November 27

Landlord insurance – Multiple Properties

Insurance News

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Many property owners and professionals have recently been taking the chance to grow their portfolio.

Coupled with an increase number of property sourcing agents it has never been easier to purchase property all over the UK.

Lets look at the benefits of arranging landlords insurance for multiple properties

  • Covering all the properties under one policy can make it more competitive than insuring them individually
  • Having one policy can save you time at renewal
  • Manging one policy over several is easier when issues arise
  • Splitting the one premium over instalments again makes it easier to manage and budget
  • An unoccupied property may be easier and cheaper to cover as part of a portfolio

So there are some of the benefits of combining your properties under one policy

What can we do to assist?

As an independent broker we can offer whole of market coverage and not just limit you to a select panel

Having whole of market means that we can accommodate wide range of property types, tenants and circumstances

Using over 25 years of experience in placing property business we have developed relationships with all major insurers and, due to being independent, can access some specific property insurers

What does this mean for you?

  • You get to speak to a person who understands what you are looking for. Not a chatbot or a call centre
  • True professional independent advice where your interests are looked after first
  • Competitive premium finance options
  • In house claims team

We can look at a other covers that you may require such as:

  • Contents for furnished property
  • Business interruption cover – loss of rent and alternative accommodation following a loss
  • Contract works cover when properties are being extended or remodelled
  • Employers liability cover – for handymen or other staff you employ directly
  • Latent defects cover for new builds
  • Office and professional indemnity cover if you also have your own letting agency that manages the property
  • Property valuation service provided by RICS surveyors
  • Your home insurance

Getting the property cover right can protect your asset can ensure that you maintain the return on investment you have planned. Having the wrong cover in place and in particular the wrong sum insured can leave you exposed to a number of issues that can impact your payment following a claim or even invalidate your policy

Current issues in the property market:

  • Under insurance – its is estimated that 9 out of 10 commercial properties in the UK are only insured of 70% of their true value
  • Tenants not being vetted and claims being declined
  • Insurers not being updated on changes to the risk. Is it unoccupied, has the tenant type changed?
  • Policy holders not being aware of the terms imposed on them due to property being unoccupied or they are not able to comply with the terms
  • Damage not being reported as regular inspections are not carried out therefore impacting on the validity of claims
  • Premiums rising due to losses by insurers
  • Large property value locations being more difficult to insurer

About the author 

Chris Boothman

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