RACV landlord insurance is good if you want a reliable and trustworthy insurer that comes with lots of extra perks. However, it's only available to people with property in Victoria.
Pros
It comes with lots of benefits many others don't offer, including lawful removal and disposal of tenants' possessions for up to $10,000 if a tenant leaves without notice and damage from drug distribution and storage.
It's good for extra perks. When you take out a policy, you get access to discounts and savings as an RACV member.
Cons
It's not for everyone — only people with property in Victoria can get access to RACV.
What does RACV landlord insurance cover?
RACV landlord insurance comes with three insurance cover options: building insurance, contents insurance or combined contents and building insurance. Here's some of the main insured events it covers:
All policies require to pay a basic excess and come with a cooling off period of 21 days which is the industry standard. This means if you cancel your policy within three weeks of taking it out, you can get a full refund.
Here are some of the main features that a RACV landlord insurance will cover you for if you make a claim for an insured event like a fire, storm or theft.
Loss of rent
Damage by tenants
Lock replacement costs up to $800
Damage from drug distribution and storage:
Lawful removal and disposal of tenants' possessions costs
Legal liability cover
Rent default
Exclusions
RACV's general exclusions are similar to many other insurers. You won't be covered for:
Loss or damage caused intentionally by you or by someone else with your or your tenant's consent.
Items that are covered by an insurance policy taken out by an owners' corporation or other similar body.
For a full list of general exclusions, make sure you read the RACV landlord insurance PDS.
RACV landlord insurance complaints
We looked at home insurance complaint data from the Australian Financial Complaints Authority (AFCA) between July to December 2020. 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 RACV did:
RACV had a very low number of complaints for the period we looked at, suggesting customers are generally very happy with its service.
Although it only received 5 complaints, 3 were escalated to the AFCA, meaning they couldn't be resolved internally.
Frequently asked questions
The main eligibility criteria for an RACV landlord insurance policy are as follows:
The type of property you own. It must be a free standing house, townhouse, villa or duplex, semi-detached house or terrace. It's not suitable for body corporate buildings and houseboats.
How you use the property. It must be rented out to tenants or a short-term rental agreement of more than 1-month.
The condition of your home. The home needs to meet acceptable dwelling criteria. For example, it should be secure, watertight, structurally sound and well maintained. For liability cover, renovations must cost no more than $75,000.
If an incident involves loss, damage, injury or death, immediately contact any relevant emergency services and take all reasonable measures to prevent any further incidents. Retain any relevant reports and documentation and contact RACV on 13 19 03 for Home Assistance or you can go to mymembership.racv.com.au to lodge your claim online.
You can access any benefits provided by your policy as well as over-the-phone emergency support by calling RACV Aussie Assist on 13 72 28.
Gary Ross Hunter was an editor at Finder, specialising in insurance. He’s been writing about life, travel, home, car, pet and health insurance for over 6 years and regularly appears as an insurance expert in publications including The Sydney Morning Herald, The Guardian and news.com.au. Gary holds a Kaplan Tier 2 General Advice General Insurance certification which meets the requirements of ASIC Regulatory Guide 146 (RG146). See full bio
Gary Ross's expertise
Gary Ross has written 644 Finder guides across topics including:
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