Join Australia's most dynamic and respected property investment community

Anyone ever used NRMA for insurance?

Discussion in 'Property Management' started by Jmillar, 11th Apr, 2016.

  1. Jmillar

    Jmillar Well-Known Member

    Joined:
    27th Jun, 2015
    Posts:
    49
    Location:
    Sydney
    Hi guys,

    I've always used EBM insurance but I note they don't offer multiple policy discounts.

    I have a close family member who uses NRMA and they work out a lot cheaper due to multiple policy discounts.

    I have 5 houses, 2 units, and a couple vehicles so I was thinking of getting a combined quote. But before I do, has anyone had good/bad experiences with them vs EBM?

    Also, would anyone else be worth a look? Terry Scheer perhaps?

    Cheers
     
  2. D.T.

    D.T. Adelaide Property Manager Business Member

    Joined:
    13th Jun, 2015
    Posts:
    5,603
    Location:
    Adelaide, SA
    EBM do once over 5 I thought? Or maybe I just asked the right person?

    The non specialists in the field won't have comparable cover / excess
     
  3. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

    Joined:
    14th Jun, 2015
    Posts:
    2,120
    Location:
    Sydney & Adelaide
    From memory, NRMA has an excess of 4 weeks rent on any claim, so essentially you are using up bond to cover excess when not all items are covered by the insurance policy.
     
  4. Nick Valsamis

    Nick Valsamis Well-Known Member

    Joined:
    20th Jun, 2015
    Posts:
    504
    Location:
    Sydney
    From what I had heard, even with the max policy discount it still isn't as good if you need to make a claim.
     
  5. Jmillar

    Jmillar Well-Known Member

    Joined:
    27th Jun, 2015
    Posts:
    49
    Location:
    Sydney
    Thanks guys.

    Who else is comparable to EBM in terms of cover?
     
  6. D.T.

    D.T. Adelaide Property Manager Business Member

    Joined:
    13th Jun, 2015
    Posts:
    5,603
    Location:
    Adelaide, SA
    Probably Terri Scheer is most similar
     
  7. Jerry O

    Jerry O Well-Known Member Premium Member

    Joined:
    21st Jun, 2015
    Posts:
    362
    Location:
    NSW / Melbourne
    I got one prop with NRMA combined with my car insurance. Reasonably priced I reckon. the others are with Terri Scheer.
    Reason for NRMA on one is because that property used to be my PPOR. I will need to change this to Terri Scheer and negotiate a better deal for a combined package if possible.

    @Jmillar with that much asset to cover, I am sure you can negotiate a good deal with any insurer. Try asking for quotes from each of them to compare if your time permits.
     
  8. brettc

    brettc Well-Known Member Business Plus Member

    Joined:
    19th Jun, 2015
    Posts:
    113
    Location:
    Gold Coast
    There is a discount on RentCoverUltra with 5 or more properties, RentCoverPlatinum policies can be included to get to the 5 but unfortunately can't be discounted further than they are in their standard form. I will just say that when although price is obviously a factor, you are not comparing buying two identical products, so price comparison is almost a moot point. It's like buying purely on price between a Camry and a Porsche, you need to look for "value" more than "cheap".

    A quote I have always loved is "If you pay too much for insurance you may lose a little, if you pay too little you may lose a lot". Price is a factor, but the most critical thing with insurance is to make sure the policy is going to respond when you make a claim.
     
  9. Jmillar

    Jmillar Well-Known Member

    Joined:
    27th Jun, 2015
    Posts:
    49
    Location:
    Sydney
    Hi guys,
    Just read through the EBM building contents policy very quickly and it doesn't seem to cover flood at all. Is this normal? Does Terri Scheer cover flooding?

    None of my Queensland properties are in the flood zone but just want to be sure...

    Cheers
     
  10. brettc

    brettc Well-Known Member Business Plus Member

    Joined:
    19th Jun, 2015
    Posts:
    113
    Location:
    Gold Coast
    You're quite right, at this stage it doesn't include flood. Actual "flood" affects a very small percentage of properties throughout Australia (there is a lot of misconception surrounding a flood definition, many people confusing it with water damage from storms etc.), and we have been going through a very exhaustive process to ensure that the risk is being apportioned fairly, such as someone with a property at the top of a hill with zero flood risk should not be paying for it. It's coming but will be applied fairly (we believe). Just no point getting caught up on the flood issue if you are not at risk of flood.
     
  11. SueA

    SueA Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    89
    Location:
    North brisbane
    We have 10 policies with nrma and 13 loyalty years and I think we get good prices. I do an online quote with someone else when policy comes in. Comparing exact insured values, one was nrma 758 and racq 1146.. Another was nrma 1078, suncorp 2305.
    We use EBM for landlord insurance for 5 properties.
    Had the need to use NRMA recently for an attempted break in. First ever claim. Rang and gave details, they asked for one quote. Emailed quote $2k and photos, guy got back in about 20 minutes to say all approved and payment has been forwarded to account. So pretty happy with that service.
    Note: If you have roller doors, easy entry is by pushing foot at bar height where pins go through, they are short, pop out, door is open. We were lucky that remote doors held down, although both doors were off tracks and pushed in with boot prints
     
  12. Jmillar

    Jmillar Well-Known Member

    Joined:
    27th Jun, 2015
    Posts:
    49
    Location:
    Sydney
    @brettc are there any plans to create an online system to track your insurance policies? There are plenty of people on here who have multiple policies with you. I myself now have 7 and I'm awful with paperwork. If my renewal docs were to be lost in the mail, I wouldn't know about it. Also, I note on the invoices there is an invoice date, but no due date. I had to ask someone from EBM in order to find out there are 30 day payment terms.

    Anyway, would be great to have some sort of online system where we could login and check when our policies are going to expire, and possibly an email reminder system... Everything seems to be very paper-based with EBM at the moment. The online-based would probably cut down costs for EBM as well...

    Just an idea...
     
  13. devank

    devank Look, lets just get on with this, ok? Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    730
    Location:
    Inner West - Sydney
    What makes EBM a Porsche? Is it just a batch??
     
  14. brettc

    brettc Well-Known Member Business Plus Member

    Joined:
    19th Jun, 2015
    Posts:
    113
    Location:
    Gold Coast
    The answer is that it is certainly in the pipeline although we've got quite a few backend major projects happening at the moment that need to be completed.
     
  15. D.T.

    D.T. Adelaide Property Manager Business Member

    Joined:
    13th Jun, 2015
    Posts:
    5,603
    Location:
    Adelaide, SA
    Any spoilers? :)
     
  16. brettc

    brettc Well-Known Member Business Plus Member

    Joined:
    19th Jun, 2015
    Posts:
    113
    Location:
    Gold Coast
    Haha. No. More about functionality, introduction of flood and some compliance stuff than anything else. Although we have just introduced a few new features to the policy which I assume you received notice about.
     
  17. Chilliblue

    Chilliblue Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,579
    Location:
    Australia
    Another factor with insurance is that they all have an amount of policies that believe falls into their risk profiling. Once that amount is reached, you may be required to pay more for the privilege of the insurer to take you on so always best to review all polices as they fall due.