IS EBM the best landlord insurance?

I’m not quite sure where you’re getting that specific wording from. In the policy it states under section 1:

“What you are insured against
You are insured against malicious damage or theft caused by the tenant
or accidental damage to your premises and contents at the address
shown on your Policy Schedule during the period of insurance.”

Accidental Damage is not restricted to being caused by the tenant. That said, the examples you have given such as “storm, water leak or burst pipe” would be items covered under Sections 2 & 3 – “Cover for your Premises – Insured Events” and “Cover for your Contents – Insured Events”. Obviously still subject to the circumstances when submitting a claim.

I trust that clarifies.

 

Thanks Brett,
The wording are quoted exactly from the section 1 of the EBM rentcover ultra.
But I can see for a that kind of damage claim one need to have insured against the sections 2 & 3.

 

Looks like I'll be switching to EBM tomorrow.

 

I was thinking of changing my AAMI (six policies) to EBM. EBM's quote is about 155% higher than AAMI.
I'm sure EBM's cover is better but can I really justify 55% increase?? hmm.. not really convinced.

 

Have you ever claimed against your current insurer?

 

I have 5 EBM, and 2 TS.Wouldn't go anywhere else. Have claimed with both,EBM you can go back and negotiate if your not happy with the outcome.

 

No good having a cheap insurer or one who won't pay on legit claims.

I wonder how many really need the Insurance, because some of them are not worth having, even for 50 bucks a year....

 

All my insurances are with NRMA/RACV and AAMI.
I had two claims with NRMA. Not an issue at all.
I had one claim with AAMI. Little bit of trouble but they did pay.

 

Yeah, ok as long as they don't argue the semantics with you over things that aren't clearly worded in the policy.

 

Thats why i use an agency with a in house insurance specialist @Xenia

 

My father had the exact same issue. He had a tenant from hell, pretty much excess charge for every single item in each room. He told me not to go through EBM.

I'm still a bit new to the whole insurance side of matters, but is it common place to treat each item a separate event, and not as one event?

 

Depends on whether you can get it through as malicious or accidental damage

 

We've put in heaps of TS claims.
There is no policy that just covers everything.

It's in the way that things a worded and how a claim specialist who knows the legislation better than you can escalate a claim and get it through.
We've never been hit with a seperate excess per carpet with TS.

Claims are important, it's a skill don't let property managers do them. Most will tell you they are easy to do because they find the easiest way to do them. Not the most effective or a way that maximises things for a client but the easiest for them.

 

Off thread a little but can't agree more with @Xenia's last comment. Wish there were more agencies that took claims processes more seriously. I have done three claims processes. First one I did and while the PM gave me all the information, and obviously kne the process as they get all the info together for me. The second one, the PM wasn't good to deal with through the process - slow and didn't know what info to get when.

Will become a screening question for new PMs.

 

Seriously though. If someones doing that many claims they need to look at the tenants they're putting in and the way they handle things

 

In our case a lot of them are coming from other agencies. We get them in at an insurance stage because other agencies are not able to handle insurance claims, they are not experienced enough to.

Talk to @jim1964 - some of his properties were a mess due to agents dropping balls, he spoke to other agencies not just us - who would not touch it at the state it was in due to lack of experience and having no balls to take on the hard stuff.

I'm doing a seminar on this for business owners - 10th June - how solving problems can help your business grow, you should come along. In unley.

 

A mess is an understatement, i have touched on this in several other posts.This raises the importance of having a buffer,i didnt see any rent for 6 months,also never trust the agents inspection sheets, have a look yourself.

 

This issue is across the board Dave, i have 3 different property managers,it all starts out ok with tenants, as you would be aware,different issues tip the scales alot of the time,you never had a good tenant go bad?

 

Also the more properties you have the more will tribunals, insurance claims there will be. Insurance companies look at it as a percentage according to number of properties and will not work with agencies with claim rates over industry standards.

 

This is true,i didnt have anybody prepared to take this on in the state it was in, including other property managers on this forum.