Not only do we provide insurance cover for your own house, we can also cover your rental properties, offering a wide range of benefits to help ensure you can focus on your investment returns rather than your insurance. We also provide cover for holiday homes and lifestyle properties.
We are proud of the strong reputation we have established for an empathetic and top quality claims service. Our insurance has wide-ranging benefits, meaning you’ll never need to worry about whether you’re covered or not.
Our policies are written in language that’s easy to understand and we’re always happy to answer any questions you may have about this important agreement between us.
House Cover Options
You can choose from the following cover options for your house:
- Area Replacement
Where your house is damaged by a covered event, we'll pay the reasonable costs to repair or rebuild the damaged parts of the house to a condition substantially the same as it was in when it was new. If your property is a total loss, we'll pay the reasonable costs to rebuild your house to the same floor area recorded in the policy schedule.
- Agreed Value
You will have the same rights as under our Area Replacement cover, except that our liability will be limited to no more than the sum insured recorded in the policy schedule. In limited circumstances we may require your house to be insured on this basis (for example, if it is a very expensive property or if it has unique features that are hard to value).
Contents Cover
Replacement Value
This cover provides 'new' for 'old' cover. We will cover the cost associated with the repair or replacement of the contents with the nearest equivalent items that are 'substantially the same' as, but not better or more extensive than, the condition of the items when they were new.
Policy Cover at a Glance
House
| Insured Events | Area Replacement | Agreed Value |
|---|---|---|
| Sudden, Accidental Damage | ||
| Burglary | ||
| Malicious Damage | ||
| Fire and Explosion | ||
| Natural Hazard | ||
| Weather | ||
| Legal Liability |
| Additional Benefits | Sub-limits |
|---|---|
| Emergency Entry | $10,000 |
| Glass Breakage | No excess |
| Hidden Gradual Loss | $2,500 |
| Intentional Fire or Explosion by Tenants | As per policy limits |
| Intentional Vandalism or Theft by Tenants | $25,000 |
| Landlord's Property | $20,000 |
| Landscaping | $5,000 |
| Locks and Keys | As per policy limits |
| Loss of Rent | $15,000 or amount of your choice |
| New Building Work | $20,000 |
| Protection Costs | $10,000 |
| Tree Removal | $2,000 |
| You choose your Repairer | As per policy limits |
Contents
| Insured Events | Replacement Value |
|---|---|
| Sudden, Accidental Damage | |
| Theft | |
| Burglary | |
| Malicious Damage | |
| Fire and Explosion | |
| Weather | |
| Legal Liability |
| Additional Benefits | Sub-limit |
|---|---|
| Contents in Transit | Sum insured |
| Emergency Entry | $10,000 |
| Hidden Gradual Loss | $2,500 |
| Intentional Fire or Explosion by Tenants | Sum insured |
| Intentional Vandalism or Theft by Tenants | $25,000 |
| Pairs and Sets | Sum insured |
| Protection Costs | $10,000 |
| Reduction in Value | Sum insured |
| You choose your Repairer | Sum insured |
Important Cover Sub-limits
| Policy Item | Sub-limit |
|---|---|
| Legal Liability | $10,000,000 |
| Retaining Walls | $100,000 |
| Bodily Injury | $1,000,000 |
Items limited to a sub-limit unless specified in your policy schedule
| Item | Sub-limit |
|---|---|
| Collections | $10,000 |
| Works of Art | $25,000 |
Automatic Additional Benefits
HOUSE
- Emergency Entry
If emergency services cause damage to your property on entry we'll cover it up to $10,000.
- Glass Breakage
Claims solely for accidental breakage of glass in windows, doors or screens of your house will not have an excess applied.
- Hidden Gradual Loss
In certain circumstances we'll provide up to $2,500 for hidden rot, hidden mildew or hidden gradual deterioration caused by water leaking from an internal source.
- Intentional Fire or Explosion by Tenants
We'll provide cover for damage caused by fire or explosion intentionally caused by any tenant, guest of a tenant or your guest.
- Intentional Vandalism or Theft by Tenants
We'll provide up to $25,000 cover for loss caused by an intentional act of theft or vandalism by any tenant, guest of a tenant or your guest.
- Landlord's Property
We'll automatically provide up to $20,000 current value cover for chattels that would usually be covered under a contents policy.
- Landscaping
If we've accepted a claim, you'll also be entitled for up to $5,000 to replant or repair damaged lawns, flowers, trees, hedges or shrubs or to pay for other reasonable landscaping costs.
- Locks and Keys
We will cover the reasonable cost of replacing locks and keys (including electronic access cards and transponders and remote door openers) if they have been lost, damaged, stolen or duplicated. No excess needs to be paid for your first claim under this benefit. That first claim will not affect your No Claims Bonus. The most we will pay for any one event is $2,000.
- Loss of Rent
We'll automatically provide up to $15,000 loss of rent cover where damage is as a consequence of sudden accidental loss to the property and makes the house uninhabitable. For an additional premium, we can increase this limit to your specific requirements. We will also provide up to $5,000 for rent lost as a result of your tenant lawfully being evicted for non payment of rent, your tenant legally stopping rent due to prevention of access to the house, or your tenant vacating your house without giving you required notice.
- New Building Work
If you're building a new structure, we'll provide up to $20,000 to cover the new structure being built and any building materials that will be incorporated.
- Protection Costs
We'll pay up to $10,000 for reasonable costs incurred to protect a Member's property from loss, or following a loss, to minimise damage and prevent further loss. We will also pay the reasonable costs incurred to replenish your fire fighting equipment after it has been used to protect your house.
- Tree Removal
If we've accepted a claim, you'll also be entitled for up to $2,000 for the reasonable costs incurred for the removal of a fallen or partially fallen tree on your property.
- You choose your Repairer
You can choose to either use one of our preferred repairers and we'll guarantee their repairs, or you can select a repairer of your choice.
CONTENTS
- Contents in Transit
We cover your property for accidental loss by restricted perils while being permanently relocated to a new address.
- Emergency Entry
If emergency services cause damage to your property on entry we'll cover it up to $10,000.
- Hidden Gradual Loss
In certain circumstances we'll provide up to $2,500 for hidden rot, hidden mildew or hidden gradual deterioration caused by water leaking from an internal source.
- Intentional Fire or Explosion by Tenants
We'll provide cover for damage caused by fire or explosion intentionally caused by any tenant, guest of a tenant or your guest.
- Intentional Vandalism or Theft by Tenants
We'll provide up to $25,000 cover for loss caused by an intentional act of theft or vandalism by any tenant, guest of a tenant or your guest.
- New for Old
Under our Replacement Value cover option, if an item can not be repaired, we will replace it with the nearest equivalent item available that is substantially the same as the damaged item was when new.
- Pairs and Sets
If we are unable to repair an item of artwork that forms part of a pair or set we will, at your request, settle the claim as if the whole pair or set was involved in the loss.
- Protection Costs
We'll pay up to $10,000 for reasonable costs incurred to protect a Member's property from loss, or following a loss, to minimise damage and prevent further loss. We will also pay the reasonable costs incurred to replenish your fire fighting equipment after it has been used to protect your house.
- Reduction in Value
If we choose to repair an artwork, we'll pay you for any reduction of value that results.
- You choose your Repairer
You can choose to either use one of our preferred repairers and we'll guarantee their repairs, or you can select a repairer of your choice.
Measuring your Home
For all house policies, it’s important that you provide us with an accurate measurement of the total floor area of your house. Check out our handy guide to help you get this right. It also highlights other features you may need to tell us about.
Check how much Contents Cover you need
It's important to regularly review how much your contents are worth - the cost to replace everything you own might be more than you think. Our Contents Valuation Guide can help you work out the approximate value of your belongings quickly and easily.
Why Insure your Rental Residence with MAS?
As a mutual, we work for you, our Members. We seek to ensure that you’re getting the best possible cover for a fair premium and excess.
We provide the following additional benefits for insuring with MAS:
- Easy to understand policies.
- Top quality and empathetic claims service.
- Insure your contents and your house and/or motor vehicle and you’ll be eligible for our multi-product discount. Insure your motor vehicle, house and contents and you’ll be eligible for our Goldshield discount, including on your Residential Rental Property policies.
- Where an event results in a claim under this policy and another policy you hold with us, you only have to pay the total excess that applies under the policy with the highest total excess.
Useful links
Do you need other insurance?
If you’ve bought a rental property, you’ll want to protect your investment. Residential Rental Insurance is a great place to start, but do you have a plan in place to protect your property against changes in your personal circumstances?
If you’ve committed to paying a mortgage, you may want to consider Life, Income and Disability Insurance. Life, Income and Disability Insurance can give you peace of mind, knowing that things are taken care of, should the worst occur.
What you need to know about insurance as a new landlord
Being a landlord can be complicated. Best case scenario – you have great tenants who take good care of your property and pay rent on time. But accidents happen, and it’s important to have the right insurance and follow a few guidelines. Continue reading...
This webpage is intended as an information guide only and does not form part of the policy document or any contract with MAS. This webpage does not consider your specific financial situation, needs or goals. You can find out more about financial advice at MAS here. Normal underwriting criteria apply for all insurance products. Special conditions and/or excesses may apply to the situations that meets your specific needs.