A lot of Landlords insure their properties on an individual basis. This is not the best way and by doing this you are missing a trick in saving a few £££’s. If you have two or more properties, you should combine them together to form a portfolio. This way you will not only have one renewal date , but you will also have a bigger premium which will then give you much more clout to negotiate a discount. For instance, if you have two identical properties, 1 is due in May and the other is due in December and each property owners insurance premium is £186.00 … a total of £372.00 by combining them together you should be looking to save 10 %. A lot of Landlords think it is too much aggravation to start cancelling all of their individual policies to combine into 1, but this is not the case. You start with the 1st property and then you wait until the 2nd one is due for renewal. This property Is then added on and the premium is worked out on a pro rata with a discount applied … and so on with the rest of the properties.
So Landlords Insurance can be made easy to manage if advised correctly and a tidy portfolio can be created. We have many clients who have come to us insuring on an individual basis, who now reap the benefits and have their portfolio not only under one roof, but with one insurer on a single policy. It is our responsibility as a broker to ensure that all Landlords get the best deal, their job is to build a portfolio and buy the houses and our job is to keep the cost of insuring them down.
Portfolio’s do not necessarily have to be just residential or commercial … they can be a mix. i.e. Houses ,blocks of flats, shops , office centres etc. Not all insurers will accept a combined risk but we have insurers that do and place a lot of combined portfolios, so never a problem.
