NRMA Landlord Insurance Review

Cover for floods and if your tenant leaves without notice: some of the reasons NRMA landlord insurance could be right for you.

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Our Verdict

  1. It's good for peace of mind. If your tenant stops paying rent or leaves without giving you notice, NRMA will cover you for lost rent for up to $5,000.
  2. It automatically covers flood, rainwater run-off and storm surge — not many other insurers do that.
  3. It's good for rewarding loyalty — the longer you stay, the bigger the discount you get.

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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What cover options does NRMA have?

  • Building Cover. Protect your property with Building Cover. Cover extends to pipes, cables, ducting, wires, switches, meters, fixed appliances, carports, patios, paved paths, driveways and other permanent fixtures (pools, spas, etc).
  • Contents Cover. Take care of everything not nailed down with Contents Cover. As well as all the expected items such as entertainment equipment and kitchen appliances, your carpets, curtains, blinds, furniture, furnishings, non-permanent light fittings, removable domestic appliances, utensils, swimming pools and their accessories are all included too.
  • Home & Contents Cover. Take care of the rafters and everything underneath with Home & Contents Cover, combining both policies for your property and its contents, as well as legal liability of up to $20 million. You can also select to remove certain insured events to lower your premium, though you will not be protected against those events, should they happen.

How does each cover type compare?

ContentsHome
Animal damage
Broken glass
Burnout or fusion of electric motors
Earthquake
Explosion
Fire
Flood and rainwater run-off
Impact damage
Lightning
Rent default
Riots or civil commotion
Storm and storm surge
Theft or attempted theft by tenant, guest or someone else
Tsunami
Vandalism or malicious damage by tenant, guest or someone else
Water and oil leaks
Building materials
Demolishing and removing debris
Furniture and furnishings
Keys and locks
Locating the cause of damage
Loss or rent during repairs
Meeting building regulations
Mortgage discharge costs
Rebuilding fees

Do I have legal liability?

Yes. All policies have a limit of $20 million from any legal claims and costs. It extends to your building if you are required to pay compensation for death or injury on your property and landlord contents that cause death or injury.

What exclusions are there?

Specific exclusions may depend on your personal circumstances or the current state of your home and contents. Be sure to speak with your insurance broker about exclusions before you take out any policy. General exclusions can include loss, damage or injury as a result of:

  • Tenant neglect, carelessness, poor housekeeping and hygienic living
  • Rust, mould, depreciation or wear and tear
  • Earth movements unrelated to earthquakes
  • Actions of the sea
  • Atmospheric conditions or extreme temperatures
  • Vermin or insects
  • Tree roots, felling or lopping
  • Lawful seizure or illegal activities you are involved in
  • Mechanical, structural or electrical failure
  • Business interruption, consequential financial loss or other non-financial loss (inconvenience, distress, etc)
  • Intentional and deliberate actions by you or someone acting with your permission

What excess do I need to pay?

Excess is your share of any claim for damage, loss or injury covered by your policy. Each claim requires its own excess and you may have to pay more than one excess. For example, if a fire damaged your house you would need to claim for the damage and pay an excess. If the house was unusable, you could claim for loss of rent, which would require an additional excess.

How do I make a claim?

After dealing with an incident, including contacting any emergency services and collecting relevant documents and reports, contact NRMA on 132 132.

Alternatively, you can go to insuranceonline.nrma.com.au to lodge your claim online or visit an NRMA office branch if you would prefer to speak in person.

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