EBM or Terri Scheer? Quotes inside

[Tenex]

I am trying to insure a free standing property based in Hills area in NSW for building and landlord.

EBM's quote is $1700 premium to insure the building for $450k as well as landlord. I didnt get much info on how well they cover damages and loss of rent. Their excess ranges between $400 to $200 depending on what you are claiming.


Terri Scheer's quote is $1410 to insure the building for $450k as well as landlord. Apparently they cover accidental damage and what not as well as loss of rent etc. They will extend their loss of rent if the tenant is served with a default notice. But specifically they said this particular cover is when the property is managed by an agent.

Any thoughts or experiences in terms of the better company?

 

[Tano]

I am trying to insure a free standing property based in Hills area in NSW for building and landlord.

EBM's quote is $1700 premium to insure the building for $450k as well as landlord. I didnt get much info on how well they cover damages and loss of rent. Their excess ranges between $400 to $200 depending on what you are claiming.


Terri Scheer's quote is $1410 to insure the building for $450k as well as landlord. Apparently they cover accidental damage and what not as well as loss of rent etc. They will extend their loss of rent if the tenant is served with a default notice. But specifically they said this particular cover is when the property is managed by an agent.

Any thoughts or experiences in terms of the better company?

EBM is usually cheaper than Terri and I pay around 800 for landlord and building for EBM for a 500k property in Perth

 

[brettc]

I am trying to insure a free standing property based in Hills area in NSW for building and landlord.

EBM's quote is $1700 premium to insure the building for $450k as well as landlord. I didnt get much info on how well they cover damages and loss of rent. Their excess ranges between $400 to $200 depending on what you are claiming.


Terri Scheer's quote is $1410 to insure the building for $450k as well as landlord. Apparently they cover accidental damage and what not as well as loss of rent etc. They will extend their loss of rent if the tenant is served with a default notice. But specifically they said this particular cover is when the property is managed by an agent.

Any thoughts or experiences in terms of the better company?

Are you sure about those premiums? I just did a quick check on the EBM one and had to guess a few details but got a quote quite a bit lower than what you have said (presuming it's brick construction), and I would generally expect the TS one to be a bit higher including both building and landlords to be honest (in that area).

Can you confirm what the postcode is and whether it is brick construction or other?

 

[Tenex]

EBM is usually cheaper than Terri and I pay around 800 for landlord and building for EBM for a 500k property in Perth

That seems good.

I dont want to go just for being cheap. If one has a better cover and easier to deal with I probably will go with them.

Funny thing is I tried to get a quote online from EBM and it came to about 1,447.83

 

[brettc]

That seems good.

I dont want to go just for being cheap. If one has a better cover and easier to deal with I probably will go with them.

Funny thing is I tried to get a quote online from EBM and it came to about 1,447.83

That's more like I had expected, how did you obtain a quote around $1,700? And you are quite correct, don't look for "cheap", look for "value", and be conscious of the cover and the claims process.

 

[Tenex]

That's more like I had expected, how did you obtain a quote around $1,700? And you are quite correct, don't look for "cheap", look for "value", and be conscious of the cover and the claims process.

I just rang them and got the quote over the phone.

At the end of the day more or less both premiums are tax deductible. There is no point getting an insurance that will stuff you around when you need to pay the bank or fix damages.

Can it then safely be said that EBM is the best out there?

 

[brettc]

I just rang them and got the quote over the phone.

At the end of the day more or less both premiums are tax deductible. There is no point getting an insurance that will stuff you around when you need to pay the bank or fix damages.

Can it then safely be said that EBM is the best out there?

I'm biased so a bit hard for me to say, although I've been heavily involved in this industry for 24 years. There has been plenty of debate on this forum in the past and certainly the EBM products stack up very well. They are not the only good ones by any means but we have been at it for a very long time and they are specialty products developed in conjunction with the real estate industry. Important is the claim settling procedures which are hard to match, most claims settled within 5 working days. But by all means search the forum and you should see plenty of comments.

By the way, if you arrange your policy online include "Somersoft" as a promotion code on the application form. When you receive your invoice there will be a discount equivalent to 60 days for the first 12 months (reverts to normal on renewal).

 

[Tenex]

I'm biased so a bit hard for me to say, although I've been heavily involved in this industry for 24 years. There has been plenty of debate on this forum in the past and certainly the EBM products stack up very well. They are not the only good ones by any means but we have been at it for a very long time and they are specialty products developed in conjunction with the real estate industry. Important is the claim settling procedures which are hard to match, most claims settled within 5 working days. But by all means search the forum and you should see plenty of comments.

By the way, if you arrange your policy online include "Somersoft" as a promotion code on the application form. When you receive your invoice there will be a discount equivalent to 60 days for the first 12 months (reverts to normal on renewal).

It makes sense.

I did a quick search on this forum on other threads that compare landlord / building insurance products but either my search didnt turn much results or there arnt that many topics around it.

I take it you work for EBM, could that mean that if I spoke to yourself I may be able to get a better deal?

 

[zimby]

I'm with EBM and am Happy.
Last claim was pain free( agent did all the hard work)

 

[oc1]

Brett, do you get a discount when you take out multiple insurance? Say double digits?

 

[Tenex]

I ended up insuring with EBM.

I am pretty sure I rang them a couple of weeks ago and they said as long as the name of the pets are mentioned in the lease then pet damage is covered but today they are saying any type of pet damage is not covered regardless of whether the name is in the lease or not.

 

[brettc]

Brett, do you get a discount when you take out multiple insurance? Say double digits?

There is a sliding scale on multiple properties, commencing at 5 or more. It then steps down again at 10, 15 and 25+. The discount only applies to RentCoverUltra policies though, not RentCoverPlatinum, unfortunately we just can't get these any lower (although RentCoverPlatinum policies are included in the quantity you need to achieve the discount).

 

[DaveM]

There is a sliding scale on multiple properties, commencing at 5 or more. It then steps down again at 10, 15 and 25+. The discount only applies to RentCoverUltra policies though, not RentCoverPlatinum, unfortunately we just can't get these any lower (although RentCoverPlatinum policies are included in the quantity you need to achieve the discount).

So if you have 7 x LL + building ie the more expensive Rentcover Platinum product there is no discount, but if you get 7 x the cheaper LL only cover aka Rentcover Ultra then you get a discount?

Seems backwards?

 

[D.T.]

There is a sliding scale on multiple properties, commencing at 5 or more. It then steps down again at 10, 15 and 25+. The discount only applies to RentCoverUltra policies though, not RentCoverPlatinum, unfortunately we just can't get these any lower (although RentCoverPlatinum policies are included in the quantity you need to achieve the discount).

So we should just have rentcover policies and have building insurance elsewhere then, that'd work out cheaper?

 

[brettc]

So if you have 7 x LL + building ie the more expensive Rentcover Platinum product there is no discount, but if you get 7 x the cheaper LL only cover aka Rentcover Ultra then you get a discount?

Seems backwards?

Unfortunately it's complicated. There are a few factors here:

• 
  Firstly, historically the more properties one owner has insured against tenant-related risks reduces the potential ?selectivity? of the owner (insuring only the worst risks), so with the lower risk there can be a reduced premium. So with Ultra being a predominantly tenant-related risk policy we can get some benefit here in relation to risk

• The same doesn?t really apply when it comes to the ?defined events? risk which is what the building component of a Platinum policy is (whether you have 1 or 1,000 properties each is individually rated on factors including the address, construction etc.)

• That said, the tenant-related risk component of a Platinum policy is already discounted within every policy, leaving us no room to move to make it cheaper again, that?s part of the discount that applies by insuring the two (tenant-related and defined events) together

• Finally, because RentCoverUltra is a flat-rated (by State) policy it also lends itself to a discount system whereas the complexities of the Platinum pricing makes it more difficult

It?s not a perfect science but at this stage it?s the best we have whilst at the same time ensuring the product/s remain viable.

 

[elsLan]

I ended up insuring with EBM.

I am pretty sure I rang them a couple of weeks ago and they said as long as the name of the pets are mentioned in the lease then pet damage is covered but today they are saying any type of pet damage is not covered regardless of whether the name is in the lease or not.

EBM never covers pet damage where as Terri Scheer does.

Personally I have always found it better to go with a mainstream insurer for buildings and I have swapped between EBM and TS for landlord and contents depending on the updates in the policy at that time.
At the moment I'm preferable to TS due to the pet damage inclusion. Previously neither policy covered this aspect.
I have found AAMI and GIO great for buildings. RACV is crap for both buildings and landlord policies. They don't cover accidental damage either in rental policies which is pointless.

 

[becaben]

I'm with EBM and am Happy.
Last claim was pain free( agent did all the hard work)

EBM here also. I had a great claims experience with them a couple of weeks ago for a fusion claim on an A/C unit. Lodged the claim online at 4pm and was approved by 10am the next morning. Very impressed !!!