NAB Landlord Insurance Review

NAB landlord insurance is good for rewarding you if you don’t need to submit a claim and if your property is furnished.

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Our Verdict

  1. NAB landlord insurance comes with a 30% No Claim Bonus if you make no landlord insurance claims in 3 years — not many other insurers we looked at offer this.
  2. It's good if you have a furnished flat — you can get 10% off when you combine building and contents cover.
  3. Its 10% online discount isn't the largest offer available — competitors such as Budget Direct, Australian Seniors and Domain all offer more.

Review by our insurance writer Gary Hunter

warningSome 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.
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Policies you can get through NAB

NAB offers the following policies.

Buildings cover

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.

Contents cover

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.

Optional covers

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.

Here's a comparison of the NAB's main policies

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 eventBuildings and contentsBuildings cover onlyContents cover only
Fire or smoke
Storm, cyclone, rainwater or run-off
Water or other liquid damage
Theft or burglary
Accidental breakage of glass or ceramic items
Impact damage
Vandalism or malicious damage
Earthquake or tsunami
Riot or civil commotion

Here's more of what a NAB policy can offer.

More benefitsBuildings and contentsBuildings cover onlyContents cover only
Debris removal10% of sum insured10% of sum insured10% 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 rent12 months12 months12 months
Landlords contents$10,000$10,000
Motor burnoutMotors less than 10 years oldMotors less than 10 years oldMotors less than 10 years old
Open air contents$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-onsBuildings and contentsBuildings cover onlyContents cover only
Rent Default and Theft by Tenant$10,000$10,000$10,000
Flood cover
Landlord workers' compensation

What excesses do I have to pay with NAB?

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.

How to make a claim with NAB

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

Frequently asked questions

Does NAB landlord insurance cover a furnished property?

Yes. You can get contents cover (which covers furnished properties) or a combined building and contents cover policy.

How can you apply for NAB landlord insurance?

You can get a NAB landlord insurance quote online or over the phone on 13 29 28.

Are there any discounts I can use?

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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