How to claim EBM insurance

My previous tennant still owes $800 in rent ($250 pw). He already left the property in Feb 21 after given 60 days vacate notice in Nov 20 due to damages property and rent arrears. PM deducted the bond to repair punching holes on the walls. PM said still chasing for the rent but he has not paid.

How do I make EBM insurance for the rent lost? Do they have time limit to make the claim?
I understand there is excess or any payment to make the claim, right?
Should I ask PM to start submit the claim or it must be me to submit the claim?

I'm sure there are a lot of experts in here who experience with EBM insurance.
Please help me. I'm the first time to make insurance claim.

 

Give them a call, it might not even be worth it, check your excess.

I've seen Barclays mentioned here a few times for debt recovery Barclay MIS ~ By your side to manage, control and recover debt.

Again, all this is probably not worth it for only $800 ...

 

Have the property manager lodge it. A property manager who is not happy if the insurer doesn't pay out is a far greater concern than a single property investor. I have had several claims over the years.

 

Thank you, DanWood and Ajax.
I just called EBM. They said there's no excess for claiming the rent. I asked if it would effect the premium increase next year. They said the claim will be in history and would affect but they don't know how much would it be.

My question now whether is it worth it to make the claim for $800?

 

Absolutely worth the claim for 800 , EBM dont have any excess on rental claims. There's also not really a time limit - we recently did one for a couple of years ago (because had to receive bond first, and SA Govt lost our bond claim during Covid).

If they're an EBM accredited agency like us, your PM can submit all the documents to their online portal or otherwise just email them [email protected]

 

How long should a 'good' PM take to put together and submit a landlord insurance claim ?

 

Can vary, delays include getting quotes to get the repairs done etc and the insurers/loss adjusters I've dealt with tend to only review claims every 10-14 days so when you lodge or drip feed info as it comes in that can draw the process out too. With insurance though, so long as there was a valid policy in place at the time, it's fine you can lodge a claim anytime in the future - AFAIK there is no like statutory limitation cut off period etc. I've just finished one and have another current, both dragging out 2-3-4 months, it's ok because the properties have been re-let and the show is going on etc, the Owners will get their money eventually plus also going after the tenants through QCAT as well in parallel to hedge bets.

 

Depends what it’s for and which insurer its with. Eg If it’s a rent related claim with Ebm and you keep good records it takes less than 30 mins to send all the info off.

Issue can be with some needing to get bond refund first (SA currently taking months not sure about other states).

If it’s a damage related claim then prob needs to be assessed or have multiple quotes first which takes time to organise and facilitate.

Or if with another insurer, good luck

 

You can submit a claim with some evidence:
1. the lease agreement which states the rent per month.
2. the tenant ledger which lists out the amount that has been paid to-date and the rent owing since the date of departure.
Depending on the insurance company, they may ask the agency for some evidence that they have chased the tenant for the missing rent. In Victoria, we will go to VCAT and get a VCAT order to get the tenants to pay the missing rent. With the VCAT order, the insurance company will also use it as the evidence.

 

My PM has taken 6 weeks so far im with EBM, was a alot of damage and mess but im new to insurance claims and not sure what to do, I dont want to 'micromanage' them lol.

Does anyone know if RentCover includes the time while the claim is being done up and put through? Seems like they would have a time limit on it though?

Thanks for the help