Property portfolio insurance

miss_mimi

Hi Guys,

Is there anybody out there with a recomendation for a good insurer for rented properties? We have 8 houses with tenants in and seem to pay more and more each year even though we never make a claim!!!:eek:

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How much are you paying at the moment and what are you covered for?

miss_mimi

8 Properties and renewal £984 for buildings only, all houses are empty so dont need contents. We pay on a monthly basis.

dacouch

Do the Insurers know they are all empty?

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miss_mimi wrote: »

8 Properties and renewal £984 for buildings only, all houses are empty so dont need contents. We pay on a monthly basis.

Sounds okay to me.

dogbot

Are they vacant or do you mean that they are let unfurnished? If you have 8 vacant houses insured for under £1k then either the insurer doesn't know they are vacant or they are mad! I assume, therefore, you mean they are let unfurnished. Remember though, carpets, even fitted ones, are usualy contents not part of buildings.

£984 for 8 houses sounds quite good to me! What area (roughly) are they in?

Who is your broker? Ask them to re-market the risk if you want to price to come down - usualy the threat of this will see the holding insurer drop their rate, especialy if they have held the business and it is claim free for a while.

You will pay more every year - rebuildings costs have inflated (albeit not in the last 6 months), so your index linked sums insured have increased.

Other things have pushed the costs up too; If you are with a large broker then they have been taking more comission in the last 5 years or so, so insurers are having to push their rates. Last year there was a predicted major subsidence event (which actualy didn't happen) that caused some insurers to push rates in preparation, and there has been a significant increase in escape of water claims in the last couple of years. Then there is also the matter of rising costs of running the insurance company wage inflation etc, and a massive fall in investment income thanks to the recession which "needs" to be replaced with underwriting profit.