Landlords Portfolio Insurance

by Readers Question

2 weeks ago

Landlords Portfolio Insurance

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Landlords Portfolio Insurance

I’m a landlord with 5 properties – 4 in joint ownership and 1 in Ltd co.

I have been lazy recently and not really bothered to look at insurance renewals and just called up my broker on receiving a renewal letter, haggled a bit and gone with that price for ease.

I usually end up paying between £160-195 per property, per year for rebuild costs of roughly £135,000 to £165,000 and each policy has around £3,500 – £5,000 for contents insurance to cover carpets and flooring etc as I’m told that it is technically contents but the properties are all unfurnished as a rule. I do a rent to rent agreement with the local authority who put their own tenants in, which I am told comes with a premium when it comes to insurance.

How does this compare with what you pay – not looking for full breakdowns but just a very rough example as insurance seems really hard to compare and know if you are paying the right amount or not. The only way seems to do endless online or telephone quotes and I’m not sure anyone has the time to do more than a few!

Also, does anyone have any experience of portfolio insurance and if its worth doing them all in the same policy or not?

Thanks and I look forward to reading the replies with interest on a Saturday morning as I do when the weekly email arrives.

Happy renting

Ian (AKA Southern Er)

Comments

Mark Alexander

2 weeks ago

Hello Ian

Yes I switched over to having a block policy years ago. Then I realised that the more properties on the scheme the cheaper the insurance gets, so I started getting all my friends and family to insure on the same block policy. Many Landlords Associations also do this.

I then went a stage further and promoted this on Property118.

The outcome is that we now have thousands of landlords on a few different schemes and the brokers that administer them GUARANTEE to beat any like for like quote. For details see the link below.

https://www.property118.com/insurance-landlords/

You only need to complete the first page of the enquiry form and the brokers will contact you very quickly. Alternatively, you could carry on completing the form and end up with an online quote, but if it's not the most competitive you've had the brokers will beat the best quote you've received if you email the details to them.

Please let me know how much you save.

Southern Er

A week ago

Hi Mark,

Thank you for your reply. I have filled in the forms and will wait to hear back.

I cant believe over 13,500 views of this question and no one has had the same issue or concerns about insurance that I have had?

Maybe its just me?! Lol.

Thanks again

Ian

Mark Alexander

A week ago

Reply to the comment left by Southern Er at 07/10/2017 - 10:38
They may well have had the same issues, found the advice I've provided useful and not felt compelled to comment further.

Jireh Homes

A week ago

Hi Ian - excellent question and here is my experience, having a small portfolio with very similar rebuild values (range £115k - £160k) plus £5000 contents (fully furnished) let to a mix of tenants. Premiums range from £120 to £170, individual policies but through same broker. The other aspect to consider is the excess, which does vary with type of tenant. Best is £100 with £250 for escape of water. With students the minimum excess typically increases to £200/250. Allan

Southern Er

A week ago

Reply to the comment left by Jireh Homes at 07/10/2017 - 17:54
Thanks Allan.

The excess is definitely something to consider that I had forgotten about.

I know insurance is hard to compare as it is such a bespoke product so its good to know that I seem to be in the right ball park with the rates I'm getting. I'm much the same - separate products but through the same broker - so looking forward to finding out about portfolio products to see how they compare.

Mark Alexander

A week ago

Reply to the comment left by Southern Er at 09/10/2017 - 11:11
I suggest you get all your renewal quotations from the last 12 months together, ready to send over to the portfolio insurers. That way, they will be able to offer on a 'like-for-like' basis of cover and effect the GUARANTEE to save you money.

Southern Er

A week ago

Reply to the comment left by Mark Alexander at 09/10/2017 - 11:13
I have spent the morning doing some organising and admin so all my paper work is easily to hand and in one place but that's about the most productive thing ive done unfortunately.

The broker you put forward didn't call me back via the contact form I filled in on here on Saturday so I went on the website and requested a call back between 12-1 today but no one called which wasn't a great start.

I got all the paperwork together and called the number on the link you provided and spoke to a guy who was very polite and helpful but they have said they cant beat my renewal quotes and the prices they got up on screen were double my prices and this was for buildings cover only so if I wanted contents it would rise further.

Just from a few calls to brokers it seems that some underwriters are a bit tetchy at the moment and prices seem to be vastly inflated for some reason - possibly due to my tenant type id think too but maybe not entirely.

I hate sorting insurance but I think id hate it more not having any when I needed it!

Annie Landlord

A week ago

Can I just ask, will the '118' broker communicate solely by email? My renewal date occurs when I'm out of the country. My existing insurers will email their quote to me, but it would be useful to get a comparison quote. I have 4 properties (tho one up for sale)

Jason McClean

A week ago

Hi, We will try to call and email when we get an enquiry. If you need to speak with us, please call on 01832-735388.

Prices are not inflated at the moment in our view.

I hope this helps.

If I can help personally, my number is 07734113554.

Best

Jason McClean
The Home Insurer

Southern Er

A week ago

Reply to the comment left by Jason McClean at 09/10/2017 - 17:13
Just after I left my comment I had an email from someone called Tom Chapman and I have outlined my position as he requested so I am just waiting to hear back.

Thanks for getting in touch and I will call you if I don't hear anything back.

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