NSW EBM Policy Increase - Rentcover due to ESL

Discussion in 'Property Management' started by Hayley Cannon, 30th Sep, 2020.

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  1. Hayley Cannon

    Hayley Cannon Well-Known Member

    Joined:
    19th Mar, 2020
    Posts:
    134
    Location:
    Sydney
    Hi All,

    I received an email today from EBM advising they need to increase some of their policies due to the ESL charged. I have copied the email below for anyone who has not yet seen this:

    We want to let you know there has been a change to the amount of ESL that is applied to EBM RentCover policies. This means you may see an increase in landlord insurance premiums. We know you will have questions, and have answered them below:

    Why is ESL added to insurance premiums?

    The NSW State Government requires insurers to fund ESL (also commonly referred to as the Fire Services Levy or FSL). Policies with ESL added to the premium are contributing to the funding required for the emergency services in NSW for the financial year of their insurance.

    What properties are impacted?

    All properties insured by EBM RentCover in New South Wales will see changes to the cost of their insurance policy. This means impacted landlords may notice there is a higher amount charged for ESL on new business and renewal premiums from 1 October 2020.

    Where does the money go?

    The money helps fund Fire and Rescue NSW, the NSW Rural Fire Service and the NSW State Emergency Services.

    What do landlords and agents need to do?

    They do not need to do anything. Contributions will automatically be included in NSW policy premiums (on invoices, this will be noted as 'FSL'). EBM RentCover will keep you updated as changes are made.

    ––

    We know that an increase in ESL is not always welcome news. To help you better understand the situation, and to find out how you can potentially have a say about how ESL is funded, click here.

    If you have more questions contact EBM RentCover on 1800 661 662.
     

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