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EBM Insurance Prices

Discussion in 'Property Finance' started by Jmillar, 25th Sep, 2016.

  1. Jmillar

    Jmillar Well-Known Member

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    27th Jun, 2015
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    Sydney
    Hi guys,

    Just wondering what you pay for insurance for units? I just got renewal letters for 2 units in Sydney at $355 each. I thought last year I paid under $300 but I could be wrong...

    I have 9 policies with them so I'm pretty sure I have some sort of discount applied but off memory I think it only applies to the policies for houses, not units (as they can't discount it any further)?

    Cheers
     
  2. Jerry O

    Jerry O Well-Known Member Premium Member

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    NSW / Melbourne
    contact brett_c from the forums. he might be able to do something given that you have a few policies with them. worth a try at least. worst that could happen is you get a no, right? :)
     
  3. D.T.

    D.T. Specialist Property Manager Business Member

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    Thought it was 265 here
     
  4. Magnet

    Magnet Well-Known Member

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    We paid $350 each year from 2010 onwards for Sydney unit insurance.
     
  5. brettc

    brettc Well-Known Member Business Plus Member

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    Location:
    Gold Coast
    You may have received a 60 days free for 12 months price last year as a PropertyChat member discount, $355 is the current NSW premium for RentCoverUltra. That said, their is a discount once you have 5 or more properties which applies to RentCoverUltra (not RentCoverPlatinum) so we should be able to do something with those at least.

    If you can send me a private message or email me at [email protected] with your name and all property addresses (for the 9) I will see what we can do.

    Just as a footnote, we don't arbitrarily reduce premiums simply to try to keep business, we believe very strongly in the value of the policy, as a general rule cheaper premiums mean less cover when you go to claim. It's critical we maintain the integrity of the policy by setting premiums appropriately to the risk, otherwise there is the potential to destroy the loss ratio and place the whole facility in jeopardy. That's one of the reasons we have been able to have the same underwriter for 25 years, we make sure everyone gets there fair share and there is the right money there to pay claims.
     
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  6. Jmillar

    Jmillar Well-Known Member

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    Thanks Brett, email sent.

    Appreciate the help.
     
  7. househuntn

    househuntn Well-Known Member

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    Location:
    Melbourne
    Instead of starting a new thread, I'll post this here. My EBM insurance letter arrived and my premium jumped by about $130 this year to $878, is this normal? Rentcover platinum & buliding and contents, includes "broker fee" of $69.37??!

    Last year I paid $646 but that's including the PC discount so I'm paying $230 more this year.

    I'm asking because this is only my second year of house insurance
     
  8. Skuttles

    Skuttles Well-Known Member

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    Perth WA
    My premium went up considerably last renewal as EBM increased the standard covered events and minimum insured amount (contents I think) of the policy, neither of which I required.
    May not be same as your circumstances but always worth asking questions of your current insurer while also shopping around everytime a renewal policy hits your inbox.
     
  9. dabbler

    dabbler Well-Known Member

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    If that is building and LL that is fair it seems.....
     
  10. skater

    skater Capitalist -- www.skatepro.com.au Premium Member

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    Discount? What discount? I've got quite a few with EBM & have never gotten a discount.

    I think this is pretty much standard. All my insurances (not just EBM) went up considerably this year.
     
  11. dabbler

    dabbler Well-Known Member

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    Yes, there has been since somersoft a discount on new policy for new property. If you have more than 5, call them.

    Yeah, all insurance goes up, at the same time the fire service levy is enlarged and added too rates.
     
  12. brettc

    brettc Well-Known Member Business Plus Member

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    If you would like me to check your specific policy please private message me your client code, and I will get someone to take a look at it. Just as an aside however on February 1st there were quite a few new features introduced, some obvious ones such as flood and pet damage, but other more technical ones such as a limit of excesses etc. These certainly impacted premiums but are a one off type of increase, historically increases have been very marginal from year to year so no, this type of increase isn't normal. Let me just double check your actual policy though.
     
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  13. househuntn

    househuntn Well-Known Member

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    Hi Brett thanks for the reply. Have Pm'd you