a new Landlord insurance policy online a premium discount of up to 10% is applied to your first years premium including the optional covers (If selected) Flood & Rent Default and Theft by Tenant. 

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.