The potential advantages of property portfolio insurance

December 3, 2011

Landlords Insurance

Property portfolio insurance may be a product range that is particularly attractive to some landlords and as we’re approaching the year-end when we take stock of ourselves for the year ahead, it may be time to think a little more about it.

Why?

Your time is stretched

Not too many landlords complain of having a lot of spare time on their hands.

Obviously, if you have a number of properties that you are renting out, you are likely to be stretched even more thinly than a landlord who has perhaps only one or two.

Although the overheads of your annual insurance maintenance may not be particularly excessive, they may nevertheless consume time each year that you would prefer to spend elsewhere.

The time involved may, in fact, be a little more then you realise:

  • it is typically a good idea to undertake an annual review of your let property insurance so as to ensure that you are still getting a cost-effective solution when compared against other options available in the market – ignoring this may mean you are missing opportunities to reduce your costs or improve your cover and possibly both;
  • it is also typically advisable to review each of your properties to see if things have changed from the time you took out your initial insurance cover – for example, you may have recently started renting to the student marketplace and it may surprise you to know that some policies exclude certain categories of tenants such as students or DSS etc.;
  • annual renewals also have to be undertaken.

The opportunities for property portfolio insurance

If you have multiple properties and an individual policy for each, you may need to undertake the above actions with a number of individual insurers and that may only make your life even more complicated than it is already.

There are, however, insurers who provide property portfolio insurance, which means all of your cover for all of your properties is consolidated into one source.

This may provide you with two significant advantages:

  • a reduction in the amount of time you need to spend in trying to manage your policies and your relationships with multiple insurers;
  • perhaps even more importantly, having all of your business with one insurer may give you a degree of commercial leverage that will end up offering you significant cost savings over individual policies with individual insurers.

So, if you are landlord under time pressures, it may be to your advantage to find out more about property portfolio insurance through a landlords insurance quote, a little sooner rather than later.

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