Tag Archives: property portfolio insurance

Property portfolio insurance – and other money-saving ideas

April 16, 2012


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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Let property insurance – frequently asked questions

April 11, 2012


Here are responses to some commonly heard questions on the subject of let property insurance.

We will gladly expand on any of them for you, if you need further assistance.

Is let property insurance always obligatory?

It may depend a little on what you consider obligatory to mean.

If you are obtaining rental income from property, even if it is property that you occupy the bulk of yourself, then typically you will require landlords buildings insurance (and possibly contents cover) not owner-occupier policies.

If you do not have the appropriate type of policy in place, your property may be effectively without cover.

Although the law may not require landlords insurance as such, if you have a buy to let mortgage then one of the conditions may be that you maintain full buildings cover at all times.

By definition, that may mean landlords insurance.

Do I need buildings and contents cover?

Not necessarily.

A typical landlords buildings policy may provide cover for fittings and fixtures as well as the structure of the property.  If you are letting your property unfurnished, then you may decide that you do not need contents cover at all.

It might be sensible in such cases, to look carefully at the policy’s definition of fittings and fixtures to make sure that they are in accordance with reality and your views of the same things.

Do I need employers’ liability insurance?

This is a complex area and one in which you may need to seek specialist advice.

Some landlords cover policies may include employer’s liability protection of up to £10m – other policies may not include it at all.

As a general principle, the law may, in typical cases, require you to have employer’s liability cover if you have employees working on your behalf.

Note that in some situations, the law may even define friends or family members working for you on a voluntary basis, as being de facto employees and therefore entitled to the protection of employer’s liability cover.

Can I get a discount for multiple properties?

Some insurance providers may offer what they call property portfolio insurance.  This typically allows landlords to cover a number of properties through a single point of insurance.

The cost and administrative savings may be significant and make it worthwhile looking for the best property portfolio insurance around – though remember that what might prove to be best for someone might prove to be less so for another, so do your research carefully.

Of course, that piece of advice applies equally to any form of let property insurance.

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Using a property portfolio insurance broker

March 13, 2012


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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Identifying the best property portfolio insurance

February 8, 2012


Owning a number of buy to let properties may mean that your days may be hectic enough without also having to think about the ensuring that you have all of your insurance options in place. Finding the best property portfolio insurance may be something that we may be able to help you with.

A multi-property insurance policy may be appropriate for you if you have a least a couple of properties and you may find that, as well as the obvious administration savings, there may be useful premium discounts available into the bargain

If one of your properties is standing empty for some reason, then you may still need to consider unoccupied property cover.  For some policies this may mean that if the vacant period extends beyond 30 or perhaps 45 days then your policy may cease to provide you with cover.  If your property has not had tenants in it since you took out your insurance policy then this period may be extended to 90 days in some circumstances.

The reasons that your property may be vacant are not the issue when it comes to this type of insurance cover.  You may be:

  • having problems finding new tenants;
  • on the point of carrying our renovations or refurbishment which might take some time;
  • having some legal issues which are preventing you from letting your property.

This requirement arises due to the fact that some of the risks that your property may face change when it is unoccupied.

Problems that may cause little or no damage with tenants there to spot them may become more serious if left unattended.  Signs that a property is empty may also attract the unwelcome attention of thieves or vandals.

Bear in mind too that the terms and conditions attached to this type of cover may be very different to those pertaining to standard buy to let cover – particularly relating to steps that you may be required to take regarding the security of your property.

When looking for landlord house insurance you may be able to contact us online as well as by telephone and we will be only too pleased to try to help you find what you may end up considering to be the best property portfolio insurance.

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In 2011 one in five landlords had additional property on their portfolios

January 30, 2012


A big percentage of people asked about renting in the capital (85.1%) said they thought rent would take a massive rise in 2012

It has been found that one in five landlords that are in the UK during 2011 added additional residential property assets to their portfolio. A new report has been ran for the private rented sector (PRS).

The city with the biggest percentage of landlords adding to their portfolios was London. A big percentage of people asked about renting in the capital (85.1%) said they thought rent would take a massive rise in 2012. According to every landlord who was interviewed, in London property values will either stay the same or will increase slightly.

The report, which was carried out during Q4 of 2011, showed that quite a substantial percentage of landlords (36.9%) wanted to keep their properties until 2031. An average for the future hold period was taken and it came in at 15.4 years.

Neil Young, CEO of Young Group, said of the research: “Without a doubt, the appetite from private investors in the PRS for additional investments is extremely strong.  The London rental market is particularly strong and demand from tenants seeking quality PRS accommodation shows no sign of abating, buoyed by a population that is spending longer than ever-living in rented homes and increasingly living in solo households.”*

*Quote from Simple

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A property portfolio insurance solution

January 17, 2012


If you are a landlord with a number of properties then the chances are you may be kept fairly busy.  Being able to use just one property portfolio insurance policy may help to reduce your workload and may turn out to be a cost-effective way of keeping your properties protected:

  • property portfolio insurance may be able to provide you with a single landlords insurance policy specially tailored to your own buy to let property requirements;
  • it may help you save both time and money by reducing the amount of admin you may need to put in to make sure your properties are appropriately covered. And since it may also help to keep workload down for the multi property insurance provider too, you may find that they may be able to offer a more cost-effective solution;
  • the solution that you may be looking for in buy to let property insurance, may depend on a number of factors – in general though, there may be a few features that you may be interested in;
  • levels of public liability cover may vary from policy to policy with some providing more generous cover than others but you may find that some buy to let insurance may be able to offer cover of up to £5m;
  • there are some policies that may be able to offer you the flexibility you may prefer to let your property out to whomsoever you choose  – others though may exclude categories like students or DSS from cover;
  • having some protection from loss of income due to your tenants having to move out of a property while repairs are being carried out may be a feature of landlord insurance cover that you may feel is essential – if so, you may find that is it available;
  • landlords buildings insurance may typically offer protection against damage caused by various events like fire, flooding, storms, earthquakes etc – you may also consider subsidence damage cover to be important and if so it may be worth looking out for as there are some providers who may offer this as standard;
  • finally, property portfolio insurance may also be able to offer you financial protection against malicious damage by tenants as standard.



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The potential advantages of property portfolio insurance

December 3, 2011


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.


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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