IS EBM the best landlord insurance?

Discussion in 'Property Management' started by Tenex, 8th Mar, 2017.

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  1. Greyghost

    Greyghost Well-Known Member

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    Tom do you have any idea on price comparison between EBM and Terri Scheer
     
  2. Tom Rivera

    Tom Rivera Property Manager Business Member

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    For Landlords insurance EBM is $305 and TS is $356. The building insurance varies depending on the house but EBM tends to be about 10-15% cheaper there as well. For example, just yesterday I quoted a 4/2/2 in Crestmead built in 1995 for Building and Landlords. TS was about $1,270 and EBM was about $1,050.
     
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  3. Greyghost

    Greyghost Well-Known Member

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    Thanks Tom.
    I need to renew my TS policies so I will call EBM for a quote
     
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  4. Ko Ko Naing

    Ko Ko Naing Well-Known Member

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    I was told by EBM that only Ultra policies can be applied multi-policy discount, not the platinum ones. The platinum pricing seems to be calculated with some sort of discount. But Terri Scheer gave me discounts to all my 6 IPs for both building and landlord components, so it turned out cheaper than EBM.

    Never done claims before, so not sure which is easy or hard. It seems each got its own strengths and weaknesses. Different PCers experienced different things with both of them, so I went with the one that gave me most value for my $$$. :)
     
  5. dabbler

    dabbler Well-Known Member

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    Why should I reads when I be payin me monies..... ? lol
     
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  6. brettc

    brettc Well-Known Member

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    I'm actually a little intrigued by your statement. As mentioned by another member there will always be the instances where someone is not happy with a claim settlement, but to be honest if we were able/willing to divulge the full reasons behind these it would generally be pretty clear as to why that have been declined/reduced, but it's not something we would do. These sometimes also occur due to people having unrealistic ideas on what insurance will/can cover. This however would be the case with any insurance policy.

    In saying that, I think I would be right in saying that the overwhelming majority of statements and claim outcomes mentioned on PropertyChat are very favourable towards EBM. If you would like to private message me any concerns you have I'm happy to answer them.

    In regard to the payment for a renewal, as has also been mentioned, that's a situation you need to take up with your property manager. We of course have an obligation to offer renewal, whether your property manager is to pay that directly on your behalf is part of your arrangements and out of our hands.
     
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  7. brettc

    brettc Well-Known Member

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    Be sure to mention you are a PropertyChat member, and you will receive a discount on the first 12 months of the policy.
     
  8. DaveM

    DaveM Well-Known Member

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    I recall someone whinging about EBM years ago and also my Sydney property manager about their claim when their IP burnt down.

    The house was unsafe, had bad wiring, owner wouldnt repair it despite numerous warnings from PM, and then sooked when an electrical fault burnt down and they had no cover.
     
  9. dabbler

    dabbler Well-Known Member

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    A PM is not qualified to decide if wiring is safe or not, so must be more to this story.....also lucky if trades these days even give any feedback on issues, they do not even like breaking things down on invoices, nor taking any photos etc.....
     
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  10. DaveM

    DaveM Well-Known Member

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    My understanding is there were numerous electrician callouts and advice the house needed rewiring and was dangerous, and the owner told numerous times.

    I am not sure why the leap to A PM IS NOT AN ELECTRICIAN
     
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  11. dabbler

    dabbler Well-Known Member

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    only because this....

    Plenty of times PMs convey the wrong info too me, they say black and the trade says white, it is the old story of how details change as messages are conveyed, and that does not explain why the claim was denied, this could have come about for many varied reasons.

    I was just curious on the claim denial, that is all.
     
  12. David C

    David C Member

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    As a landlord it will be hard to know exact details about when and how problems start happening if it is a new previously unreported problem and you have an uncooperative tenant. Yet in my case it is those details that EBM wanted to argue about -how quickly a water leak from the toilet happened that damaged the laundry.

    Also they may not cover things you may have thought they would -on their RENT COVER policy they refused to cover rent that was lost while repairs were being undertaken.
     
  13. Hosko

    Hosko Well-Known Member

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    Isn't a little hard to guage value for money as yet as you haven't received anything ex
    Was the claim for Rent while repairs were done to fix the water leak from the toilet? If the leak from the toilet was declined, there would be no reason for them to pay the rent you were missing out on.
    Maybe a different answer if the toilet leak was a claim that was paid out on.
    In general terms, you need to pass step 1 to get to step 2.
     
  14. skyfury

    skyfury Well-Known Member

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    I am claiming through EBM now, you can follow with my thread.
     
  15. Guest

    Guest Guest

    I don't have any experience making a claim, but recently passed 12 months on a policy with them. I received a 'final notice' bill in the post informing me that unless I paid the premium by 3 days after the letter was issued my policy was canceled. I received the letter more than 3 days after it was issued, so technically my property was not covered for a period of time. I didn't receive any notice prior to this one by post, so presumably the original notice (and any reminders?) went missing in transit or was never sent (I have a lockable mailbox). I thought this was pretty poor form. When I spoke to them on the phone I asked if there was any option to have an email notification of premium being due, no such luck. They can charge on a monthly basis, but then extra fees are involved. So now I have a reminder set in my phone calendar in case their notice doesn't arrive again next year. Will stick with them due to some of the experiences shared here with claims, but they really need to bring their systems into the 21st century (especially if they are going to cancel a customer's insurance policy without so much as a single phone call) :(
     
    Last edited by a moderator: 15th May, 2018
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  16. dabbler

    dabbler Well-Known Member

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    I think the payment is 30 days, if you only have to worry about 1 policy that is not bad.
     
  17. brettc

    brettc Well-Known Member

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    Would you mind private messaging me your policy details please, client number would do. I would like to check the trail of invoices and ensure nothing was incorrect because there is quite a few things that happen prior to getting to that stage. Original invoices are actually sent a long time in advance.

    Thanks.

    Brett
     
    Last edited by a moderator: 10th Oct, 2021
  18. dabbler

    dabbler Well-Known Member

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    Hi Brett, the mail system today has gone to hell frankly, I agree with him in that electronic systems should also be in place, maybe 2 electronic systems would be cheaper than physical.......I can only see it becoming less reliable.
     
  19. Ko Ko Naing

    Ko Ko Naing Well-Known Member

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    When comparing the two policies from EBM and TS, I was just thinking if the coverage is similar, I'd just go with the one that is cheaper. People have different opinions when claiming anyway. I can only guess that they must be good, as they are the only popular two in this specific type of insurance.
     
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  20. brettc

    brettc Well-Known Member

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    It's certainly something hopeful for the future but without going into details there are some roadblocks to overcome.