FAQs

Insurance ultimately helps to protect you from loss when things go wrong. But what exactly does that mean? Let’s break it down…

When you have something important and valuable in your life you can choose to protect it in a number of ways:

• By doing absolutely nothing and thinking ‘there is a one in one million chance my asset will be damaged or lost so I won’t take steps to protect it’
• By managing the risk of damage to your asset and taking steps to make sure it is safe and secure. For example, if you had a car, you could reduce the risk by choosing to never drive it.
• By transferring the risk… this is where insurance comes into play. You can pay a fee to an insurer and if something happens to your asset, they may cover the cost of the damage or loss.  

For example, say you have an investment property and the tenant damages a wall – if you have the right landlord insurance, you may be able to recoup the costs for this damage/loss.

It is important because no one knows what is around the corner. While you can try and prevent the worst from happening, there are things that cannot be controlled (such as the wrath of Mother Nature). With the right insurance in place, you can reduce the emotional and financial stress that comes when the unexpected occurs.

No two insurance companies are the same. So, choosing the right cover is a lot easier when you understand what it is you want to cover (e.g. a property maybe, or your contents… or both?).

Once you are clear on your objectives, you need to do your research and shop around to find a policy that covers the risks you think you will face (e.g. if you are insuring a rental property, make a list of non-negotiables - such as loss of rent and tenant damage - and then make sure your list matches up with the policy you are looking at).

TIP: Get a few different quotes, but remember – price doesn’t always mean value (this is particularly important when it comes to landlord insurance)!

Lastly, once you have a policy in mind, you need to read the Product Disclosure Statement (more info about a PDS below) which talks about the T&Cs of the cover.

It seems like you can insure anything these days… in fact, Taylor Swift reportedly insured her legs for $40 million! And, Aussie cricket legend Merv Hughes was also said to have insured his iconic moustache for $317,000 during his hey-day. But the truth is, insurers need to strike a balance between providing cover for the most common eventualities, while keeping their level of risk at a manageable level.

So, in short – no; insurance does not cover every possible situation as the overload in risk would make insurance unaffordable.

When it comes to landlord insurance, here are a few things it does NOT cover…

• Run of the mill expenses – such as the regular cost of maintenance including plumber’s bills for unblocking a sink or payment for a lawn mowing service.
• Mould – responsibility for taking care of mould outbreaks at a rental can rest with the landlord or the tenant, depending on the cause. But regardless of the cause and who is responsible, costs associated with mould are not usually covered by landlord insurance.
• Market conditions – like all investments, there are risks in property. Some of those risks stem from the property market itself, and these risks are not covered by landlord insurance. For example, a landlord generally can’t claim against their insurance if they are not able to find a tenant for their property. Or claim the difference in rents achieved, for example, if they used to get $400 per week and now get $350 per week, the $50 per week loss can’t be claimed.

PDS stands for Product Disclosure Statement. It is a document outlining exactly what is and is not covered under the policy you are looking at. This is a very important document and should be read prior to purchase to determine if the cover you are looking at is suitable for your needs. You can find our PDS here.

FSG stands for Financial Services Guide. It is a document here.

When you make a claim, you may be required to pay a small amount of the cost (called an excess) and the insurer pays the rest. Not every policy has the same level of excess, and excesses may apply in different situations. 

Example: If your investment property is battered in a storm, the cost of repairing damage may be $6,000. If the excess is $400, you would be required to pay this fee while the insurer pays the remainder. The excess can often be reduced from what the insurer pays, meaning you would receive $5,600 for the claim.

There is a misconception that insurance is too costly. However, let’s look at landlord insurance – think about how much more expensive it is to pay the cost to completely restore a home in the aftermath of a natural disaster. Premiums can cost just a couple hundred dollars a year. That is peace of mind knowing you have protection for your property, for the approximate cost of a large coffee a day. For exact premiums, get a landlord insurance quote. 

While insurance is important, EBM RentCover adds true value with its service and support. Our specialised team works with property professionals and landlords to educate them about the unknown and guide them through the maze of insurance jargon.

Here is a list of reasons to partner with EBM RentCover:

• We aim to confirm the submission of a claim and start working on it within 24 hours
• We have a reputation for paying out claims
• Most claims are managed in-house, allowing staff to the manage the time taken to process and pay claims
• Our Expert Care team is equipped to help – in fact, the team takes around 35,000 calls during an average year
• We are quick and aim to settle most claims within five working days, assuming we have all the information we need from you.
• Claims are usually assigned a dedicated claims specialist to work on it from start to finish (so you don’t bounce from one staff member to another)
• We make it easy for you by having an online portal where clients can simply submit, review and process claims online

EBM RentCover invests in innovative technologies to help provide excellent client support from cover to claim. Our online claims portal allows you to easily tell us what happened, provide necessary quotes and invoices, upload documentation and submit a claim. You can find our online claims portal here.

Tips for submitting a claim:

• As soon as something goes wrong, you should contact our Expert Care team. The sooner we know, the sooner we can act.
• To submit a successful insurance claim you need to be able to tell us what has happened, where and when. So, grab a notebook and camera and take lots of photos of the damage.
• If it is safe to do so, do what you can to stop the damage getting worse. For storm damage, this could include boarding windows or laying a tarp on the roof.
• It is important to keep hold of receipts for any work you do or materials you purchase as you may be able to claim those expenses.

For more tips and tricks, click here. Or, if your claim is in relation to Mother Nature, check out this article which guides you through an insurance claim after a natural disaster.

Of course you can! It is easy. Save time and pay online here.

TIP: Make sure you have your invoice handy so you can easily fill in the form. You will also need your credit or debit card details to process the payment.

You can never really be certain your investment or belongings are secure. You can be certain EBM RentCover will be there in times of need. Contact 1800 661 662 or email enquiries@rentcover.com.au if you want to chat about cover, claims or your insurance needs.