EBM vs Terri Scheer

Disregard....just got an email today from EBM to renew my house and contents with them.....so I'll be sticking with them.

 

Thanks for the stories guys, keep them coming.. i need to get insurance by tonight! Can we have a clear winner yet.. the poll is 50:50! Lol

 

Needed to make a decision as my policy expires tomorrow and i need to visit the bank with insurance papers to pull out equity. I decided to go with Terri Scheer again this year.. reason being is they cover slightly more in contents, have lower excess' and if i really wanted to, i could cancel without any penalty i think. EBM had a higher legal liability by $10,000, but mostly matched Terri Scheer with everything else. EBM was about $80 cheaper with the "2 months free", but then seems more expensive than Terri Scheer without the "2 months free promotion". I will evaluate again next year i guess.. but i was more or less desperate for the papers to take to the bank.

 

Don't think you could expect each situation to be the same.

 

Is this your PPOR? I asked to insure my PPOR and contents but EBM advised they don't do PPOR.

 

Just do it. You can always cancel it within 30 days to get full refund, I think. Best check with TS.

 

I have claimed several times (under $5k per claim) and each time was processed promptly. Never used EBM so I can not comment on their service.

 

Yes it's PPOR, insured it last October with them. A few months ago they said probably wouldn't be able to offer it again through QBE. But yesterday received a new policy offer with them. It looks quite good so far.

 

Is it underwritten elsewhere?

 

Thanks. I will check with EBM.

 

I see I have been tagged in here a couple of times, my apologies for not responding, I've been away for the past two weeks and now trying to catch up on a load of work. I won't enter the debate over who is better, I am of course a little biased but happy to help to assist if there are any specific queries. When it comes to claims, the reality is there is likely to be good and bad experiences with any policy depending on a whole range of circumstances. Claim situations that may appear identical on the surface may be far from identical from a technical insurance perspective, it's the nature of the beast. In regard to RentCover claim settlements we advocate that the majority are settled within 5 working days providing the full information has been provided, in fact currently most have the settlement details emailed within 24 hours. We have claim settling authority up to $25,000 (I saw that referenced) meaning that the vast majority do not need to be referred to the Insurer, hence the timing. That said, sometimes things go wrong, but in my 25 years experience it's a small percentage and I can safely say it has generally (not always) been the result of lack of information or for that matter incorrect information. Insurance is insurance, it's not a perfect science, and sometimes people have unrealistic expectations. And that's not even starting on the number of fraudulent claims that we need to be wary of that of course impact the premiums of all you honest folk out there in PropertyChat world.

 

I'm with TS and pretty happy with the claim recently. Had outstanding rent when the tenant moved out. TS paid up within the week but probably because the claim amount was < $2K and I provided all the required documentation.

Still, I was pleasantly surprised.

 

Been doing some research here with both Terrir Shear and EBM - Rentcover
According to this Terri Scheer is under the SunCorp umbrella but I couldnt find who EBM - Rentcover belongs to? Anyone know ?

 

You're quite correct, Terri Scheer is a wholly owned subsidiary of the Suncorp Group, they were originally an insurance broker that was purchased some years ago. EBM is arguably the largest privately owned insurance broker in Australia who developed landlord insurance products back in 1990. The products are underwritten by QBE Insurance (Australia) Ltd.

So to answer your question, EBM doesn't "belong" to an insurer, they are a privately owned insurance broker.

 

Good in that case ill go with EBM
thanks

 

thanks @brettc, thanks for the info. I have all my LL insurances with Terri Scheer, had a few claims, nothing major, it was good, not much delay or back and forth chasing documents, but these claims were all done by my PMs, I didn't know whether it was easy or hard.

might need to re visit my choice of insurer when current LL insurances expires.

 

what I know is EBM only cover 6 weeks rent arrear, which is not enough. Tenant 2 weeks rent arrear then send notice to vacate letter, that takes one week, after 3 weeks, apply for VCAT, hearing can be 3 weeks later, so that is 6 weeks, if lucky to get possession order, order will say tenant leave in two weeks, they can leave before order expire, which is total 8 weeks.
Terri scheer does not cover pet damage as EBM do, Terri scheer cover very little about pet damage which may bring big loss when tenant hide dog

 

Its enough. We've had this exact situation recently:
-Sent breach notice after 2 weeks non paying.
-lodge tribunal case 1 week later
-get a hearing 3 weeks after that
-at the hearing tenant given 1 weeks notice to vacate
- spent a week getting unit junk removed and cleaned up
- advertising, home opens, find a tenant who can begin this friday.

Ebm paid right through from when tenant stopped paying til this friday. The 6 weeks part you mention is only for arrears. They also cover the other periods under a different section / name.

 

3 weeks to get a hearing at SACAT is that the norm at present?

 

Other than one absolutely arrogant and incompetent senior claims specialist. All my claims have been handled exceptionally well.

I would recommend these guys in a heartbeat

Ebm that is