So many Landlords out there are ill advised as to how to make the best savings on landlords insurance. It is quite simple if you own multiple properties, put them together to form a property portfolio and your insurance cost will reduce!
If you are paying a premium of over £800.00 for your individual property insurances, then by putting them together as a portfolio you should be saving around 20-30% on your premium. So if you are paying £3000.00 in premiums you should be saving anywhere between £600 – £900’s per year, which is the equivalent of getting a couple of your properties insured for free!!!
Your insurance adviser should be on top of this, for you their client in order to save you money and doing the right thing by you.
It also makes your life a lot easier, instead of having to run about the whole time, worrying about what policy is due when, you instead have a tidy property portfolio insurance that will have a single start and expiring date. It also makes for an easy quoting tool, as all your policies will be listed on a spread sheet together, with the address / declared value / building sum insured / property type and loss of rent figure.
I have heard Landlords complaining before as they have had several properties insured with different brokers and that at times some policies had been over looked and not renewed. Luckily for these Landlords this was a claim free period, but just imagine if a pipe had burst upstairs and flooded the whole property! Or if there was some faulty wiring and the property burnt down. It would be a disaster and one which many property owners would not recover from financially.
With one renewal date there will be no mistakes as you will be fully aware that all policies are due for renewal on the same date. So get your landlords insurance or as some call it property owners insurance right, and make sure you take good advice from the above comments and it will save you in more than one way.
