Online landlord insurance quotes are fast, and for a straightforward rental property they can be perfectly adequate. Problems start when the property, the tenancy or the ownership structure does not fit the neat boxes in a comparison form. That is usually the point where a broker quote earns its place.
Business Insurance Consulting is a Brisbane brokerage led by Craig Graham, with 28 years in the industry and access to more than 150 specialty markets. Landlord cover sits within its personal lines offering, and the same logic that applies to business insurance applies here. The cheapest quote is only good value if the policy responds when something goes wrong.
What a landlord policy is built to cover
Landlord insurance is written for rented residential property rather than an owner-occupied home. The core covers advertised by major insurers generally include:
- Damage to the building from fire, storm, flood and similar events, depending on the product
- Theft and vandalism, including malicious damage by tenants
- Loss of rental income after an insured event
- Legal liability as the property owner
- Rent default or tenant default, which is often optional and may cost extra
For example, Allianz advertises up to 12 months loss of rent after an insured event, $20 million legal liability cover and optional rent default cover. Suncorp advertises flood, storm, fire and theft cover as standard, along with specific cover for loss of rent due to tenant default. CGU describes its landlord product as broad cover for damage by tenants, fire or owed rent. Terri Scheer markets itself as a landlord insurance specialist.
The headline lists look similar across all of them. The real differences sit in the definitions, sub-limits and exclusions, which is why a product disclosure statement matters more than a comparison table.
Why a comparison site is still a sensible first step
Tools such as Canstar’s landlord insurance comparison let you compare policies without entering personal details, which makes them a low-risk way to see who is writing this cover. iSelect publishes a Queensland-specific landlord insurance page. The direct insurers make quoting easy, and several use incentives to encourage online purchase. Suncorp and AAMI both advertise $50 off the first year when you take out a new landlord policy online, and Terri Scheer offers a 5% discount on the first year’s premium for quotes and applications completed online.
None of that is a problem. It is useful market intelligence. What matters is understanding what a comparison result actually represents. It is a premium for a policy, priced on the answers you gave to a standard set of questions, with a first year discount applied. It does not tell you whether those answers captured your property accurately.
Where online quotes tend to fall short for Brisbane landlords
Properties that do not fit the standard form
Brisbane’s housing stock includes plenty of properties that confuse a straight online quote. High-set homes with a tenancy downstairs, Queenslanders with a granny flat out the back, multiple tenancies on one title, and properties held under a body corporate or community title arrangement all create questions a standard form cannot handle well. Add short-stay use, a separately rented granny flat, or a property under renovation between tenants, and the form has nowhere sensible to record the answer. A broker can describe the risk to a market that has an appetite for it rather than selecting the closest available box.
Loss of rent and rent default are not the same thing
Allianz advertises up to 12 months loss of rent after an insured event, plus optional rent default cover. Suncorp advertises loss of rent due to tenant default. Those are different triggers. One responds after a fire or storm makes the property unliveable. The other responds when a tenant stops paying. Whether tenant default cover also picks up the costs of removing a tenant, cleaning, re-letting and the gap between tenancies is a wording question, and the answer changes the value of the cover considerably.
First year discounts hide the second year
A discount on the first year’s premium is worth taking if the policy suits your property. It is not a reason to choose the policy. Renewal pricing is where the real cost sits, and a policy that looked cheap at quote stage can look very different twelve months later. Comparing a discounted first year premium against a broker quote that reflects ongoing pricing is not comparing like with like.
What a broker quote includes that a comparison result cannot
A broker quote reflects a conversation about your property rather than a set of tick boxes. That conversation usually covers:
- How the property is genuinely used and who occupies it
- The right building sum insured, based on rebuild cost rather than market value
- Whether landlord-owned contents such as carpets, blinds and appliances should be insured
- How much loss of rent cover makes sense given the rent and likely repair timelines
- Whether rent default cover is worth adding, and what it actually pays
- Excess structures and how they affect the premium
- Any lender or body corporate requirements attached to the property
Business Insurance Consulting works with an insurer panel that includes CGU, QBE, Vero, Allianz, AIG, Chubb, Zurich and NTI. It is part of the Community Broker Network and Steadfast and holds a NIBA affiliation. For a landlord, the practical benefit is genuine competition on the same set of facts, plus someone to call when a claim happens.
Claims advocacy is the part that never shows up in a premium
When a tenant causes damage or stops paying rent, the paperwork has to be right. A broker who placed the policy can confirm what is covered, help document the loss, deal with the assessor and push back if a claim is questioned. That work does not appear anywhere in a comparison table. It tends to matter a great deal in the week after an incident.
How to compare a broker quote with an online quote properly
Ask for both quotes on the same basis, then work through the following side by side.
| Item to compare | What to check |
|---|---|
| Building sum insured | Whether it reflects rebuild cost rather than purchase price or market value |
| Loss of rent | The limit in weeks or months, the trigger, and whether it applies while repairs are done |
| Rent default | Whether it is included or optional, and what it pays beyond unpaid rent |
| Legal liability | The limit, for example the $20 million advertised by Allianz |
| Contents | Whether landlord-owned items such as carpets and blinds are included |
| Excesses | The standard excess and any higher excesses for specific events |
| Flood | Whether flood is included as standard, as Suncorp advertises, or excluded |
| Settlement basis | Replacement or indemnity, and how that affects an older property |
| First year discounts | The saving now, and the premium once the discount falls away |
If two quotes line up on every line, take the cheaper one. If they do not, the cheaper quote is not actually cheaper.
Questions to ask before you accept any landlord insurance quote
- What happens to the premium at renewal?
- Does the policy pay loss of rent while repairs are being done, and for how long?
- What evidence is required if a tenant stops paying rent?
- Is malicious damage by a tenant covered, and is there a sub-limit?
- What is the position if the property is vacant between tenancies?
- Who do I call if a claim is declined?
These questions separate policies that look identical on a website from policies that behave differently when tested.
Getting a landlord insurance quote in Brisbane
Have the following ready before you ask for quotes: the property address, when it was built, construction type and roof material, the current rent, whether the property is managed by an agent or self-managed, the lease type, any claims history, and the sums insured you are considering for building and contents. With those details, a broker can approach multiple markets and present options on a consistent basis, which is far more useful than a set of quotes priced on different assumptions.
Landlord insurance is not a commodity. Two policies with the same headline covers can behave very differently when a tenant defaults or a roof comes off in a storm. Getting a broker to quote alongside the online comparison you have already done costs nothing but a conversation, and it gives you a second opinion on whether the cheap option is the right one.
Frequently Asked Questions
How much does landlord insurance cost in Brisbane?
There is no single figure. Premiums move with the building sum insured, construction type, suburb, rent, claims history and each insurer’s appetite for the risk. Any site quoting a flat average for Brisbane is guessing. The only meaningful comparison is quotes priced on your actual property using the same sums insured and the same covers, which is what a broker can arrange for you.
What is the difference between loss of rent and rent default cover?
Loss of rent generally responds when the property becomes unliveable after an insured event, such as a fire or storm, so you are covered while repairs happen. Rent default responds when a tenant stops paying. Insurers treat these differently. Allianz, for instance, advertises loss of rent after an insured event and optional rent default cover, so check which trigger applies to your policy wording.
Can I get a quote online and still use a broker?
Yes, and it is a sensible approach. Comparison tools such as Canstar’s let you browse the market without entering personal details, and direct insurers offer online quotes with discounts attached. Use that as your base. Then ask a broker to quote the same property on the same sums insured and compare the two properly rather than comparing a discounted first year premium with a full one.
Does landlord insurance cover flood in Queensland?
It depends on the product. Suncorp advertises flood, storm, fire and theft cover as standard on its landlord policy, but not every insurer takes the same approach. Flood definitions also vary considerably between policies. Ask specifically whether flood is included, whether it is optional, and how the policy defines it before you rely on the answer for a Brisbane property.
Do I need landlord insurance if a property manager looks after the tenancy?
A property manager handles the tenancy, not your exposure as an owner. Building damage, legal liability and loss of rent remain your risk. If a tenant stops paying or causes damage, the property manager manages the process while your insurer manages the claim. Those are separate jobs, so confirm what your manager’s agreement actually covers before assuming you are protected.
