Understanding your Landlord Insurance cover
Important notice
This is a summary of key features of Westpac Landlord Insurance, provided by Allianz. It doesn’t provide a complete statement of the cover offered, exclusions, conditions and limits that may apply. You should read the Product Disclosure Statement for more details on cover and exclusions.
Product Disclosure Statement (PDS) (PDF 1MB)Product Disclosure Statement (PDS) (PDF 1MB)
What’s covered?
Building insurance is designed to cover the physical structures and fixtures that make up your buildings. This includes the house, garage, fences and paved driveways - even built-in appliances such as hot water systems, air-conditioners and more.
Refer to page 24 of the Product Disclosure Statement (PDS) (PDF 1MB)Refer to page 24 of the Product Disclosure Statement (PDS) (PDF 1MB)
Covered by Building insurance
Covered by Contents insurance
Contents insurance protects the belongings you have at the insured address. This includes contents for your tenant’s use, such as appliances, furniture, carpet and BBQs.
Refer to page 34 of the Product Disclosure Statement (PDS) (PDF 1MB) Refer to page 34 of the Product Disclosure Statement (PDS) (PDF 1MB)
Covered by Contents insurance
Covered by Building insurance
For some items, a maximum limit is placed on how much you can be covered for. Refer to the Product Disclosure Statement for details.
What you are covered for under each of the insured events
There may be exclusion periods and conditions for each event. Please refer to the relevant page in the Product Disclosure Statement.
Buildings and/or contents
Loss or damage caused by:
- fire
- bushfires and grassfires, or
- smoke.
Buildings and/or contents
Loss or damage caused by:
- storm
- cyclone
- rainwater
- run-off.
Loss or damage caused by or arising from:
- soil movement, including erosion
- landslide
- mudslide, or
- subsidence
if it is caused directly by and occurs within 72 hours of a storm.
Buildings and/or contents
Loss or damage resulting directly from bursting, leaking, discharging or overflowing of any:
- appliances – for example a dishwasher or washing machine
- fixed rainwater or hot water tanks
- radiators and oil heaters
- fixed pipes, gutters or drainpipes, sinks, baths or water carrying apparatus
- waterbeds
- aquariums designed to hold more than 20L
- swimming pools or spas.
Buildings and/or contents
- Loss or damage caused by actual or attempted theft or burglary.
Up to $1,000 to replace the locks or cylinders of any external door or window if:
- the key is stolen, or
- there are reasonable grounds to believe that the key has been copied.
No excess applies for the replacement of locks or cylinders. The replacement of locks or cylinders will only be paid for under one section of the policy (either Buildings or Contents, not both).
Buildings and/or contents
- Loss or damage caused by explosion.
Loss or damage caused by or arising from:
- soil movement, including erosion
- landslide
- mudslide, or
- subsidence
if it is caused directly by and occurs within 72 hours of an explosion.
Buildings
- Accidental breakage of a fixed glass or ceramic item, like a window, cooking surface, sink or toilet.
Contents
- Accidental breakage of glass that forms part of the contents that you have included for the tenants to use (including fixed or unfixed tabletops and hanging wall mirrors). See the Contents section of the PDS for what is covered as contents.
Buildings and/or contents
Loss or damage caused by impact from:
- any motor vehicle, train or watercraft
- an external aerial or satellite dish which collapses or breaks
- an aircraft, or anything dropped or falling from an aircraft
- space debris or debris from a rocket or satellite
- any animal, excluding any animal kept in your home building as a domestic pet, or
- falling trees or parts of trees.
Buildings and/or contents
- Loss or damage caused by vandalism or a malicious act.
Buildings and/or contents
- Loss or damage caused by lightning.
Buildings and/or contents
- Loss or damage caused by an earthquake or tsunami.
Loss or damage caused by or arising from:
- soil movement, including erosion,
- landslide
- mudslide, or
- subsidence
if it is caused directly by and occurs within 72 hours of an earthquake or tsunami.
An additional excess of $250 on top of any other excess payable under the policy applies to each earthquake and/or tsunami (including a series of earthquakes and/or tsunamis) that occurs during any consecutive 48-hour period.
Buildings and/or contents
- Loss or damage caused by a riot or civil commotion.
Buildings and/or contents
Loss or damage caused by:
- flood*
- flood water*, combined with run-off and rainwater.
Loss or damage caused by or arising from:
- soil movement, including erosion
- landslide
- mudslide, or
- subsidence
if it is caused directly by and occurs within 72 hours of a flood.
Additional benefits
This is a summary of included additional benefits. These benefits are added to your sum insured amount or are explained below. For full details of what is covered and limitations, please refer to the relevant page in the Product Disclosure Statement.
Refer to page 28-38 and 37-40 of the Product Disclosure Statement (PDS) (PDF 1MB)Refer to page 28-38 and 37-40 of the Product Disclosure Statement (PDS) (PDF 1MB)
Buildings and/or contents
The reasonable and necessary costs of demolition and removing debris from your insured address under Buildings cover and/or the reasonable cost of removing contents debris under Contents cover will be paid.
Buildings
If you need to rebuild your home buildings after total loss or damage, Allianz will help pay the costs of architects, engineers, surveyors and solicitors.
Buildings
If your buildings are totally destroyed and need to be rebuilt and you do not already have the relevant environmental equipment, Allianz will help you make the new buildings more environmentally friendly.
Buildings
If you need to rebuild your home buildings after loss or damage, Allianz will help pay the costs of complying with any statutory requirements.
Buildings
If your buildings are damaged by an insured event covered by your policy and your buildings can’t be lived in by your tenant, or access to or the use of your buildings was not possible, loss of rent on the buildings will be paid for.
Contents
Only applicable if the building is part of a strata title development and you have contents cover only.
If your buildings are damaged by an insured event and your buildings can’t be lived in by your tenant, or access to or the use of your buildings was not possible, loss of rent on the buildings will be paid for.
Buildings
Only applicable when you have buildings cover. Repair or replacement of contents you own and that you provide for your tenants use will be paid for. The maximum payment for this benefit will be the lesser of $10,000 or up to the remainder of the sum insured after payment of your buildings claim.
Buildings
This benefit covers you if an electrical current damages household electrical motors that you own and that are fixed to your buildings, like an air-conditioning unit.
Contents
This benefit covers you if an electrical current damages household contents electrical motors electrical motors in appliances like a fridge, freezer or washing machine, that you own and that you have provided for your tenants to use.
Contents
You will be covered for 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 $1,000.
Available as part of your Buildings and/or Contents cover
You will be covered for up to $20 million for your legal liability for payment of compensation relating to death, injuries and illnesses and/or damage to property caused by an accident (or series of accidents) attributable to one source or originating cause. This includes cover for accidents that occur anywhere in Australia, or elsewhere in the world, when you are temporarily outside Australia – provided you normally reside in Australia.
Optional cover
(at an extra cost)
This is a summary of the optional cover you can choose to add to buildings or contents insurance, for an additional fee.
Available for both Buildings and Contents cover.
If you have this cover, your loss of rent due to the occurrence of one or more of the following insured events listed below will be paid for up to a maximum amount of $10,000, for the periods stated in the Product Disclosure Statement:
- Default of payment of rent by the tenant
- Death of a sole tenant
- Tenant hardship
- Theft by tenant.
Available for both Buildings and Contents cover.
This option is only available if your insured address is in Tasmania, Western Australia or the Australian Capital Territory.
What may not be covered
You may not be covered for damage caused by, or to, items that have not been well maintained. For example, if a storm causes water damage to your ceiling, you may not be fully covered if the water entered because of a poorly maintained roof.
There are some general and additional exclusions that apply to certain insured events. For full details of what may be excluded, please refer to the relevant page in the Product Disclosure Statement.
Refer to the Product Disclosure Statement (PDS) (PDF 1MB)Refer to the Product Disclosure Statement (PDS) (PDF 1MB)
Exclusions may include:
Wear and tear including depreciation, gradual deterioration, or lack of maintenance.
Inherent defects including faulty design or materials, structural defects or poor workmanship.
Illegal contents or personal effects which are acquired illegally or are illegally held.
Soil movement including erosion, landslide, mudslide or subsidence unless it is directly caused by and occurs within 72 hours of an explosion, earthquake, tsunami, storm or flood.
If you leave your property unoccupied for any period longer than of 60 consecutive days, unless otherwise beforehand agreed in writing.
Maintenance, repair or attempted repair operations carried out by your tenants or anyone acting on their behalf.
Things you should know
There are some general and additional exclusions that apply specifically to certain insured events. For full details, please refer to the Product Disclosure Statement.
*A 72-hour exclusion period applies to some insured events. Allianz does not provide cover (where the type of cover you have under the policy provides it) for any loss of or damage to property caused by cyclone, flood, grassfires and bushfires, during the first 72 hours after you first take out or increase the cover under the policy. There are some general exclusions and additional exclusions that apply specifically to certain insured events. Make sure you check these carefully by reading the Product Disclosure Statement.
This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. The information is not advice, recommendation or opinion on any products or services provided by Westpac or third parties. For this reason, you should consider the appropriateness for the information to your own circumstances and, if necessary, seek appropriate professional advice. For more information on any specific products or services distributed or provided by Westpac, you may wish to read the relevant Product Disclosure Statement. To see some of the events covered and not covered, please refer to our Key Fact Sheets (KFS).
Landlord Insurance is issued by Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL 234708 (Allianz). Westpac Banking Corporation ABN 33 007 457 141 AFSL 233714 (the Bank) arranges the initial issue of the insurance under a distribution agreement with Allianz, but does not guarantee the insurance. This information does not take into account your personal circumstances. Before making a decision, please consider the relevant Product Disclosure Statement. For more information call 1300 650 255.
If you take out Landlord Insurance with Allianz the Bank will receive a commission of up to 12% of the premium, excluding Government fees and charges, plus GST.
A target market determination has been made for this product. Please visit www.westpac.com.au/tmd for the target market determination.
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