Live side by side comparison - EBM vs TS insurance

Discussion in 'Property Management' started by D.T., 1st May, 2017.

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  1. D.T.

    D.T. Specialist Property Manager Business Member

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    EBM has now paid for House A

    They paid from when tenant is paid up (2 March) to when Bailiff attended (20 April) 50 days rent which is roughly 6 weeks, plus from 21 April through 20 May to allow for re-tenancy. They also reimbursed the $100 tribunal fee I charged the landlord, and the $205 locksmith bill to change the locks. No excess on any of that.

    No coverage on repairs as was classed as separate incidences and under the excess payable for repairs.

    Bond paid for clean up, reletting fee, junk removal.
     
  2. giraffez

    giraffez Well-Known Member

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    Thanks for the update. I ended up taking it with TS and the tenancy has started. I am still within cooling off period though.

    If i switch for now to EBM, there should be no issues on coverage right? I mean the fact I didn't start the coverage of with the existing tenant with EBM?
     
  3. brettc

    brettc Well-Known Member

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    No issue at all, providing conditions are met such as rent currently up to date and bond of at least 4 weeks rent. If you wish to make mention that you are a PropertyChat user and you will get a discount equivalent to 60 days.
     
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  4. Ghoti

    Ghoti Well-Known Member

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    So...what of other insurers? Are they rally that bad?? I got my LL insurance through ANZ as their policy seemed similar with lower premium and excess. I haven't made a claim (and hope not to!), so can't comment.

    Surely other insurers play in this space.
     
  5. giraffez

    giraffez Well-Known Member

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    from what I have read, you should go with companies that specializes in this area. The ones with banks are typically hard to deal with in the event things go wrong. Of course the pds will indicate to you there is coverage, but whether they make it hard to claim changes the decision.
     
  6. giraffez

    giraffez Well-Known Member

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    D.T do you know which category this falls under? Is it legal expenses?
     
  7. D.T.

    D.T. Specialist Property Manager Business Member

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    Yep - They cover tribunal fees (they ask for the management contract to verify what we charge them). In some states the bailiff also charges money (SA they're free) so would have covered that too (he kept asking me for the receipt)
     
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  8. giraffez

    giraffez Well-Known Member

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    Dt I've since switched over to ebm but I'm still interested in the outcome for your TS claim, did it eventuate?
     
  9. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    DT - Great feedback. I seems to confirm what I believed.
    A insurer is only ever as good as its claims process and support.
     
  10. D.T.

    D.T. Specialist Property Manager Business Member

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    There was actions with both houses yesterday.

    Ebm paid extra money to cover the vacancy period as haven't found a new tenant yet (have had apps but need to be strict in this suburb)

    TS sent through an alternative set of docs they're willing to accept since they finally listened to my complaint that the original requests were unreasonable. I'll send these through today.
     
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  11. Air_Bender

    Air_Bender Well-Known Member

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    Thanks for keeping us updated @D.T.

    I've signed up with EBM for my landlord's insurance based solely on your feedback from these two claims.

    Cheers :)
     
  12. Pash81

    Pash81 Well-Known Member

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    What is EBMs claim process? Do they send u the money less the excess and then u go and do ur own repairs etc.? Once the repairs are done, do u have to send them the invoices etc?
     
  13. brettc

    brettc Well-Known Member

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    Answered in another thread however will repeat here:
    Basically we would ask you to submit quotes/invoices and all other info. We work out the settlement, less the excess and send a cheque. It may be easiest to lodge the claim over the phone and we will then explain how the process will work.
     
  14. DaveM

    DaveM Well-Known Member

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    I submitted a building claim for a storm damaged pergola to EBM yesterday, will let people know the turnaround and outcome.
     
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  15. DaveM

    DaveM Well-Known Member

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    Aaand... claim processed and approved within 24 hours!
     
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  16. qak

    qak Well-Known Member

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    D.T. - what was the final result (I'm hoping they have both been finalised by now!)