Landlord insurance

Cover to protect your investment property

Your New Zealand rental property is valuable and worth protecting. At AMP we’ve made choosing a landlord insurance policy simple, whether for your home, your contents, or both.

As a rental property owner you have someone else – your tenant – living at your property. And no matter how considerate your tenant might be, accidents can happen. Potential issues are many and varied. Perhaps your home or belongings are damaged in an incident. Perhaps an issue with your home has resulted in tenant injury or damage to their belongings. Perhaps your tenant has defaulted on rental payments.

While there’s no legal requirement to have landlord insurance, having cover can protect you against situations that would otherwise put you out of pocket. The ultimate benefit of landlord insurance? The peace of mind that your (rather significant) property investment is protected.

Types of landlord insurance

Comprehensive Landlord Insurance - Home

Enjoy peace of mind knowing your investment property is protected.

Comprehensive Landlord Insurance - Contents

Enjoy peace of mind knowing the valuables within your investment property are protected.

Comprehensive Landlord Insurance - Home & Contents

Combine home and contents insurance to gain the ultimate protection for your rental investment property.

Compare landlord insurance cover

AMP Comprehensive Landlords Insurance, whether Home, Contents, or a combined Home & Contents policy, will offer a rental property owner protection against a wide range of potentially damaging situations. From damage to your building and contents caused by nature to the financial costs of lost rent and legal liabilities. Check the table below to see how these policies compare.

Home cover for accidental damage, methamphetamine contamination, lock replacement, damage to gardens and plants, legal liability and major events (such as an earthquake, storm, fire or flood).

Contents cover for accidental loss or damage, theft, fire, methamphetamine contamination, lock replacement and legal liability.

Legal liability

This covers your legal liability to pay for loss or damage to other people’s property, and cases of bodily injury to other people relating to your property.

Up to $1,000,000 (home)

Up to $1,000,000 (contents)

SumExtra

This covers the full replacement cost if your house is damaged or destroyed by a non-natural hazard, and up to 10% of your sum insured extra cover if your house is damaged or destroyed by a natural hazard. Conditions apply. Refer to the policy document for full details, limits and exclusions.

Optional

Methamphetamine contamination

If your tenants (or people who have your tenants’ permission) contaminate your home through the use, consumption, storage or manufacture of methamphetamine (or its precursor chemicals), this covers reasonable costs incurred for the testing, decontamination and repair of the damaged portion of the rental property owner’s contents or property.

Up to $50,000

Malicious damage

This cover is designed to protect you against bad tenants (and their acquaintances) – specifically their malicious or deliberate damage to your home or contents, or theft of any part of the home or contents. Conditions apply. Refer to the policy document for full details, limits and exclusions.

Optional

Gradual damage

Often damage is neither deliberate nor immediate - a leaking pipe might cause serious damage to your home over time without you or the tenant noticing. Gradual damage cover protects you in these situations.

Up to $2,500

Loss of rent

Enjoy cover against loss of rent due to non-payment by tenants, or in certain situations when your property is deemed unlivable, such as loss or damage covered by your policy.

Optional

Removal of debris

Cover for the costs of demolition, debris removal and disposal when parts of your home are damaged in a claimable event.

Up to 15% of Sum Insured

Damage to gardens and plants

Cover for the cost of replacing lost or damaged trees, shrubs, plants, hedges or garden beds.

Up to $1,000

Mortgage discharge costs

Cover for the administrative and legal costs of discharging the mortgage and deleting the mortgagee from the land title on your home.

Up to $1,000

Retaining walls

Cover for the loss or damage of retaining walls in cases where a claim for loss or damage to your home is also paid.

Up to $50,000 or possibly more if you’ve had a pre-loss valuation of your home and retaining walls (conditions apply)

Storage of undamaged contents

Cover for the storage of undamaged contents when you have made a claim for loss or damage to other contents, in cases where the undamaged items can’t be kept at your property.

Up to 10% of Sum Insured

Contents on common property

If you have contents that are permanently fixed on or to common body corporate property of your residential complex, you can be covered in the same way as if they were at your property.

Up to $1,000

Lock replacement

If your tenant leaves the property before the end of the tenancy agreement without the required notice or is evicted from your property and doesn’t return the keys, enjoy cover for the cost of replacing door and/or window locks.

Up to $500

Other repair/rebuilding costs

Enjoy cover in a variety of repair/rebuild situations, including make-safe works, compliance works, and the associated professional fees from architects or surveyors.

AMP landlord insurance benefits

Balance your excess and premium

With AMP you can reduce your premium payments by simply increasing your excess. Be aware that while your premium will be lower, you’ll pay more in the event that you need to make a claim.

Flexible payment options

At AMP we offer you ultimate payment flexibility. From small fortnightly or monthly payments to an annual lump sum payment, you can choose a premium payment plan that best suits your budget and lifestyle.

SumExtra (optional benefit)

Extra cover for your home if the sum insured isn’t enough to replace it in the event of a loss. There are steps you’ll need to take to qualify for the SumExtra benefit - all the details can be found in the policy wording.

Landlord insurance FAQs

Do I need landlord insurance for my rental property?

While landlord insurance isn’t compulsory, it may be one of the wisest investments a property owner can make. Offering protection against a range of financially debilitating events.

With AMP you can purchase landlord insurance:
1. As a standalone insurance policy.
2. As an extension of AMP Homeplan (speak to one of our advisers/brokers for a quote).

What's the difference between landlord insurance and home insurance?

The responsibilities of a rental property owner are very different to those of an owner occupier. Landlord insurance is a separate product from house insurance to account for the different risks and circumstances faced by a rental property owner, particularly regarding the fact that you have tenants.

Landlord insurance, therefore, provides specific cover for landlords, such as loss of rent, legal liability and malicious or otherwise careless damage caused by tenants.

How much should I insure my rental property for?

Your investment property should be insured for the cost of rebuilding it. The ‘sum insured’ should not just cover labour and materials, but all the associated rebuilding costs such as demolition, debris removal and professional fees. Find out more about calculating the sum insured of your rental property.

Sum Insured & SumExtra

Sum insured is a figure that represents the maximum that will be paid out to rebuild your home. SumExtra is an AMP benefit that can provide extra security if the replacement cost exceeds the home's current sum insured. Find out more about AMP SumExtra benefit.

Home rebuild calculator

Do you know how much it would cost to rebuild your home from scratch? Understanding your rebuild costs is a critical step in securing a landlord or house insurance policy that offers appropriate cover, and this helpful calculator can help you find your estimated figure.

Manage your insurance online

It's easy to manage your landlord insurance online with AMP. You can view, update, and keep track of your online insurance policies 24/7 with AMP's My Insurance Manager.

Looking for help with landlord insurance?

It’s important that you get the right policy for your situation – one that ensures you enjoy all the upsides of rental property ownership while being covered for potential issues that may arise. If you're unsure about your needs, our AMP landlord insurance experts are here to help. Give us a call on 0800 267 263 and speak to one of our specialists or book a call at a time that suits you.
Have an existing insurance adviser or broker? Find them here.

Insurance (excluding travel) is underwritten by Vero Insurance New Zealand Ltd. This information is only intended as a guide. Policy limits and exclusions apply. Please refer to the policy wording for full terms and conditions.