What our valued agent partners need to know during COVID-19

RentCover Prime offers landlord and contents cover, whereas RentCover Gold offers the same, with the addition of building cover. 

TIP: RentCover Prime is designed for apartments, units and villas where the building is insured elsewhere (e.g. through strata insurance or with another provider). RentCover Gold is designed for stand-alone homes that need protection for the entire property (from the driveway to the backyard).  

Due to the COVID-19 outbreak, we have had to make the hard decision to limit the amount of business we are taking on. Unfortunately the current economic climate does not allow us to continue offering rent default as a feature in our products (this is because the risk of covering this loss is too high). While we had to remove RentCover Ultra and Platinum as an offering, we do have options available that do not include rent default, including our RentCover Prime and RentCover Gold policies. We will update our clients when our offering changes. Please note, we are working hard to get our full suite of products back in the market.

Insurance is all about risk and it is designed to cover unforeseen events. Due to the current economic climate on the back of the COVID-19 pandemic, rent default is no longer considered an unforeseen event as the risk of it happening has increased. Because of this, the risk of covering this type of loss has also increased. We know this can be hard to understand, however the decision to halt cover on rent default is the same as halting cover on fire damage when a bushfire is imminent. 

Unfortunately, no discounts are applicable for RentCover Prime. This is because this product is designed for the current economic climate and has been priced low to assist landlords during this time. However, new landlords can receive a discount equivalent to 60 days premium off RentCover Gold.  

It has no impact on clients who are already insured with us. Clients that already have RentCover Ultra and RentCover Platinum are still protected and their policies will continue to cover what they are designed to cover. And, we will work hard to deliver tips and information about protecting rental properties during this time (these can be found on our Info Centre). Rest assured, this also will not impact renewals. 

Yes, if a client does not need cover for rent default, and wants to swap their current RentCover Ultra or RentCover Platinum product to one of our new offerings, they are able to do so. However, they would not be able to revert back to Ultra or Platinum until the halt on these policies is over (when this is expected to happen, we do not know). 

RentCover Gold premiums are dependant on varying factors including postcode, building type, building age and sum insured. Contact the EBM RentCover team on 1800 661 662 for a quote. 

RentCover Prime premiums are listed below. They are fixed by state and territory and represent the cost for our standard RentCover Prime policy.

Of course! When things return to some sort of normality, and RentCover Ultra and RentCover Platinum are back on the table, we will let you know how clients can change policies (or simply add rent default as a feature to their existing policy). Please note, this change may incur an additional premium. We will let you know more, once we know more. 

We are in unprecedented times and we are unsure of the full extent of the situation. We will start offering our full range of products at some point, however we do not know when this is. Keep an eye on our website or Facebook page for updates.

Please download the application form to apply for cover. Or, give our team a call on 1800 661 662 and they can help process it over the phone. Please note: due to these unusual times, requests for cover made via email must include a completed application form. This is to ensure we have all necessary information on hand, and to ensure clients are fully aware of the policy they are applying form.  

Use our online claims portal. This allows you to you to easily tell us what happened, provide necessary quotes and invoices, upload documentation and submit a claim. Or, give the EBM RentCover team a call on 1800 661 662 and they can help. 

Payment needs to happen quickly. Our credit terms are currently 30 days however we want to make sure your clients’ policies are active and current. So, as soon as you have placed cover, you can then use our online payment system to get on top of the premium.  

If you can't find the answer you are looking for, email agentsupport@ebm.com.au.