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The SGIO Landlord Insurance Premium, Excess, Discounts & Benefits Guide should be read with the SGIO Landlord Insurance Product Disclosure Statement and Policy Booklet (PDS) Edition 1, dated 1 June 2009.
Landlord Insurance Premium, Excess, Discounts & Benefits Guide (PDF) effective for all policies taken out and renewing from 16 August 2010.
Landlord Insurance Premium, Excess, Discounts & Benefits Guide (PDF) effective for all policies taken out and renewing from 9 January 2012.
For the complete list of guides, please find them at the bottom of this page or go to the Premium, Excess, Discounts & Benefits guide section.
Your insurance premium is based on the likelihood of a claim being made on your policy in the future. There are a number of factors we take into account when determining your premium.
We calculate your premium by combining the:
- pricing factors
- discounts
- policy options
- cost of choosing to pay by the month, and
- government charges.
Pricing Factors
The premium you pay for your insurance reflects the likelihood of you making a claim together with the potential value of any claim. So, if you have a lower chance of making a claim then you will generally pay a lower premium compared to someone who has a higher chance of making a claim.
Our experience shows there are a number of factors that are a good indicator of the possibility of a claim being made. We call these pricing factors.
For Landlord Insurance policies the following table describes the pricing factors we may take into account to determine your premium for Building Insurance or Contents Insurance.
| Pricing Factors | Buildings | Contents |
|---|---|---|
| The location of your rental property |  |
|
| The amount your rental property or its contents are insured for | |
|
| The age of the insureds | |
|
| Whether your rental property is occupied | |
|
| The construction material of your rental property and its roof | |
 |
| The year your rental property was built (see step 3 of How we calculate your premium) | |
|
| The type of alarm fitted to your rental property | |
|
| The basic excess amount you choose | |
|
Discounts
The following discounts are available depending on the type of insurance you have chosen:
- No Claim Bonus
- Multi-Policy Discount
- Years of Insurance Discount
We calculate the discounts that apply to your policy before we tell you what your premium will be. Please see the Discounts section of this guide for further details.
Policy options
If you have Buildings or Contents Insurance you may add cover for Flood as an option by paying any additional premium that applies.
Cost of choosing to pay by the month
If you choose to pay your premium by monthly instalments you pay more than if you pay annually.
The extra premium you pay will be shown on your current Certificate of Insurance.
Government charges
Landlord Insurance policies are subject to stamp duty imposed by state and territory governments in addition to GST.
| Government Charges | Landlord Insurance |
|---|---|
| GST | 10% |
| Stamp Duty | 10% |
How we calculate your Landlord premium
Step 1
First, we will combine the pricing factors.
Step 2
Once this amount is calculated we work out any Multi-Policy Discount or Years of Insurance Discount that you may be eligible for and apply those to the amount from Step 1.
Step 3
If your rental property is new, we work out any premium reduction that you may be eligible for and apply it to the buildings premium amount from Step 2.
Step 4
We then work out any No Claim Bonus you may be eligible for and apply this to the amount from Step 3.
Step 5
If you have both Landlord Buildings and Contents Insurance, we add your buildings premium and contents premium together.
Step 6
Then, we add the cost of Flood if you have chosen this option and the cost of choosing to pay by the month.
Step 7
To the amount in Step 6, we add applicable government charges to work out the premium you need to pay.
If there is anything you don't understand about this SGIO Landlord Insurance Premium, Excess, Discounts & Benefits Guide, please call us on 133 233 or visit your nearest office.
Print or download a PDF of this guide
SGIO Landlord Insurance Premium, Excess, Discounts & Benefits Guide (PDF) effective for all policies taken out and renewing from 16 August 2010.
SGIO Landlord Insurance Premium, Excess, Discounts & Benefits Guide (PDF) effective for all policies taken out and renewing from 9 January 2012.
SGIO Landlord Insurance Premium, Excess, Discounts & Benefits Guide (PDF) - Policies commencing 14/06/2009 to 15/08/2010