NAB home insurance review

Our verdict

• It's good for pet owners. It can provide alternative accommodation for your pets and cover $500 in vet costs if they're injured in a road accident.
• It had relatively few complaints in 2020 even compared to other smaller sized insurers.

• You can get up to 10% off your first year's premium when you purchase a combined NAB home and contents insurance policy online. This is less than insurers including Budget Direct, Virgin and ING.

What does NAB home insurance cover?

You can get 3 different policy types with NAB. These are building insurance, contents insurance and a combined home and contents insurance policy.

Some main events covered by NAB home insurance include:

NAB home insurance is issued by Allianz Australia Insurance Limited, which is one of the largest insurance companies in Australia. It has a below average cooling off period of 14 days and you will be required to pay an excess when you claim.

Here's the rundown of a NAB home insurance policy

Standard features

These are some of the features that you can claim on if an insured event causes damage or loss to your property or belongings.

• Alternative accommodation for you and your pets
• Vet costs
• Debris removal
• Rebuilding and professional fees
• Making your home buildings environmentally friendly
• Buildings modifications
• Building code compliance costs
• Guest, visitor and domestic helper property
• Moving house
• Food or medicine spoilage

Optional add-ons

NAB home insurance comes with similar optional add-ons to most insurers. You'll find that most make you pay extra for accidental damage and flood cover.

• Accidental damage
• Flood cover (a 72-hour exclusion period applies)
• Motor burnout (included with accidental damage)
• Portable contents
• Domestic Workers' Compensation cover (in ACT, WA and TAS)

Exclusions

All home insurance policies will have general exclusions. Here are a few exclusions from NAB. For the full list, head to the Product Disclosure Statement (PDS).

• Depreciation
• Earth movement
• Misplaced items
• Pre-existing damage

• Electronic data
• Mould
• Terrorism
• Stump or tree removal

Make sure you read NAB's PDS for a more detailed breakdown of exclusions. You can also head to general exclusions for more information.

A quick review of NAB home insurance complaints

We looked at home insurance complaint data from the Australian Financial Complaints Authority (AFCA) between July 2020 and June 2021. The data breaks down different underwriters and compares their business size to the number of complaints processed.

When comparing insurers, keep in mind that insurers with a larger market share serve more customers, so can potentially get more complaints.

Here's an overview of how NAB (​​Allianz Australia Insurance Limited) did:

• Allianz Australia Insurance Limited had a lower proportion of complaints compared to other insurers which suggests it provides good customer service overall.

• Only 32.25% of its complaints were resolved directly with the customer, which is lower than many other insurers we looked at.

NAB home insurance frequently asked questions

• How do I make a claim with NAB?

  If you need to make a claim on your NAB home and contents insurance policy, you can do so in 2 ways:

  • Online. The fastest and easiest way to claim is using Allianz's online claims form. The form is available 24/7 and can be completed in under 10 minutes.
  • Over the phone. You can call Allianz's 24/7 claims hotline on 1300 555 013. An Allianz claims consultant will talk you through how to lodge your claim.

  You will need to provide your policy number and full details of the incident leading to your claim. You should also provide any information or documentation requested by the insurer, such as proof of ownership or police report numbers, as soon as possible.

• Can I choose my excess amount?

  Yes, you have the option to reduce your premium by varying your NAB home insurance excess amount.

• Is there a discount available if I don't make any claims?

  Yes, a maximum no-claim bonus discount of 30% is available for policyholders who have had no buildings or contents insurance claims in the preceding 5 years.

• How long is the cooling-off period?

  NAB's policies feature a 14-day cooling-off period. This means that you will be entitled to a full refund if you cancel your policy within the first 14 days and you have not made any claims.

• Is my policy protected against inflation?

  Yes, your sums insured are automatically indexed with reference to the Consumer Price Index.

• Can I also cover my personal effects?

  Yes, optional personal valuables cover is available to help you cover your smartphone, jewellery and other portable items.

Compare other products from NAB

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