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EBM and Terri Sheer comparison table

Discussion in 'Property Management' started by househuntn, 16th Sep, 2016.

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  1. househuntn

    househuntn Well-Known Member

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    I'm deciding between EBM and Terri Sheer and have done a side by side comparison of both their combined policies (EBM RentCover Platinum and Terri Sheer Combined), which I thought I'd share. They are very similar, I think it comes down to customer service (and cost if there is a large difference)

    Needless to say definitions may vary between the companies and check the PDS for specifics
    Also
    - Terri Sheer is up to $60,000/year combined building and contents. Not sure about EBM
    - I assume it's $60,000 inc all damage rather than $60K for accidental and $60K for theft and so on
    - Loss of rent is listed in "up to __ weeks"

    ebm vs terri.jpg


    ebm vs terri excess.jpg
     
  2. DareDevil

    DareDevil Active Member

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    Thanks for this, i was also comparing the two companies
     
  3. Xenia

    Xenia Adelaide Property Manager Business Member

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    What will make the biggest difference is how claims are processed not just the above comparison.

    How they classify damage, loss of rent and what is significant or dismissed at the time of a claim. That will make all the difference.

    Ask someone who has processed a significant amount of claims by both companies.

    TS has one of the most generous policies we have ever dealt with.

    Happy to chat any time.
     
  4. Biz

    Biz Well-Known Member

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    TS > EBM
     
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  5. WallyB66

    WallyB66 Well-Known Member

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    Hi- I renewed with TS for our Bella Vista IP this week- ur table is good

    I thought EBM was a broker and used CGU etc as the underlying insurer- TS is owned by Suncorp. I lean towards the TS model as I like their structure better
     
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  6. devank

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

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    Yes.. there is no point in having an excellent cover or cheaper premium if they don't pay.
     
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  7. househuntn

    househuntn Well-Known Member

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    Exactly, I agree. Would like to hear from anyone else who has dealt with either or both companies. They both have "per event" and "per claim" clauses and would define them differently
     
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  8. Simon L

    Simon L Investment Property Buyers Agent Business Member

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    Personally I use EBM for 2 reasons - ease of claim/how quickly I get my money back and the overall cost of their policies.

    I make or am involved with around 2 claims per year and most of the time I don't even hear about it. Something happens, my property manager makes the claim and I see the money in my bank about 2-3 weeks later

    Once you get above 5 properties their discounts are really good as well. Landlord component alone comes in at around $250pa and landlord + building around $800pa mark (QLD houses)
     
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  9. D.T.

    D.T. Adelaide Property Manager Business Member

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    Did a claim with EBM just recently. Tenant stopped paying mid june and went through the eviction process. EBM are paying rent from then til late September, plus all the handyman repairs throughout the house caused by their rough exit.

    Cheque was in the mail as soon as all the supporting docs were in.
     
  10. Xenia

    Xenia Adelaide Property Manager Business Member

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    Paying something quickly does not mean they are covering everything.

    Sometimes their first offer is discounted we reject it and argue why they need to cover all the things they rejected.

    Most PMs don't do this, can't do it because they are either not experienced enough, don't know they can or have no time and don't give a damn.

    That's why our claims are done by an Inhouse claim specialist not a frantically busy PM.
     
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  11. D.T.

    D.T. Adelaide Property Manager Business Member

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    Yup, this one didn't want to pay the handyman stuff but knowing the state manager helps ;)
     
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  12. Foreshadow

    Foreshadow Active Member

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    How common is it for a property manager to deal with the insurance claim. I've previously had a water leak, and was told by my property manager to chase up the claim myself, as it's beyond their responsibility.
     
  13. D.T.

    D.T. Adelaide Property Manager Business Member

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    PM always does the claim, they always ask for supporting docs which the PM would have and you probably wouldn't.
     
  14. Foreshadow

    Foreshadow Active Member

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    Hmm good to know. Always suspected this might be the case. Seemed crazy when the PM was the one supplying me with all the supporting documents.
     
  15. dabbler

    dabbler Well-Known Member

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    Most PMs will ask for your insurer when you hand them a place to manage.....
     
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  16. Mac Fields

    Mac Fields Well-Known Member

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    As @Xenia said, sometimes they don't pay everything. We claimed through EBM recently and the PM sent it to me to put through, which I thought was interesting as it would have been part of their work. I didn't mind as it gave me the opportunity to understand the process. Next time I will push it back to them, but as @Xenia points out, they may just push it through without checking everything or arguing the smaller points, meaning a lower claim.

     
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  17. womble66

    womble66 Active Member

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    I think this thread is about the insurers (EBM vs TS) not about how good you as a PM think you or your agency does in the way of self promotion.

    My experience with EBM has been great on both competitive policy rates year on year against other main players (I get multiple quotes every year) and also in processing of claim. With my last EBM claim I also challenged the initial claim settlement and had it adjusted in my favour so its not that hard to do and something every policy holder or their agent should do if you believe the settlement offer is questionable or less than expected.

    Never had a TS policy but it they would be my 2nd choice for LL coverage if EBM become less competitive on price.
     
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  18. D.T.

    D.T. Adelaide Property Manager Business Member

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    Yup this has been my experience with my own IPs too.
     
  19. househuntn

    househuntn Well-Known Member

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    So is the $50,000 for EBM the maximum per year you can get back? What if a fire destroys the entire building?

    Also what is a "period of insurance"? One year? One tenant?
     
  20. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

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    50k is contents. Building insurance covers building loss, which is seperate to the landlord policy

    One year/renewal period typically 12 months