Property portfolio insurance – and other money-saving ideas

April 16, 2012

Landlords Insurance

Property portfolio insurance may be only one of a number of options available to landlords that may be looking for a springtime review of their business operations:

  • property portfolio insurance – if you have more than one or two properties, it might make economic sense to look for insurance providers who are able to offer this type of cover.  Not only may you hope to obtain cost-advantages by placing your insurance with one provider but having a single policy portfolio may also significantly simplify your administrative overheads at renewal times etc;
  • taking a larger excess – on a classic let property insurance policy, the excess may come into two components.  The first is a mandatory amount of money that the insurance provider may expect you to contribute towards the cost of any future claims.  The second is voluntary excess, something that you may elect to adopt or not.  If you do, and depending upon the amount you opt for, you may be able to save yourself substantial amounts on your premium;
  • a landlords insurance quote – your existing policy may have been excellent in its day and might even have a certain sentimental value but in hard-nosed business terms, it may make sense to re-validate it by testing it against the marketplace.  You may find that there are now more cost-effective policies around that you may wish to replace it with, so getting a quotation or two might be advisable;
  • checking other discount options – the landlords insurance marketplace remains highly competitive and there is a high degree of consumer choice.  That is typically good for landlords and you may find that different insurance providers offer further scope for discounts in varying areas.  It might be worth making efforts to look carefully at this in some detail;
  • review your cover – this option is more closely linked to protecting your investment than necessarily reducing the cost of your insurance but that may prove to be critically important to you.  For example, your total sum insured may have been perfectly adequate when you used it initially some years ago but is it still an adequate reflection of the current full reinstatement costs of your building;
  • so, thinking about property portfolio insurance is just one thing of many that may need to be considered if you are to be confident in your insurance position.  In springtime there may be other things demanding your attention but given the sums of money you may have invested in your property or properties, this type of insurance review should not be overlooked.
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