NAB Landlord Insurance

NAB is a provider of landlord insurance as well as car insurance, life insurance, home & contents insurance, home loans, credit cards, savings accounts, travel insurance and online banking.

Landlord insurance caters to the needs of landlords, providing a home insurance product specifically designed to provide property owners with some protection against the financial loss that may result from owning a rental property.

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The table below displays a snapshot of NAB’s landlord insurance policies on Canstar’s database. Please note the products and Star Ratings displayed are based on a house in New South Wales.

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What landlord insurance policies does NAB offer?

NAB offers three landlord insurance policies – building & contents insurance, buildings insurance, and contents insurance.

The building & contents policy with extras covers several key risks in order to ensure peace of mind for both tenants and landlords, including:

  • Cover for loss of rent – both for inhabitability after an insured event and if your tenant defaults on their payment.
  • Cover for damage caused bynatural disasters or malicious acts.
  • Accidental glass breakage
  • Legal liability – for damage to third parties occurring on your property.
  • Contents including furniture and furnishings
  • Keys and locks

Exclusions may apply when it comes to making a landlord insurance claim.  Some common exclusions include:

  • Gradual deterioration, neglect, lack of maintenance, structural failure or general wear and tear
  • Pre-existing damage
  • Any costs associated with the cleaning up or removal of asbestos
  • Vermin or insects
  • Invasion or war
  • Erosion
  • Any damage done during repairs or alterations being carried out on the house

For a detailed look at what may not be covered under an NAB landlord insurance policy, see NAB’s Product Disclosure Statement (PDS).

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NAB FAQs

NAB’s landlord insurance policies may protect you from a loss of rental income due to a variety of factors, including:

  • Inhabitability after an insured event such as a fire, flood, storm, tsunami or riot (up to 52 weeks of rent cover)
  • If your tenant defaults on their payment (optional extra)

NAB will pay for loss of rent for either 12 months, or for the length of time which is agreed to be necessary in order to reinstate your buildings or for which access is denied – whichever period is shorter.

See the PDS for more information on possible exclusions.

See this article for a quick guide to what landlord insurance is and what it may cover you for.

A landlord insurance policy may provide you with cover should damage be caused to your rental property by tenants or their guests.

Under NAB’s building & contents landlord insurance policy, cover is included for the following:

  • Damage caused to any buildings, sheds, garages or fences within the property line
  • Damage caused by natural disasters such as fires, floods, and storms
  • Damage caused by riots or civil commotions
  • Damage caused by accidental glass breakage
  • Theft (not by tenant, theft by tenant available as an optional extra)
  • Malicious damage caused by either a tenant or their visitors

See the PDS for more information on possible exclusions.

Landlord insurance can also protect property owners against damage to the contents they own in their investment home.

While NAB’s building and contents landlord insurance policy is the most common option for landlords and has contents cover included, NAB also offers building cover and contents cover as separate policies. For more information about the different policies, look at the NAB website.

See the PDS for more information on possible exclusions.

In insurance terms, a ‘defined event’ (also known as a ‘listed event’) on a policy is a damage-causing event which you’re insured for under that policy.

Under NAB’s landlord insurance policy, you will generally be covered for the following defined events:

  • Storm
  • Flood
  • Explosion
  • Lightening or thunderbolt
  • A falling tree or branch
  • A riot or civil commotion
  • Earthquake
  • Fire
  • Malicious damage

To see the full list of defined events, see the PDS.

Flood damage can be treated as different to storm damage by certain insurers, and as a result you may not be automatically covered for it.

NAB’s building & contents landlord insurance does offer cover for flood damage, however please consult the PDS document for information about exclusions and conditions that may apply.

Landlord insurance policies may also offer additional benefits to suit your unique needs as a landlord for an extra fee.. Some of the additional benefits you may be able to add to your NAB landlord insurance policy include:

  • Rent default and theft by tenant
  • Death of a sole tenant
  • Departure of the tenant without notice
  • Legal expenses
  • Landlord Worker’s Compensation

For a full list of additional and optional extras available, consult the PDS.

Yes, NAB also offers home insurance as well as landlord insurance. At the time of writing, the NAB website does not have a multi-policy discount available; however, they offer up to a 30% No Claim Bonus discount for landlords who don’t make regular claims, 10% discount for buying your policy online and another 10% discount for combining buildings and contents cover on the one insurance policy.

See the difference between home and landlord insurance here.

The table below displays a snapshot of NAB’s home and contents insurance policies on Canstar’s database. The Star Ratings are based on a policy holder under 50 years old in New South Wales for building & contents worth less than $550,000.

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You can purchase a NAB landlord insurance policy by comparing your options with Canstar and generating a quote on the NAB website. They will ask you some general questions about your personal details, the cover required, the details of the building, and any optional extras you might be after.

It shouldn’t take longer than 10 minutes.

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NAB was founded in 1981 and is one of the big four banks in Australia. They serve over 12.7 million customers worldwide and employ over 42,000 people.

NAB works hard to meet its corporate responsibility , and gives annual community grants to support community and charitable organisations making a positive impact. Through the Start Counting program, NAB is empowering women to improve their financial literacy and develop strong money habits.

NAB was leader of the pack as Australia’s first carbon neutral bank. They have also invested $1.8 billion over the last 8 years for financing renewable energy and natural resources. They also work hard to conserve water and other scarce resources, and to reduce waste, with 75% less going to landfill now than in 2013.

NAB Residential Investor Insurance

Canstar Research
Rating:
Award: Landlord Insurance 3-Star Rating

House

New South Wales

2017 Star Ratings Report

Written by: Regina Collins | Last updated: