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Review by our insurance writer Gary Hunter
Some landlord insurance policies have temporarily removed benefits such as rent default and a few others because of the pandemic. Make sure to check this with the insurer before deciding on a policy.NAB offers the following policies.
This covers buildings inside and out for loss or damage caused by 11 insured events including fire, theft, accidental breakage and vandalism. Cover can also include sheds, garages and built-in swimming pools, as well as the main building itself.
A NAB contents policy can cover the cost of your belongings to be replaced or repaired if you get affected by an insured event like a storm, theft, fire or vandalism. It's often helpful to have contents cover if your property is furnished.
You can also get cover for rent default and theft by the tenant. This can include rent default, departure of the tenant from the building without notice, death of a sole tenant, tenant hardship, cleaning costs, theft by tenant and legal expenses. You can get cover with both buildings and/or contents cover.
For a clearer understanding of what you're covered for with a NAB landlord insurance policy, check out the list of the insured events.
| Insured event | Buildings and contents | Buildings cover only | Contents cover only |
|---|---|---|---|
| Fire or smoke | |||
| Storm, cyclone, rainwater or run-off | |||
| Water or other liquid damage | |||
| Theft or burglary | |||
| Explosion | |||
| Accidental breakage of glass or ceramic items | |||
| Impact damage | |||
| Vandalism or malicious damage | |||
| Lightning | |||
| Earthquake or tsunami | |||
| Riot or civil commotion |
Here's more of what a NAB policy can offer.
| More benefits | Buildings and contents | Buildings cover only | Contents cover only |
|---|---|---|---|
| Debris removal | 10% of sum insured | 10% of sum insured | 10% of sum insured |
| Rebuilding and professional fees | $5,000 | $5,000 | |
| Environmental upgrades | $5,000 | $5,000 | |
| Building code compliance costs | $5,000 | $5,000 | |
| Loss of rent | 12 months | 12 months | 12 months |
| Landlords contents | $10,000 | $10,000 | |
| Motor burnout | Motors less than 10 years old | Motors less than 10 years old | Motors less than 10 years old |
| Open air contents | $1,000 | $1,000 | |
| Legal liability | $20,000,000 | $20,000,000 | $20,000,000 |
If you want cover for the following, you can pay a little extra on your monthly premiums.
| Optional add-ons | Buildings and contents | Buildings cover only | Contents cover only |
|---|---|---|---|
| Rent Default and Theft by Tenant | $10,000 | $10,000 | $10,000 |
| Flood cover | |||
| Landlord workers' compensation |
All insurers generally require you to pay an excess when you make a claim. This is a specified amount that you'll need to pay upfront towards the costs of a claim.
With NAB, you'll pay a basic excess as outlined by NAB and a voluntary excess which you can choose to help lower the cost of your premiums.
In some cases, NAB may impose an additional compulsory excess depending on your claims history and risk. This will be outlined on your policy schedule or PDS.
There is also generally an Earthquake and Tsunami excess. This is an additional excess of $250 you'll need to pay for any claims related to an earthquake or tsunami, during any period of 48 consecutive hours.
Before you claim, it's important that you contact the police if a theft or attempted theft has taken place. Then you can contact the Allianz Claims centre or make a claim online. It should only take you around 10 minutes and you'll be given a confirmation number straight away for your reference. The claims lodgement service is available 24/7. You'll need the following information if possible:
Your policy number or address
Details of what happened including photos, quotes and receipts
Yes. You can get contents cover (which covers furnished properties) or a combined building and contents cover policy.
You can get a NAB landlord insurance quote online or over the phone on 13 29 28.
You can qualify for up to a 30% No Claim Bonus if you've had no landlord insurance claims in the past 3 years. You can also save up to 10% when you combine your building and contents cover and another 10% when you buy a policy online.
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