Date: 28th Sep 2026

A guide to landlord insurance in New Zealand

What it covers and how to choose the right insurance policy

Renting out a property brings a different set of risks than living in it yourself, and standard house insurance doesn’t cover many of them. Landlord insurance covers the risks that come specifically from having tenants in your property.

Choosing adequate rental property insurance coverage depends on your property, how it's tenanted, and how much financial protection you want. This page covers what landlord insurance typically includes, whether you're required to have it, and how to choose a policy.

What is landlord insurance?

Landlord insurance is designed for residential rental homes, whether that's a standalone house, a townhouse, or an apartment. If you’re a property owner renting to tenants, it's for you.

It's different from standard home and contents insurance, which is designed for owner-occupiers and doesn't usually cover the risks that come with renting a property out. Landlord insurance exists to close that gap.

What landlord insurance covers

Insurance varies between insurers, but a landlord insurance policy typically covers:

• Damage to the building: fire, storm, flood, and other insured events
• Tenant damage: accidental or intentional damage, such as vandalism and theft, and malicious damage caused by tenants or their guests
• Landlord-owned contents: non-fixed appliances, window coverings, or furniture you supply as part of the tenancy
• Loss of rental income: non-payment of rent, tenants leaving without giving the required notice, or an insured event that means the property can't be rented out for a period
• Legal liability: covering situations where you're liable for injury or damage connected to the property
• Optional extra cover: may include cover for things like methamphetamine contamination testing and cleaning

Read the policy document before you buy; two policies that look similar on the surface can work very differently when you need to make a claim.

What isn't usually covered?

Many landlord property insurance policies exclude:

• Normal wear and tear: insurance covers sudden, insured events rather than gradual damage that happens over time
• Maintenance issues: property damage that results from something you should have repaired
• Tenants' personal belongings: this is the tenant's own responsibility to insure
• Claims outside your policy conditions: for example, where required precautions, like tenant reference checks, or regular inspections weren't carried out

Since personal belongings sit outside your cover, encourage your tenants to arrange their own contents insurance, and ideally personal liability cover too. Your insurance policy won't cover anything they own, and they may be liable for damage they or their guests cause.

Is it necessary to have landlord insurance?

Organising home insurance for rental properties isn't a legal requirement in New Zealand. You can rent out a property without it. That said, many landlords choose to take it out anyway, since the cost of an uninsured event, whether that's storm damage, a bad tenancy, or a lengthy vacancy, can far outweigh the cost of premiums.

There are related legal obligations you do need to meet, though. Under the Residential Tenancies Act, every new tenancy agreement must disclose whether the property is insured and what excess applies, and you need to tell tenants the policy is available on request.

If tenants or their guests cause deliberate or accidental damage, liability depends on whether it's careless or intentional, and is capped in some cases. Tenancy Services can confirm the specifics for a particular situation.

How much landlord insurance do I need?

Working out what landlord and home insurance you need starts with a handful of factors specific to your property:

• Property value and replacement cost: this sets the baseline for how much building cover you need
• Landlord-owned contents: if the property is furnished or partly furnished
• Rental income: to work out how much loss-of-rent cover would realistically replace if something went wrong
• Whether it's an apartment or a standalone home: this affects what you're responsible for insuring yourself

What landlord insurance do I need for an apartment?

If your property is an apartment or unit in a body corporate, some of this may already be taken care of for you. Under the Unit Titles Act, bodies corporate are generally required to insure the building and shared property under a single policy, with the cost built into your body corporate fees. That covers the physical structure, but not your own contents, fixtures you've added, or lost rental income, so many apartment owners still take out a separate landlord policy for those specific things.

How much does landlord insurance cost?

Premiums vary from one property and policy to the next, and typically depend on:

• Location: some areas carry higher risk from flooding, earthquakes, or other natural hazards
• Building characteristics: including age, construction, and condition
• Type of tenancy: long-term residential versus short-term or holiday home letting
• Sum insured: the total amount your policy covers you for
• Excess selected: a higher excess generally lowers your premium
• Optional cover: extras like meth contamination cover or higher loss-of-rent limits add to the cost

Because these factors differ so much between properties, get quotes based on your own rental insurance coverage needs rather than assuming a standard rate applies.

How do you get landlord insurance?

Getting landlord house insurance generally follows the same process regardless of insurer:

• Compare insurers to find who offers the best fit for your property, and get more than one quote
• Choose the level of cover that suits your property and how it's tenanted
• Request a quote based on your specific property details
• Review the policy's limits and exclusions closely before committing
• Purchase the policy, ideally before a tenancy begins, though it can also be arranged during one

Your circumstances as a landlord can change over time, whether that's a change in tenancy, renovations, or a shift in the property's value, so review your cover regularly rather than treating it as a one-time decision.

Getting the right protection in place for your rental property

When comparing landlord insurance, finding the right cover is more important than chasing the lowest premium. A cheaper policy with narrower cover or a lower claim limit can end up costing you more if you ever need to rely on it.

If you buy another investment property, or change how an existing one is tenanted, that's a good prompt to review your insurance alongside everything else. And if you'd like guidance on managing your rental property, talk to your local Tremains office.