EBM RentCover vs Terry Scheer Landlord and Contents Insurance

[DaveM]

At this stage only via the call centre. In regard to the TS 579 vs EBM 1026, I can only assume the TS policy is not including the landlord insurance policy as well, you couldn't get a building plus landlord in Sydney for 579 as the landlord preferred policy on its own is 382.

$579 was building only, then $382 for landlord cover on top. EBM was $1026 for rentcover ultra. I mistook the quote page I did (my brain did not have enough coffee), for some reason I thought platinum didnt incude LL cover), so as comparable its $961 vs $1026 so again in the hundred dollar or so range which is pretty close.

The main difference I can see is EBM only cover 6 weeks rental default vs TS 16 weeksm but EBM cover accidental damage as well as malicious.

I have some more renewals coming up, I will give the call centre a yell to see how it looks, thanks for the tip. As my policies are staggered through the year, can they look at the whole bundle and apply, or does multi policy only take effect when you actually have them signed up and in place? I have more than 10 policies with TS and TICA.

 

[brettc]

The main difference I can see is EBM only cover 6 weeks rental default vs TS 16 weeks

That's incorrect. For example TS covers up to 15 weeks for eviction by a court order and 28 weeks for failure to give vacant posession, whereas EBM will cover up to 52 weeks under "denial of access". For simple absconding tenants TS will cover 6 weeks (same as EBM). There are others such as death of a tenant - TS 15 weeks, EBM 52 weeks. Hardship - TS 4 weeks, EBM 6 weeks.

Comparisons can be very complicated I'm afraid.

 

[DaveM]

Thanks Brett. I have a LL policy due now and building next month, if I bought the LL component now can the building be added on when its due?

 

[brettc]

Thanks Brett. I have a LL policy due now and building next month, if I bought the LL component now can the building be added on when its due?

Technically what would actually have to happen with our policies would be that you would take RentCoverUltra now, and in a month's time cancel that policy and replace it with RentCoverPlatinum. That's a fair bit of mucking around.

I will private message you with a suggestion on how we can arrange it for you.

 

[Peter 14.7]

That's incorrect. For example TS covers up to 15 weeks for eviction by a court order and 28 weeks for failure to give vacant posession, whereas EBM will cover up to 52 weeks under "denial of access". For simple absconding tenants TS will cover 6 weeks (same as EBM). There are others such as death of a tenant - TS 15 weeks, EBM 52 weeks. Hardship - TS 4 weeks, EBM 6 weeks.

Comparisons can be very complicated I'm afraid.

Brett , Does Denial of access include works required due to be ing unliveable.

Example:

You go to evict, they do not go.
YOu evict, takes 10 weeks, EBM covers OK
On possession, you find it is unliveable, needs clean, etc.. say another 2 weeks,
Then you need to advertise etc.. say 2 weeks.

In the above does denial of access cover the total of 14 weeks?

Peter

 

[brettc]

Brett , Does Denial of access include works required due to be ing unliveable.

Example:

You go to evict, they do not go.
YOu evict, takes 10 weeks, EBM covers OK
On possession, you find it is unliveable, needs clean, etc.. say another 2 weeks,
Then you need to advertise etc.. say 2 weeks.

In the above does denial of access cover the total of 14 weeks?

Peter

This is where it does depend on the lease. If they are still within the period of a fixed term lease, you get up to 6 weeks to retenant the property once you have been able to have them evicted, so your additional 4 weeks would be covered. If however they are no longer within the fixed lease period (periodic), the denial part applies no problem (10 weeks), but because the tenant is by law no longer responsible for ongoing rent (triggered by the notice to leave being served), then you don't get the additional 6 weeks to retenant (so in this case no to the 4 weeks).

 

[Peter 14.7]

This is where it does depend on the lease. If they are still within the period of a fixed term lease, you get up to 6 weeks to retenant the property once you have been able to have them evicted, so your additional 4 weeks would be covered. If however they are no longer within the fixed lease period (periodic), the denial part applies no problem (10 weeks), but because the tenant is by law no longer responsible for ongoing rent (triggered by the notice to leave being served), then you don't get the additional 6 weeks to retenant (so in this case no to the 4 weeks).

OK and therein lies the problems which appreciate is not EBM fault simply a issue no LL would be aware off. You evict, the risk however you should resign them to another lease for peach of mind anyhow.

I think in the end, a good tenant is the starting point.

Peter

 

[PrimeProperty]

We have found that both policies are very comparable and in our opinion are the best in the market. We recommend both policies to our clients.

If I had too choose I would go with EBM as if you need to make a claim then if your agent is an approved distributor, they get to deal direct with the person who will be deciding on the claim and may be able to leverage the relationship to get coverage on the 'grey areas'.

 

[Peter 14.7]

We have found that both policies are very comparable and in our opinion are the best in the market. We recommend both policies to our clients.

If I had too choose I would go with EBM as if you need to make a claim then if your agent is an approved distributor, they get to deal direct with the person who will be deciding on the claim and may be able to leverage the relationship to get coverage on the 'grey areas'.

AGREE this is a good in having a broker to act for you. When I dealed with AAMI each time I got someone new. And when I got someone good on regular basis and they understood and paid out, AAMI took them away as punishment for being fair.

Peter

 

[Blueberry]

I noticed that EBm doesn't have flood coverage. Are we able to get that as an option for low risk areas, or can we purchace it separately?

Also that online quote thing has it set for a insuring $50k contents. Is that variable or a set amount?

 

[brettc]

I noticed that EBm doesn't have flood coverage. Are we able to get that as an option for low risk areas, or can we purchace it separately?

Also that online quote thing has it set for a insuring $50k contents. Is that variable or a set amount?

Flood cover is being introduced although I will need to get an update on the date (it was end of the year at one stage but not sure of latest). There is an enormous amount of rating work involved hence the delays.

The $50,000 (I presume this is for RentCoverPlatinum) is the standard figure. You can have a higher limit (not lower) but it adds substantially to the premium (this is because RentCoverPlatinum is a standard policy designed for the majority of cases and kept that way to keep premiums down). By having a higher limit (on the contents) you essentially add an additional contents policy, so it's not cheap. You can do this by calling us on 1800 661 662.

 

[needtolearn]

Brett, I heard that EBM does not have a call centre. If it does what is the phone number of the call centre? Is it located in the eastern states or do they have one here in Perth?

 

[brettc]

Brett, I heard that EBM does not have a call centre. If it does what is the phone number of the call centre? Is it located in the eastern states or do they have one here in Perth?

I'm not sure how you would hear we don't have a call centre, but maybe it depends on the definition. Our RentCover Division is located in our Melbourne office, this includes the whole management, admin and claims team. The staff who answer the phones are Account Managers and Assistant Account Managers, they can look after the whole process of an enquiry whether it be taking out a new policy, account issues such as payments, or simply understanding what's included etc.

If it gets to specific claim situations they would transfer you to a claim specialist or get one to call you back.

It's quite a large team and we have had it there for at least 15 years I would say. In other States we have Business Relationship Executives and Assistants who deal more directly with property managers and others in the industry.

The number to call is 1800 661 662, available between 8:30am and 5:00pm AEDT.

 

[alokahuja]

Brett ,
Any news on the Flood Cover dates ?

 

[brettc]

Brett ,
Any news on the Flood Cover dates ?

Sorry I thought I had posted it. It won't be by the end of the year, latest we have says early 2014 but it is so complex we won't allow it to be released until we're satisfied it's right.

 

[DaveM]

Hi Brett

Does EBM have any plans to introduce pay by the month for policies?

Dave

 

[Kinnon Bell]

Sorry I thought I had posted it. It won't be by the end of the year, latest we have says early 2014 but it is so complex we won't allow it to be released until we're satisfied it's right.

This is disappointing to read. When I signed up in October the girl on the phone advised that it would be introduced in December as for me it was a case of either RACQ or EMB for building insurance.

I went with EBM as RACQ would not insure the property on settlement as it would have been vacant. My peace of mind with signing with EBM was the flood cover would be introduced shortly. If EMB does not introduce the flood cover by the time the property is tenanted then I will be moving to RACQ as I don't really want my property not covered for floods as that's a risk I am taking now.

 

[brettc]

Hi Brett

Does EBM have any plans to introduce pay by the month for policies?

Dave

At present you can do pay by the month with "premium funding", it's a form of a simple loan, there is a small application/setup fee, plus interest. It's used more for business insurance or people with multiple properties and is easy enough to set up if it suits, but can essentially be done by anyone.