Using a property portfolio insurance broker

March 13, 2012

Landlords Insurance

The phrase property portfolio insurance broker includes two different concepts – that of the insurance broker and property portfolio cover:

  • if you are a landlord with several properties, you may have experienced the administrative frustration of needing to deal with several individual landlord house insurance policies and several different insurance providers;
  • this may involve a number of individual annual renewals, renegotiations and the need to try and maintain a number of different relationships with different people within the insurance providers;
  • if you are landlord with several properties, the chances are that you are also busy and there may be certain attractions in idea of consolidating your insurance in one place – this type of cover is available and it is called property portfolio insurance;
  • this may result in your property and contents insurance being something that is easily maintained by you in one location and at one time;
  • however, you may also be keen to try and keep your costs under control as far as possible and property portfolio insurance may also provide you with certain economies of scale that prove to be cost-advantageous to you;
  • you may also not wish to spend disproportionate amounts of your precious time in contacting endless numbers of insurance providers for quotations and this is where the property portfolio insurance broker or intermediary may come in useful;
  • such organisations may be able to provide you with quotations where they have already done much of that initial sifting work for you;
  • keep in mind too that your insurance may need to include landlords contents insurance due to the risks of theft and natural disaster (e.g. some forms of flooding risk may be far more prevalent in the late winter and early spring – though it is always advisable to check whether or not an individual policy provides such cover);
  • if you decide to dispense with contents insurance, for example in situations where you are letting property out on an unfurnished basis, you should remember to check that things which you consider to be fittings and therefore hopefully covered by the buildings insurance, are in fact so covered, as not all insurance providers have the same interpretation of what is part of contents and what is a fitting;
  • so, if you have multiple properties then a property portfolio insurance broker or intermediary may be of some use to you.
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