NRMA Landlord & Rental Property Insurance Questions & Answers

Hi Geoff, Thank you for contacting us. You can find the PDS on this link external link . ~ Cindy

I am told loss of rent under landlord building and/or contents only came into effect July 24. My problem was incurred late 23 and as such had to hold landlord building policy to be eligible. Given property is a strata unit I would not think I would be eligible to take out building. Current insurance differentiates between strata and normal rental which is logical where as previous rental clause leaves strata owners without that cover. Your thoughts please

Hi Geoff, Which state is the property located in? ~ Cindy

NSW

Hi Geoff, can you please send us your details via our Facebook page messenger so we can access your file and send you your PDS. Please refer to this link; external link . Thanks. ~ Max

So is loss of rent covered when problem is incurred 2023 under Landlord Strata contents or were we supposed to take out landlord building insurance as well, which I assume was not available to strata owners to enable loss of rent cover.

Hi Geoff, we will need to have a look at the type of policy you have. Can you please send us a private message quoting this review on external link ? ~ Cindy

Done

Hi Geoff, we will keep assisting you over messenger. ~ Cindy

Answers to my question on messenger ". According to page 35 of the PDS, we do not cover for loss of rent due to repairs on content landlord insurance. That will be covered by the strata who looks after the building part. The policy only covers for rent default which means if the tenants do not pay their rent. ~ Cindy Followed by "Hi Geoffrey, Every year we review our coverage to make sure that we offer the best cover to our customers. This was a business decision to introduce loss of rent on landlord policy as of July. ~ Cindy" My reply "A complete 360 degree turnabout after recognising the fault with non coverage, strata, of rental loss due to problems with contents, in our case both carpet and kitchen cupboards. A change in policy to rectify a long standing error"

Hi Hong, the amount of lost rent you can claim depends which state you are in and your policy type. This information is contained in the PDS (Product Disclosure Statement). You would have received a copy of this when you started the policy, you can also locate it here; external link . ~ Zac

It's not clear in the document whether the lost rent is paid between the last tenant move-out date and new tenant move-in date or between last tenant move- out date and the scope of work completion date. Note should be taken the owner will lost further 2-3 week's rent because tenant inspection/application would not start before repair works are completed. Recruiting tenants process generally take at least 2-3 weeks to sort application and determine applicators which means owner will lost these 2-3weeks rent too.

Hi Hong, thank you for checking that document and I am sorry it is not more clear. For this particular scenario, I would encourage you to reach out directly to our claims team for a definitive answer. You can contact them on Live Webchat from here; external link  (8am to 8pm AEDT, 7 days), email them at homeclaims@nrma.com.au or call 1300 317 526 (24 hours, 7 days). ~ Zac

budget direct seems to have the best rating but the cheapest price did not work for me with NRMA when i did try to claim for pet damage on one of my rentals i was not covered however i claimed for a damaged garage door recently with CGU and the money was in my account within 3-4 days and only had to get one quote,i have moved all my insurance($5000 a year in premiums) to CGU.

Hi Lyn, thanks for your question. Each claim is different so the time it takes will be different. If you are having trouble getting through to our claim team please send us a PM via Facebook so we can escalate further and let us know you're from Product Review. ~Natalie

Hey Gingermeggs, thanks for your question. each company offers different features and benefits with their policies so pricing will invariably differ from company to company and policy to policy.